SemGroup Corp (SEMG) Upgraded at Zacks Investment Research

Zacks Investment Research upgraded shares of SemGroup Corp (NASDAQ:SEMG) from a strong sell rating to a hold rating in a research note published on Wednesday morning.

According to Zacks, “SemGroup Corp provides gathering, transportation, storage, distribution, blending, marketing and other midstream services to producers, refiners of petroleum products and others market participants located in Midwest and Rocky Mountain regions of the United States of America. The Company operates in the pipeline gathering and processing segments of the natural gas midstream industry in the U.S. and Canada. It conducts its business through seven business segments- SemCrude, SemStream, SemLogistics, SemMexico, SemCanada Crude, SemGas and SemCAMS. Its asset base includes pipelines, gathering systems, storage facilities, terminals, processing plants, blending facilities and other distribution assets. It also maintains and operates storage, terminal and marine facilities in the U.K. and operates a network of liquid asphalt cement terminals throughout Mexico. SemGroup Corp is headquartered in Tulsa, Oklahoma. “

Several other research firms have also issued reports on SEMG. Barclays PLC raised SemGroup Corp from an equal weight rating to an overweight rating and set a $36.00 target price on the stock in a report on Tuesday, June 13th. Royal Bank Of Canada reissued a buy rating and set a $42.00 target price on shares of SemGroup Corp in a report on Friday, April 7th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. SemGroup Corp currently has an average rating of Hold and a consensus target price of $37.60.

SemGroup Corp (SEMG) opened at 24.85 on Wednesday. The company has a market capitalization of $1.65 billion and a PE ratio of 256.19. SemGroup Corp has a one year low of $24.55 and a one year high of $43.20. The firm’s 50 day moving average price is $30.68 and its 200-day moving average price is $35.99.

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The business also recently announced a quarterly dividend, which was paid on Friday, May 26th. Stockholders of record on Monday, May 15th were issued a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 7.24%. The ex-dividend date was Thursday, May 11th.

In related news, insider Carlin G. Conner bought 3,824 shares of SemGroup Corp stock in a transaction dated Thursday, June 8th. The shares were bought at an average cost of $26.18 per share, with a total value of $100,112.32. Following the acquisition, the insider now owns 163,903 shares in the company, valued at approximately $4,290,980.54. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Robert N. Fitzgerald bought 3,500 shares of SemGroup Corp stock in a transaction dated Thursday, June 8th. The shares were bought at an average cost of $26.19 per share, for a total transaction of $91,665.00. Following the completion of the acquisition, the chief financial officer now owns 84,528 shares in the company, valued at approximately $2,213,788.32. The disclosure for this purchase can be found here. Over the last three months, insiders have bought 27,324 shares of company stock worth $780,977.

Several hedge funds have recently added to or reduced their stakes in SEMG. Chickasaw Capital Management LLC raised its stake in SemGroup Corp by 6.8% in the first quarter. Chickasaw Capital Management LLC now owns 6,373,401 shares of the company’s stock valued at $229,442,000 after buying an additional 404,078 shares during the period. Vanguard Group Inc. raised its stake in SemGroup Corp by 5.6% in the first quarter. Vanguard Group Inc. now owns 5,520,635 shares of the company’s stock valued at $198,743,000 after buying an additional 294,061 shares during the period. Iridian Asset Management LLC CT raised its stake in SemGroup Corp by 2.2% in the first quarter. Iridian Asset Management LLC CT now owns 5,467,272 shares of the company’s stock valued at $196,822,000 after buying an additional 118,925 shares during the period. BlackRock Inc. raised its stake in SemGroup Corp by 6,736.2% in the first quarter. BlackRock Inc. now owns 4,099,720 shares of the company’s stock valued at $147,591,000 after buying an additional 4,039,749 shares during the period. Finally, Dimensional Fund Advisors LP raised its stake in SemGroup Corp by 17.0% in the first quarter. Dimensional Fund Advisors LP now owns 3,333,659 shares of the company’s stock valued at $120,010,000 after buying an additional 485,040 shares during the period.

About SemGroup Corp

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