DCP Midstream, LP (NYSE:DCP) announced a quarterly dividend on Tuesday, October 12th, Zacks reports. Investors of record on Friday, October 29th will be given a dividend of 0.39 per share by the pipeline company on Friday, November 12th. This represents a $1.56 dividend on an annualized basis and a yield of 4.84%. The ex-dividend date is Thursday, October 28th.
DCP Midstream has decreased its dividend by 37.5% over the last three years and has raised its dividend annually for the last 1 consecutive years. DCP Midstream has a dividend payout ratio of 101.0% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect DCP Midstream to earn $2.91 per share next year, which means the company should continue to be able to cover its $1.95 annual dividend with an expected future payout ratio of 67.0%.
DCP stock opened at $32.20 on Thursday. DCP Midstream has a 1 year low of $11.62 and a 1 year high of $32.30. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.81 and a current ratio of 0.84. The stock’s 50 day moving average price is $27.79 and its 200 day moving average price is $26.86. The firm has a market cap of $6.71 billion, a P/E ratio of 41.82 and a beta of 3.58.
A number of equities research analysts recently issued reports on DCP shares. Barclays upped their target price on DCP Midstream from $27.00 to $35.00 and gave the company an “overweight” rating in a research note on Thursday, June 17th. Credit Suisse Group increased their price target on DCP Midstream from $28.00 to $30.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 11th. Wells Fargo & Company raised DCP Midstream from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $29.00 to $32.00 in a research note on Monday, August 9th. Finally, Mizuho increased their price target on DCP Midstream from $28.00 to $31.00 and gave the stock a “neutral” rating in a research note on Monday, August 9th. Five research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, DCP Midstream currently has a consensus rating of “Buy” and an average price target of $29.60.
A hedge fund recently raised its stake in DCP Midstream stock. Morgan Stanley boosted its stake in DCP Midstream, LP (NYSE:DCP) by 4.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,847,587 shares of the pipeline company’s stock after purchasing an additional 70,316 shares during the period. Morgan Stanley owned approximately 0.89% of DCP Midstream worth $56,703,000 at the end of the most recent reporting period. Institutional investors own 32.06% of the company’s stock.
DCP Midstream Company Profile
DCP Midstream LP engages in the business of gathering, compressing, treating, processing, transporting, storing and selling natural gas. It operates through the following segments: Logistics and Marketing and Gathering and Processing. The Logistics and Marketing segment includes transporting, trading, marketing and storing natural gas and NGLs and fractionating NGLs.
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