Zacks Investment Research Downgrades BP Midstream Partners (BPMP) to Hold
Zacks Investment Research lowered shares of BP Midstream Partners (NYSE:BPMP) from a buy rating to a hold rating in a research note published on Tuesday morning.
According to Zacks, “BP Midstream Partners LP is a master limited partnership. It owns, acquires, operates and develops pipelines and other midstream assets. The Company provides crude oil, natural gas and refined products. It offers an onshore crude oil, refined, and diluent pipeline systems. BP Midstream Partners LP is based in Houston, Texas. “
Several other analysts have also commented on BPMP. Barclays decreased their price objective on BP Midstream Partners from $20.00 to $19.00 and set an equal weight rating for the company in a report on Tuesday, April 17th. Mitsubishi UFJ Financial Group upgraded BP Midstream Partners from a neutral rating to an overweight rating and increased their price objective for the company from $23.00 to $25.00 in a report on Friday, August 10th. Finally, UBS Group increased their price objective on BP Midstream Partners from $24.00 to $25.00 and gave the company a buy rating in a report on Friday, August 10th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the company. The stock presently has a consensus rating of Hold and a consensus target price of $22.00.
BP Midstream Partners (NYSE:BPMP) last issued its quarterly earnings data on Thursday, August 9th. The company reported $0.29 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 firm had revenue of $28.94 million during the quarter, compared to analyst estimates of $27.40 million. The company’s quarterly revenue was up 7.6% on a year-over-year basis. sell-side analysts expect that BP Midstream Partners will post 1.24 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, August 15th. Investors of record on Wednesday, August 1st were paid a $0.273 dividend. The ex-dividend date was Tuesday, July 31st. This represents a $1.09 dividend on an annualized basis and a yield of 5.29%. BP Midstream Partners’s dividend payout ratio (DPR) is 519.05%.
A number of hedge funds have recently modified their holdings of BPMP. Baldwin Brothers Inc. MA purchased a new position in BP Midstream Partners in the 2nd quarter worth $162,000. Moors & Cabot Inc. purchased a new position in BP Midstream Partners in the 1st quarter worth $209,000. Commonwealth Equity Services LLC purchased a new position in BP Midstream Partners in the 2nd quarter worth $236,000. Heronetta Management L.P. purchased a new position in BP Midstream Partners in the 2nd quarter worth $273,000. Finally, Bank of America Corp DE raised its stake in BP Midstream Partners by 54.1% in the 2nd quarter. Bank of America Corp DE now owns 13,070 shares of the company’s stock worth $274,000 after acquiring an additional 4,589 shares during the last quarter. Institutional investors own 45.24% of the company’s stock.
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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