Kayne Anderson Capital Advisors LP lowered its position in shares of DCP Midstream Partners, LP (NYSE:DCP) by 4.0% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 6,790,838 shares of the pipeline company’s stock after selling 282,083 shares during the period. DCP Midstream Partners makes up approximately 3.0% of Kayne Anderson Capital Advisors LP’s portfolio, making the stock its 9th largest position. Kayne Anderson Capital Advisors LP owned about 4.74% of DCP Midstream Partners worth $235,224,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Advisory Research Inc. purchased a new stake in DCP Midstream Partners in the second quarter valued at $347,051,000. Alps Advisors Inc. increased its stake in DCP Midstream Partners by 11.3% in the third quarter. Alps Advisors Inc. now owns 7,339,101 shares of the pipeline company’s stock valued at $254,226,000 after purchasing an additional 742,319 shares during the period. Goldman Sachs Group Inc. acquired a new position in DCP Midstream Partners in the second quarter valued at $246,698,000. Tortoise Capital Advisors L.L.C. acquired a new position in shares of DCP Midstream Partners during the second quarter worth about $126,078,000. Finally, Center Coast Capital Advisors LP increased its stake in shares of DCP Midstream Partners by 5.5% during the third quarter. Center Coast Capital Advisors LP now owns 3,530,816 shares of the pipeline company’s stock worth $122,307,000 after acquiring an additional 184,300 shares during the period. Institutional investors and hedge funds own 54.88% of the company’s stock.
DCP Midstream Partners, LP (NYSE DCP) traded up $0.99 during trading on Thursday, hitting $35.19. 371,369 shares of the stock traded hands, compared to its average volume of 370,542. DCP Midstream Partners, LP has a 52 week low of $29.70 and a 52 week high of $42.45. The firm has a market capitalization of $4,961.38, a price-to-earnings ratio of 38.90 and a beta of 2.10. The company has a quick ratio of 0.70, a current ratio of 0.73 and a debt-to-equity ratio of 0.67.
The company also recently declared a quarterly dividend, which was paid on Tuesday, November 14th. Investors of record on Tuesday, November 7th were issued a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a yield of 8.87%. The ex-dividend date of this dividend was Monday, November 6th. DCP Midstream Partners’s payout ratio is 439.44%.
In related news, VP Brent L. Backes acquired 150 shares of DCP Midstream Partners stock in a transaction on Monday, November 20th. The shares were purchased at an average cost of $1,000.00 per share, for a total transaction of $150,000.00. Following the purchase, the vice president now directly owns 150 shares of the company’s stock, valued at approximately $150,000. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Kempen Wouter T. Van acquired 750 shares of DCP Midstream Partners stock in a transaction on Monday, November 20th. The shares were bought at an average price of $1,000.00 per share, for a total transaction of $750,000.00. Following the completion of the purchase, the chief executive officer now directly owns 750 shares in the company, valued at $750,000. The disclosure for this purchase can be found here. Over the last ninety days, insiders have purchased 950 shares of company stock valued at $950,000. Company insiders own 0.04% of the company’s stock.
A number of brokerages have recently issued reports on DCP. Zacks Investment Research upgraded shares of DCP Midstream Partners from a “strong sell” rating to a “hold” rating in a research note on Monday, November 13th. R. F. Lafferty started coverage on shares of DCP Midstream Partners in a research report on Thursday, October 5th. They set a “buy” rating and a $38.00 target price on the stock. Barclays lowered their target price on shares of DCP Midstream Partners from $40.00 to $37.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 17th. Jefferies Group restated a “hold” rating and set a $33.00 target price (down from $35.00) on shares of DCP Midstream Partners in a research report on Friday, September 1st. Finally, Stifel Nicolaus reaffirmed a “buy” rating and issued a $40.00 price target (up previously from $39.00) on shares of DCP Midstream Partners in a report on Thursday, November 9th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the company. DCP Midstream Partners presently has an average rating of “Hold” and a consensus target price of $38.73.
About DCP Midstream Partners
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.
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