DCP Midstream, LP

NYSE:DCP 주식 리포트

시가총액: US$8.7b

This company has been acquired

The company may no longer be operating, as it has been acquired. Find out why through their latest events.

DCP Midstream 과거 순이익 실적

과거 기준 점검 5/6

DCP Midstream은 연평균 52.9%의 비율로 수입이 증가해 온 반면, Oil and Gas 산업은 수입이 11.6% 증가했습니다. 매출은 연평균 11.7%의 비율로 증가했습니다. DCP Midstream의 자기자본이익률은 19.3%이고 순이익률은 7.9%입니다.

핵심 정보

52.86%

순이익 성장률

49.01%

주당순이익(EPS) 성장률

Oil and Gas 산업 성장률33.67%
매출 성장률11.74%
자기자본이익률19.31%
순이익률7.89%
최근 순이익 업데이트31 Mar 2023

최근 과거 실적 업데이트

Recent updates

Seeking Alpha • Feb 15

DCP Midstream: Stock Might Plateau At Current Price Given Peak In Demand For Oil

Summary DCP Midstream is a midstream oil & gas firm that operates in both gathering & processing and logistics & marketing business segments. Although revenue and net profits are at a higher growth rate, I believe it is not sustainable in the next couple of years. The whole midstream oil & gas sector has been performing very well the last couple of years. The firm is a market leader in natural gas liquids (NGLs) and the demand for NGLs looks sustainable. I rate the stock a Hold for the reasons stated below. Investment Thesis DCP Midstream (DCP) had performed well during the last couple of years. Given geopolitical conditions and strong demand for energy, the midstream sector as a whole had a great couple of years. However, the question for a long-term investor like me always has been: Are the revenues sustainable, does the demand for oil persist, given better accessibility of sustainable alternatives? A report Global Energy Perspective 2022 by McKinsey says this is the case for the industry as a whole, but not for DCP. Additionally, the report says demand for natural gas is going up by 10% in the next decade and that DCP is a leader in the natural gas liquids (NGLs) segment. What the company does DCP Midstream LP is a midstream company that provides a suite of gathering, processing, transporting & storing natural gas and natural gas liquids (NGLs). Headquartered in Denver, Colorado, it operates in 9 states in the United States along with Mexico and Canada. The Fortune 500 company is a joint venture between Phillip 66 (PSX) and Enbridge (ENB). It operates mainly in 2 business segments, logistics & marketing (transportation and marketing of natural gas, NGL, and crude oil) and gathering & processing (transportation of natural gas from wellheads to market centers, and storage of natural gas). By operating in both business segments, DCP Midstream can provide a full suite of midstream services, making it one of the largest gatherers and providers of natural gas liquids (NGLs) in the United States. Recent Corporate Performance Although the firm had a history of cyclical revenue and profit growth, in recent years the firm has reported strong numbers in both revenues and profits. Net income has reported a staggering 160% growth in the last reported year. Recent year-on-year revenue growth reported is 34%. However, this revenue growth is similar to the median revenue growth of its peers. This indicates that the midstream industry as a whole has seen an increase in revenues, largely due to various geopolitical and macro factors. Given how DCP Midstream performed, it could be evidence that the firm has found itself a moat (a competitive advantage). However, it looks like that is not the case. This begs the obvious question of why net profit growth is huge compared to the growth in revenue. This is because of a myriad of factors ranging from a decrease in their operating expenses to a sudden increase in non-operating income (a one-off item on the income statement). Strengths The main strength of DCP Midstream as a business is its extensive network of assets including pipelines, processing plants & storage facilities. This position helps the firm retain the leadership position it has in the natural gas liquid segment and keeps competitors at bay. Looking at the business segments, the firm has almost equal revenues generated from its 2 business segments. This provides the firm with a healthy diversification of its assets. On the balance sheet, DCP has lower financial leverage (debt to the total value) of 40% compared to the average debt to the total value of peers of 60%. This shows the firm has less solvency risk compared to its peers. Although the cash on the balance sheet of $1 million is alarming in 2021, recent filings reported cash in hand of around $93 million. The present current ratio, which measures the liquidity risk of the firm, is 0.68. This means that DCP Midstream can cover 68% of its short-term liabilities with its short term assets. Due to the surge in the revenues the firm has seen since 2021, the operating cash the firm has generated has increased. The cash flow from investing activities reveals that the firm has decreased its investments compared to the pre-pandemic era. Weaknesses With the trend toward cars running on electricity, the attention now given to carbon emissions, and alternative energy sources increasing, it is a pressing issue to question the future of the oil and gas industry. What sectors are going to use oil and gas for energy, and what sectors can move to alternative energy sources? According to the report Global Energy Perspective 2022 by McKinsey, with the demand for alternative energy sources on an uptrend, demand for oil will peak during the next 2 years. However, for the next decade, the projected growth of demand for natural gas is 10%. This certainly is a positive thing for DCP as they are some of the largest distributors of natural gas & NGLs. However, it would be wise if DCP starts exploring and investing in renewable energy given the rapidly changing energy landscape. Looking Forward I have valued the company based on discounted cash flow ((DCF)) and comparable company multiples valuations. The average intrinsic stock price based on the above methods is around $31 compared to the $42 the stock is currently trading at.
Seeking Alpha • Feb 08

