BP Midstream Partners (NYSE:BPMP) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Monday.
According to Zacks, “BP Midstream Partners LP is a master limited partnership. It owns, acquires, operates and develops pipelines and other midstream assets. The Company provides crude oil, natural gas and refined products. It offers an onshore crude oil, refined, and diluent pipeline systems. BP Midstream Partners LP is based in Houston, Texas. “
BPMP has been the topic of a number of other research reports. Bank of America cut their price objective on shares of BP Midstream Partners from $22.00 to $21.00 and set a “neutral” rating on the stock in a research report on Friday. UBS Group lifted their target price on shares of BP Midstream Partners from $24.00 to $25.00 and gave the stock a “buy” rating in a research note on Friday, August 10th. ValuEngine upgraded shares of BP Midstream Partners from a “sell” rating to a “hold” rating in a research note on Monday, August 20th. Morgan Stanley lifted their target price on shares of BP Midstream Partners from $22.00 to $23.00 and gave the stock an “equal weight” rating in a research note on Friday, August 24th. Finally, JPMorgan Chase & Co. lowered their target price on shares of BP Midstream Partners from $25.00 to $24.00 and set an “overweight” rating for the company in a research note on Friday, August 24th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the company’s stock. BP Midstream Partners presently has a consensus rating of “Hold” and an average target price of $22.20.
BP Midstream Partners (NYSE:BPMP) last issued its quarterly earnings data on Thursday, August 9th. The company reported $0.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.26 by $0.03. BP Midstream Partners had a net margin of 85.62% and a return on equity of 20.65%. The firm had revenue of $28.94 million for the quarter, compared to the consensus estimate of $27.40 million. The business’s revenue was up 7.6% on a year-over-year basis. As a group, equities research analysts expect that BP Midstream Partners will post 1.22 earnings per share for the current fiscal year.
A number of hedge funds have recently added to or reduced their stakes in the stock. Marshall Wace LLP acquired a new stake in BP Midstream Partners in the 2nd quarter worth approximately $1,976,000. Bank of America Corp DE boosted its stake in BP Midstream Partners by 54.1% in the 2nd quarter. Bank of America Corp DE now owns 13,070 shares of the company’s stock worth $274,000 after purchasing an additional 4,589 shares in the last quarter. ING Groep NV acquired a new stake in BP Midstream Partners in the 2nd quarter worth approximately $35,683,000. Citadel Advisors LLC acquired a new stake in BP Midstream Partners during the 2nd quarter valued at approximately $376,000. Finally, Cadence Capital Management LLC lifted its stake in BP Midstream Partners by 35.0% during the 2nd quarter. Cadence Capital Management LLC now owns 174,518 shares of the company’s stock valued at $3,663,000 after acquiring an additional 45,212 shares during the period. Institutional investors own 51.26% of the company’s stock.
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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