BP Midstream Partners LP (NYSE:BPMP) – Equities researchers at Mitsubishi UFJ Financial Group reduced their Q3 2019 earnings per share estimates for shares of BP Midstream Partners in a note issued to investors on Thursday, February 28th. Mitsubishi UFJ Financial Group analyst B. Blaschke now expects that the company will post earnings per share of $0.34 for the quarter, down from their previous forecast of $0.37. Mitsubishi UFJ Financial Group also issued estimates for BP Midstream Partners’ Q4 2019 earnings at $0.35 EPS, FY2019 earnings at $1.36 EPS, Q1 2020 earnings at $0.32 EPS, Q2 2020 earnings at $0.32 EPS, Q3 2020 earnings at $0.40 EPS and Q4 2020 earnings at $0.40 EPS.
Get BP Midstream Partners alerts:BP Midstream Partners (NYSE:BPMP) last released its quarterly earnings data on Thursday, February 28th. The company reported $0.35 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.36 by ($0.01). BP Midstream Partners had a return on equity of 20.20% and a net margin of 102.40%.
BPMP has been the subject of a number of other reports. Zacks Investment Research cut shares of BP Midstream Partners from a “hold” rating to a “strong sell” rating in a research report on Wednesday, February 27th. TheStreet cut shares of BP Midstream Partners from a “c-” rating to a “d+” rating in a research report on Friday, December 28th. Bank of America cut shares of BP Midstream Partners from a “neutral” rating to an “underperform” rating in a research report on Monday, December 10th. Morgan Stanley reduced their price target on shares of BP Midstream Partners from $23.00 to $22.00 and set an “equal weight” rating for the company in a research report on Friday, November 30th. Finally, Citigroup reduced their price target on shares of BP Midstream Partners from $21.00 to $17.00 and set a “buy” rating for the company in a research report on Thursday, November 29th. Four research analysts have rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $20.89.
BP Midstream Partners stock opened at $15.45 on Monday. The firm has a market cap of $1.72 billion, a PE ratio of 12.17, a PEG ratio of 1.16 and a beta of 0.65. BP Midstream Partners has a 12-month low of $14.26 and a 12-month high of $22.98.
Institutional investors and hedge funds have recently made changes to their positions in the stock. MetLife Investment Advisors LLC purchased a new stake in BP Midstream Partners in the third quarter valued at $2,025,000. Heronetta Management L.P. raised its holdings in shares of BP Midstream Partners by 100.8% in the third quarter. Heronetta Management L.P. now owns 26,100 shares of the company’s stock valued at $491,000 after buying an additional 13,100 shares during the last quarter. PNC Financial Services Group Inc. raised its holdings in shares of BP Midstream Partners by 4.9% in the third quarter. PNC Financial Services Group Inc. now owns 89,630 shares of the company’s stock valued at $1,685,000 after buying an additional 4,205 shares during the last quarter. Jane Street Group LLC purchased a new stake in shares of BP Midstream Partners in the third quarter valued at about $1,345,000. Finally, JPMorgan Chase & Co. raised its holdings in shares of BP Midstream Partners by 1.7% in the third quarter. JPMorgan Chase & Co. now owns 1,689,035 shares of the company’s stock valued at $31,754,000 after buying an additional 28,218 shares during the last quarter. 48.94% of the stock is owned by hedge funds and other institutional investors.
The business also recently declared a quarterly dividend, which was paid on Thursday, February 14th. Investors of record on Thursday, January 31st were given a $0.301 dividend. The ex-dividend date was Wednesday, January 30th. This is a boost from BP Midstream Partners’s previous quarterly dividend of $0.29. This represents a $1.20 dividend on an annualized basis and a yield of 7.79%. BP Midstream Partners’s payout ratio is 95.28%.
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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