DCP Midstream GAAP EPS of $1.13 beats by $0.25, revenue of $3.03B beats by $1B

DCP Midstream press release (NYSE:DCP): Q4 GAAP EPS of $1.13 beats by $0.25. Revenue of $3.03B (-12.9% Y/Y) beats by $1B.
Seeking Alpha • Jan 24

DCP Midstream declares $0.43 dividend

DCP Midstream (NYSE:DCP) declares $0.43/share quarterly dividend, in line with previous. Forward yield 4.1% Payable Feb. 14; for shareholders of record Feb. 3; ex-div Feb. 2. See DCP Dividend Scorecard, Yield Chart, & Dividend Growth.
Seeking Alpha • Nov 02

DCP Midstream GAAP EPS of $1.50, revenue of $4.32B

DCP Midstream press release (NYSE:DCP): Q3 GAAP EPS of $1.50. Revenue of $4.32B (+52.7% Y/Y). Generated $52 million and $553 million of excess free cash flow for the three and nine months ended September 30, 2022, respectively, after fully funding distributions and growth capital, inclusive of the James Lake acquisition.
Seeking Alpha • Oct 26

DCP Midstream goes ex dividend tomorrow

DCP Midstream (NYSE:DCP) declares $0.43/share quarterly dividend, in line with previous. Payable Nov. 14; for shareholders of record Oct. 28; ex-div Oct. 27. See DCP Dividend Scorecard, Yield Chart, & Dividend Growth.
Seeking Alpha • Aug 02

DCP Midstream GAAP EPS of $1.77 beats by $0.70, revenue of $4.27B misses by $230M

DCP Midstream press release (NYSE:DCP): Q2 GAAP EPS of $1.77 beats by $0.70. Revenue of $4.27B (+104.3% Y/Y) misses by $230M. Record financial performance driven by strong G&P earnings resulting in increases in adjusted EBITDA of 9%, distributable cash flow of 9%, and excess free cash flow of 3%, quarter over quarter. Reduced absolute debt by ~$200 million and closed the quarter with 2.9 times leverage. Received Investment Grade upgrade from Fitch and Positive Outlook from S&P. Record year-to-date financial performance and strong outlook for the second half of the year have DCP positioned to significantly exceed the high end of 2022 financial guidance for adjusted EBITDA and DCF.
Seeking Alpha • Jul 21

DCP Midstream raises dividend by 10% to $0.43

DCP Midstream (NYSE:DCP) declares $0.43/share quarterly dividend, 10.3% increase from prior dividend of $0.39. Forward yield 5.62% Payable Aug. 12; for shareholders of record July 29; ex-div July 28. See DCP Dividend Scorecard, Yield Chart, & Dividend Growth.
Seeking Alpha • Jul 05

