Tortoise Capital Advisors L.L.C. increased its stake in shares of BP Midstream Partners LP (NYSE:BPMP) by 14,581.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 5,029,998 shares of the company’s stock after purchasing an additional 4,995,738 shares during the quarter. BP Midstream Partners accounts for approximately 1.1% of Tortoise Capital Advisors L.L.C.’s holdings, making the stock its 22nd biggest position. Tortoise Capital Advisors L.L.C.’s holdings in BP Midstream Partners were worth $63,680,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently modified their holdings of BPMP. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of BP Midstream Partners by 23.5% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,464,422 shares of the company’s stock worth $43,860,000 after purchasing an additional 659,626 shares during the period. Morgan Stanley raised its position in BP Midstream Partners by 9.6% in the fourth quarter. Morgan Stanley now owns 3,781,235 shares of the company’s stock worth $40,081,000 after acquiring an additional 332,657 shares in the last quarter. Russell Investments Group Ltd. purchased a new position in BP Midstream Partners in the first quarter worth $1,507,000. Cohen & Steers Inc. raised its position in BP Midstream Partners by 48.3% in the first quarter. Cohen & Steers Inc. now owns 230,826 shares of the company’s stock worth $2,922,000 after acquiring an additional 75,210 shares in the last quarter. Finally, Jane Street Group LLC purchased a new position in BP Midstream Partners in the first quarter worth $472,000. 30.94% of the stock is owned by hedge funds and other institutional investors.
BPMP stock traded up $0.33 during midday trading on Thursday, hitting $14.29. 9,889 shares of the company’s stock were exchanged, compared to its average volume of 268,902. The company has a quick ratio of 15.97, a current ratio of 15.97 and a debt-to-equity ratio of 1.81. BP Midstream Partners LP has a 12-month low of $9.30 and a 12-month high of $15.77. The business has a 50 day moving average of $14.41. The firm has a market capitalization of $1.50 billion, a PE ratio of 9.10, a price-to-earnings-growth ratio of 0.92 and a beta of 1.27.
The company also recently declared a quarterly dividend, which will be paid on Thursday, August 12th. Stockholders of record on Thursday, July 29th will be issued a $0.3475 dividend. The ex-dividend date of this dividend is Wednesday, July 28th. This represents a $1.39 dividend on an annualized basis and a dividend yield of 9.73%. BP Midstream Partners’s dividend payout ratio (DPR) is 89.10%.
A number of research analysts have recently weighed in on the company. Citigroup raised their price target on BP Midstream Partners from $11.50 to $14.00 and gave the company a “neutral” rating in a research report on Thursday. JPMorgan Chase & Co. upgraded BP Midstream Partners from a “neutral” rating to an “overweight” rating and raised their price target for the company from $14.00 to $16.00 in a research report on Tuesday, April 27th. Morgan Stanley increased their price objective on BP Midstream Partners from $14.00 to $15.00 and gave the company an “equal weight” rating in a research note on Wednesday, May 26th. Zacks Investment Research lowered BP Midstream Partners from a “buy” rating to a “hold” rating in a research note on Wednesday, July 7th. Finally, Mizuho raised their price target on BP Midstream Partners from $15.00 to $16.00 and gave the stock a “buy” rating in a research note on Monday, May 10th. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $15.17.
About BP Midstream Partners
BP Midstream Partners LP owns, acquires, develops, and operates pipelines and other midstream assets in the United States. Its assets consist of interests in entities that own crude oil, natural gas, refined products, and diluent pipelines as well as refined product terminals. BP Midstream Partners GP LLC serves as a general partner of BP Midstream Partners LP.
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