DCP Midstream LP (NYSE:DCP) Sees Significant Decline in Short Interest
DCP Midstream LP (NYSE:DCP) was the target of a significant decrease in short interest in the month of September. As of September 30th, there was short interest totalling 5,760,000 shares, a decrease of 11.8% from the August 30th total of 6,530,000 shares. Currently, 6.4% of the company’s stock are short sold. Based on an average daily volume of 828,600 shares, the days-to-cover ratio is presently 7.0 days.
DCP has been the topic of a number of recent research reports. UBS Group cut their price objective on shares of DCP Midstream from $33.00 to $32.00 and set a “buy” rating on the stock in a report on Monday, September 23rd. Jefferies Financial Group upgraded shares of DCP Midstream from a “hold” rating to a “buy” rating and cut their price objective for the stock from $32.00 to $27.00 in a report on Tuesday. ValuEngine upgraded shares of DCP Midstream from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. Credit Suisse Group cut their price objective on shares of DCP Midstream from $39.00 to $32.00 and set an “outperform” rating on the stock in a report on Wednesday, August 14th. Finally, Zacks Investment Research cut shares of DCP Midstream from a “hold” rating to a “sell” rating in a report on Tuesday, October 8th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $34.00.
DCP traded down $0.07 during trading on Wednesday, hitting $23.56. 712,732 shares of the company’s stock traded hands, compared to its average volume of 684,894. The company’s 50 day simple moving average is $25.55 and its two-hundred day simple moving average is $28.97. The company has a current ratio of 0.46, a quick ratio of 0.43 and a debt-to-equity ratio of 0.75. DCP Midstream has a 12-month low of $23.21 and a 12-month high of $43.72. The stock has a market capitalization of $3.39 billion, a price-to-earnings ratio of 15.37, a PEG ratio of 9.50 and a beta of 2.13.
In other DCP Midstream news, Director Fred J. Fowler acquired 6,000 shares of the business’s stock in a transaction on Friday, August 9th. The shares were acquired at an average price of $24.72 per share, for a total transaction of $148,320.00. Following the completion of the acquisition, the director now owns 32,800 shares in the company, valued at $810,816. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.04% of the stock is currently owned by corporate insiders.
Institutional investors have recently added to or reduced their stakes in the stock. Rockefeller Capital Management L.P. purchased a new position in DCP Midstream in the 2nd quarter worth about $73,000. CWM LLC raised its position in DCP Midstream by 1,376.7% in the 2nd quarter. CWM LLC now owns 4,445 shares of the pipeline company’s stock worth $130,000 after buying an additional 4,144 shares during the last quarter. Diversified Trust Co purchased a new position in DCP Midstream in the 2nd quarter worth about $203,000. Green Square Asset Management LLC purchased a new position in DCP Midstream in the 2nd quarter worth about $293,000. Finally, LPL Financial LLC raised its position in DCP Midstream by 24.4% in the 2nd quarter. LPL Financial LLC now owns 12,255 shares of the pipeline company’s stock worth $359,000 after buying an additional 2,407 shares during the last quarter. 58.62% of the stock is currently owned by institutional investors.
DCP Midstream Company Profile
DCP Midstream, LP, together with its subsidiaries, owns, operates, acquires, and develops a portfolio of midstream energy assets in the United States. The company operates in two segments, Logistics and Marketing, and Gathering and Processing. The Logistics and Marketing segment engages in transporting, trading, marketing, and storing natural gas and natural gas liquids (NGLs); fractionating NGLs; and wholesale propane logistics.
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