DCP Midstream (DCP) Coverage Initiated at Bank of America

Equities researchers at Bank of America assumed coverage on shares of DCP Midstream (NYSE:DCP) in a note issued to investors on Tuesday, The Fly reports. The brokerage set a “buy” rating on the pipeline company’s stock.

A number of other equities research analysts have also issued reports on the company. Zacks Investment Research lowered DCP Midstream from a “hold” rating to a “sell” rating in a research report on Wednesday, October 18th. R. F. Lafferty started coverage on DCP Midstream in a research report on Thursday, October 5th. They issued a “buy” rating and a $38.00 price target for the company. Stifel Nicolaus restated a “buy” rating and issued a $40.00 price target (up from $39.00) on shares of DCP Midstream in a research report on Thursday, November 9th. Finally, Credit Suisse Group started coverage on DCP Midstream in a research report on Thursday, January 4th. They issued a “neutral” rating and a $36.00 price target for the company. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and six have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $38.58.

Shares of DCP Midstream (NYSE DCP) opened at $39.40 on Tuesday. The company has a debt-to-equity ratio of 0.67, a current ratio of 0.73 and a quick ratio of 0.70. The stock has a market capitalization of $5,650.00, a P/E ratio of 55.49 and a beta of 2.10. DCP Midstream has a 52-week low of $29.70 and a 52-week high of $42.45.

In other DCP Midstream news, CEO Kempen Wouter T. Van acquired 750 shares of the stock in a transaction that occurred on Monday, November 20th. The stock was bought at an average cost of $1,000.00 per share, for a total transaction of $750,000.00. Following the completion of the transaction, the chief executive officer now owns 750 shares of the company’s stock, valued at approximately $750,000. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Don Baldridge acquired 50 shares of the stock in a transaction that occurred on Monday, November 20th. The stock was acquired at an average price of $1,000.00 per share, with a total value of $50,000.00. Following the completion of the transaction, the insider now directly owns 50 shares of the company’s stock, valued at approximately $50,000. The disclosure for this purchase can be found here. Insiders purchased 950 shares of company stock valued at $950,000 over the last quarter. 0.04% of the stock is currently owned by company insiders.

Institutional investors have recently modified their holdings of the stock. The Manufacturers Life Insurance Company purchased a new position in DCP Midstream in the second quarter worth approximately $119,000. Salem Investment Counselors Inc. purchased a new position in shares of DCP Midstream during the second quarter worth $135,000. QS Investors LLC purchased a new position in shares of DCP Midstream during the second quarter worth $167,000. Abbot Financial Management Inc. purchased a new position in shares of DCP Midstream during the second quarter worth $200,000. Finally, Toronto Dominion Bank purchased a new position in shares of DCP Midstream during the second quarter worth $200,000. Institutional investors own 54.88% of the company’s stock.

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DCP Midstream Company Profile

DCP Midstream, LP, formerly DCP Midstream Partners, LP, is a producer and marketer of natural gas liquids (NGLs) in the United States. The Company is engaged in the business of gathering, compressing, treating, processing, transporting, storing and selling natural gas; producing, fractionating, transporting, storing and selling NGLs and recovering, and selling condensate, and transporting, storing and selling propane in wholesale markets.

The Fly

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