Zacks: Brokerages Expect BP Midstream Partners LP (BPMP) to Post $0.30 Earnings Per Share

Wall Street brokerages predict that BP Midstream Partners LP (NYSE:BPMP) will post earnings of $0.30 per share for the current fiscal quarter, according to Zacks Investment Research. Two analysts have provided estimates for BP Midstream Partners’ earnings, with the highest EPS estimate coming in at $0.32 and the lowest estimate coming in at $0.29. The firm is scheduled to issue its next earnings results on Thursday, November 8th.

On average, analysts expect that BP Midstream Partners will report full-year earnings of $1.21 per share for the current financial year, with EPS estimates ranging from $1.19 to $1.23. For the next financial year, analysts expect that the firm will post earnings of $1.50 per share, with EPS estimates ranging from $1.39 to $1.60. Zacks Investment Research’s EPS averages are a mean average based on a survey of sell-side research analysts that cover BP Midstream Partners.

BP Midstream Partners (NYSE:BPMP) last announced its quarterly earnings results on Thursday, August 9th. The company reported $0.29 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.26 by $0.03. The company had revenue of $28.94 million during the quarter, compared to analysts’ expectations of $27.40 million. BP Midstream Partners had a return on equity of 20.65% and a net margin of 85.62%. BP Midstream Partners’s revenue for the quarter was up 7.6% on a year-over-year basis.

Several equities analysts recently commented on BPMP shares. Zacks Investment Research upgraded BP Midstream Partners from a “hold” rating to a “buy” rating and set a $24.00 target price for the company in a research report on Monday, August 13th. UBS Group boosted their target price on BP Midstream Partners from $24.00 to $25.00 and gave the stock a “buy” rating in a research report on Friday, August 10th. Morgan Stanley boosted their target price on BP Midstream Partners from $22.00 to $23.00 and gave the stock an “equal weight” rating in a research report on Friday, August 24th. ValuEngine upgraded BP Midstream Partners from a “sell” rating to a “hold” rating in a research report on Monday, August 20th. Finally, Bank of America reduced their target price on 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. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $22.10.

A number of institutional investors have recently bought and sold shares of the stock. BlackRock Inc. boosted its holdings in shares of BP Midstream Partners by 0.6% in the 1st quarter. BlackRock Inc. now owns 754,632 shares of the company’s stock worth $13,463,000 after purchasing an additional 4,632 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of BP Midstream Partners by 50.8% in the 1st quarter. JPMorgan Chase & Co. now owns 82,074 shares of the company’s stock worth $1,464,000 after purchasing an additional 27,643 shares in the last quarter. Stifel Financial Corp boosted its holdings in shares of BP Midstream Partners by 13.4% in the 1st quarter. Stifel Financial Corp now owns 75,260 shares of the company’s stock worth $1,341,000 after purchasing an additional 8,898 shares in the last quarter. Mariner LLC purchased a new position in shares of BP Midstream Partners in the 1st quarter worth about $561,000. Finally, Moors & Cabot Inc. purchased a new position in shares of BP Midstream Partners in the 1st quarter worth about $209,000. Institutional investors and hedge funds own 51.26% of the company’s stock.

Shares of NYSE BPMP opened at $17.79 on Friday. The firm has a market capitalization of $1.97 billion and a PE ratio of 84.71. BP Midstream Partners has a fifty-two week low of $16.83 and a fifty-two week high of $23.00.

About BP Midstream Partners

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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