BP Midstream Partners LP (BPMP) Given Consensus Rating of “Hold” by Analysts
BP Midstream Partners LP (NYSE:BPMP) has been assigned an average rating of “Hold” from the eleven ratings firms that are presently covering the stock, Marketbeat.com reports. Two investment analysts have rated the stock with a sell recommendation, five have assigned a hold recommendation and four have issued a buy recommendation on the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $22.00.
Several equities analysts have issued reports on BPMP shares. Barclays cut their target price on BP Midstream Partners from $22.00 to $21.00 and set an “equal weight” rating on the stock in a research note on Friday, October 12th. JPMorgan Chase & Co. cut their target price on BP Midstream Partners from $25.00 to $24.00 and set an “overweight” rating on the stock in a research note on Friday, August 24th. Zacks Investment Research lowered BP Midstream Partners from a “buy” rating to a “hold” rating in a research note on Monday, October 8th. Credit Suisse Group initiated coverage on BP Midstream Partners in a report on Thursday, October 11th. They issued an “underperform” rating and a $18.00 price target for the company. Finally, ValuEngine downgraded BP Midstream Partners from a “hold” rating to a “sell” rating in a report on Wednesday, August 29th.
A number of hedge funds and other institutional investors have recently modified their holdings of BPMP. Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new stake in BP Midstream Partners in the second quarter worth about $36,447,000. ING Groep NV acquired a new stake in shares of BP Midstream Partners during the second quarter worth about $35,683,000. Marshall Wace LLP acquired a new stake in shares of BP Midstream Partners during the second quarter worth about $1,976,000. Spirit of America Management Corp NY lifted its holdings in shares of BP Midstream Partners by 172.4% during the third quarter. Spirit of America Management Corp NY now owns 124,196 shares of the company’s stock worth $2,335,000 after purchasing an additional 78,600 shares during the period. Finally, Bank of Montreal Can acquired a new stake in shares of BP Midstream Partners during the second quarter worth about $1,639,000. 51.23% of the stock is owned by institutional investors and hedge funds.
BP Midstream Partners (NYSE:BPMP) last posted its earnings results on Thursday, August 9th. The company reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.26 by $0.03. BP Midstream Partners had a return on equity of 20.65% and a net margin of 85.62%. The company had revenue of $28.94 million for the quarter, compared to analyst estimates of $27.40 million. The company’s revenue for the quarter was up 7.6% compared to the same quarter last year. As a group, research analysts predict that BP Midstream Partners will post 1.24 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 15th. Shareholders of record on Thursday, November 1st will be issued a $0.292 dividend. This represents a $1.17 annualized dividend and a yield of 6.79%. The ex-dividend date is Wednesday, October 31st. This is an increase from BP Midstream Partners’s previous quarterly dividend of $0.27. BP Midstream Partners’s dividend payout ratio (DPR) is currently 557.14%.
About BP Midstream Partners
BP Midstream Partners LP owns, acquires, operates, and develops pipelines and other midstream assets. It owns an onshore crude oil pipeline system, onshore refined products pipeline system, onshore diluent pipeline system, and offshore natural gas pipeline system, as well as interests in four offshore crude oil pipeline systems located in the United States.
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