BP Midstream Partners LP (NYSE:BPMP) has received a consensus recommendation of “Hold” from the eleven brokerages that are covering the company, MarketBeat reports. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $22.00.
A number of research firms have recently commented on BPMP. Zacks Investment Research upgraded shares of BP Midstream Partners from a “hold” rating to a “buy” rating and set a $21.00 price objective for the company in a research report on Thursday, October 25th. ValuEngine lowered shares of BP Midstream Partners from a “hold” rating to a “sell” rating in a research report on Tuesday. Mitsubishi UFJ Financial Group upgraded shares of BP Midstream Partners from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $23.00 to $25.00 in a research report on Friday, August 10th. Bank of America cut their price objective on shares of BP Midstream Partners from $22.00 to $21.00 and set a “neutral” rating for the company in a research report on Friday, October 5th. Finally, Morgan Stanley raised their price objective on shares of BP Midstream Partners from $22.00 to $23.00 and gave the company an “equal weight” rating in a research report on Friday, August 24th.
Institutional investors have recently made changes to their positions in the business. Tortoise Index Solutions LLC lifted its position in BP Midstream Partners by 139.1% during the third quarter. Tortoise Index Solutions LLC now owns 8,257 shares of the company’s stock valued at $155,000 after purchasing an additional 4,804 shares during the last quarter. Baldwin Brothers Inc. MA bought a new stake in BP Midstream Partners during the second quarter valued at approximately $162,000. Commonwealth Equity Services LLC bought a new stake in BP Midstream Partners during the second quarter valued at approximately $236,000. Bank of New York Mellon Corp bought a new stake in BP Midstream Partners during the third quarter valued at approximately $263,000. Finally, Heronetta Management L.P. bought a new stake in BP Midstream Partners during the second quarter valued at approximately $273,000. Institutional investors and hedge funds own 51.23% of the company’s stock.
BP Midstream Partners (NYSE:BPMP) last released its quarterly earnings data on Thursday, August 9th. The company reported $0.29 EPS for the quarter, beating analysts’ consensus estimates of $0.26 by $0.03. BP Midstream Partners had a net margin of 85.62% and a return on equity of 20.65%. The company had revenue of $28.94 million during the quarter, compared to analyst estimates of $27.40 million. The firm’s revenue for the quarter was up 7.6% compared to the same quarter last year. Analysts anticipate that BP Midstream Partners will post 1.24 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, November 15th. Shareholders of record on Thursday, November 1st will be given a dividend of $0.292 per share. The ex-dividend date of this dividend is Wednesday, October 31st. This is a positive change from BP Midstream Partners’s previous quarterly dividend of $0.27. This represents a $1.17 annualized dividend and a yield of 6.79%. BP Midstream Partners’s payout ratio is presently 557.14%.
BP Midstream Partners Company Profile
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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