JPMorgan Chase & Co. Downgrades BP Midstream Partners (NYSE:BPMP) to Neutral

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BP Midstream Partners (NYSE:BPMP) was downgraded by investment analysts at JPMorgan Chase & Co. from an “overweight” rating to a “neutral” rating in a research report issued to clients and investors on Tuesday, MarketBeat reports. They presently have a $17.00 target price on the stock, down from their previous target price of $19.00. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 16.92% from the company’s current price.

BPMP has been the subject of a number of other reports. Zacks Investment Research raised shares of BP Midstream Partners from a “hold” rating to a “buy” rating and set a $17.00 price target for the company in a research note on Monday, August 12th. Mizuho initiated coverage on shares of BP Midstream Partners in a research note on Wednesday, June 5th. They set a “buy” rating and a $19.00 price target for the company. Three equities research analysts have rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $18.50.

Shares of BPMP stock opened at $14.54 on Tuesday. BP Midstream Partners has a 1 year low of $13.80 and a 1 year high of $20.84. The firm’s 50 day moving average is $15.52 and its 200-day moving average is $15.22. The firm has a market capitalization of $1.56 billion, a price-to-earnings ratio of 11.45, a PEG ratio of 1.02 and a beta of 0.57. The company has a current ratio of 9.43, a quick ratio of 9.43 and a debt-to-equity ratio of 2.14.

BP Midstream Partners (NYSE:BPMP) last announced its earnings results on Thursday, August 8th. The company reported $0.36 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.34 by $0.02. The company had revenue of $28.60 million for the quarter, compared to analyst estimates of $31.41 million. BP Midstream Partners had a net margin of 122.39% and a return on equity of 47.91%. BP Midstream Partners’s quarterly revenue was down 1.2% on a year-over-year basis. During the same period in the prior year, the business earned $0.29 earnings per share. On average, equities research analysts forecast that BP Midstream Partners will post 1.44 earnings per share for the current fiscal year.

Several institutional investors and hedge funds have recently bought and sold shares of BPMP. Cresset Asset Management LLC bought a new position in shares of BP Midstream Partners in the second quarter valued at about $546,000. UBS Group AG raised its position in shares of BP Midstream Partners by 1.6% in the second quarter. UBS Group AG now owns 547,312 shares of the company’s stock valued at $8,472,000 after purchasing an additional 8,462 shares during the period. Jane Street Group LLC raised its position in shares of BP Midstream Partners by 2.8% in the second quarter. Jane Street Group LLC now owns 156,157 shares of the company’s stock valued at $2,417,000 after purchasing an additional 4,262 shares during the period. Tortoise Capital Advisors L.L.C. raised its position in shares of BP Midstream Partners by 7.0% in the second quarter. Tortoise Capital Advisors L.L.C. now owns 6,595,026 shares of the company’s stock valued at $102,091,000 after purchasing an additional 430,145 shares during the period. Finally, Marshall Wace LLP raised its position in shares of BP Midstream Partners by 201.5% in the second quarter. Marshall Wace LLP now owns 243,250 shares of the company’s stock valued at $3,765,000 after purchasing an additional 162,567 shares during the period. 46.12% of the stock is owned by institutional investors and hedge funds.

About BP Midstream Partners

BP Midstream Partners LP owns, acquires, develops, and operates pipelines and other midstream assets in the United States. It owns an onshore crude oil pipeline system, onshore refined products pipeline system, onshore diluent pipeline system, refined product terminalling system, and offshore natural gas pipeline system, as well as interests in five offshore crude oil pipeline systems.

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Analyst Recommendations for BP Midstream Partners (NYSE:BPMP)

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