DCP Midstream: Don't Forget The Preferreds

Market sell-offs open up opportunities not only in stocks but bonds and preferreds as well. DCP Midstream is one of the few remaining midstream firms with publicly-traded preferreds. They are likely to be retired soon. Buying at a discount to par allows investors to pick up a high yield coupon plus being made whole when they are retired, likely inside the next two years. The market sell-off has been widespread and aggressive, including within the energy sector. It's an interesting dynamic, as energy in particular retains many of the strong fundamentals it had just months ago - and in some cases better. Most of the recommendations floating around out there (including from me) are going to be directed towards common equity, but panics like this create opportunities elsewhere in the capital structure. There is value in DCP Midstream (DCP) in its units, bonds, and preferreds in my view, but today I'm going to focus on those two publicly-traded preferred stock issues. Essentially, the partnership is one of the few that still has preferred stock outstanding in energy, and I don't think that lasts. Even in a more benign commodity price environment, DCP Midstream stands to generate significant free cash flow after paying out the distribution. With most of its debt structure rolled over in recent years and basically all of it now trading well below par after the move in rates, it makes no sense to retire these before maturity even though most are continuously callable. That leaves any free cash flow not being returned to unitholders open to just one thing: retiring these preferreds. As of now, these are currently trading below par, so investors are going to pick up a relatively high yield plus the premium when they are retired. Preferred Stock Terms Both the DCP Midstream Series B (DCP.PB) and Series C (DCP.PC) Preferreds are publicly traded, offering relatively high current coupons for income seekers: 7.875% and 7.95%, respectively. Right off the bat, note that these are fixed to floating issues, meaning they have a date where the rate paid by these preferreds will swap over to an annual floating payout. On June 2023, the Series B Preferred Units will have a floating distribution reset equal to three month SOFR plus a spread of 4.919%. Futures for that currently sit at roughly 300bps, so the rate will reset to approximately 7.9%. The Series C Preferred Units reset just a few months later in October of 2023, with a largely similar outlook (4.882% plus 3M SOFR, so roughly 7.9% payout). A couple of years ago, management likely had little interest in retiring these Preferreds. Prior to its removal as a benchmark (read more about LIBOR converting to SOFR), 3M LIBOR had plummeted to 0.25%, symptomatic of Federal Reserve money printing and a flight of capital to safer investments. Futures indicated these rates staying low for quite some time, with the view that the outlook for rate hikes was fairly abysmal post-pandemic. While still more expensive than where DCP Midstream was able to issue bonds at once the energy market recovered, management was already looking forward to "saving" money during the reset. That has changed now. When I spoke to DCP Midstream during the EIC Midstream conference just under two months ago in May, my read on management was that they would be looking to retire these preferreds quite soon, likely within a year to two year time frame. Obviously a lot of things have changed in the time since, both in the energy market or just the overall market as a whole. Even still, I think the game plan there is not likely to change. To me, the decision to retire is going to come down to two factors: the EBITDA outlook and credit spreads. Forecasts for EBITDA has not really changed too much for DCP Midstream. 2022 and 2023 analyst consensus has remained stable over the past two months (roughly $1,650mm). While commodity prices have come down somewhat, 2022 partnership guidance of $1,425mm at the midpoint was based off of $70.00 West Texas Intermediate and $3.50 per mmbtu NYMEX natural gas. We're still well above that, crude oil prices in 2023 have not moved much even with recession fears, and while there has been some weakness in natural gas, investors that mark to market the business will still find the futures strip implies $1,600mm of EBITDA potential. That implies $650mm per year in excess free cash flow after distributions - a heck of a lot of cash. Offsetting, credit spreads have widened some. When I talked to management, CUSIP 23311VAK3 (Unsecured 2032 Notes) were trading at 5.3% yield to maturity. These represent what I think is pretty representative of where they would try to issue debt at to refinance the Preferreds as far as duration / terms are concerned. In the time since, bond prices have weakened, with the yield widening out to 6.3%. Meanwhile, the Series B and Series C Preferreds have stayed relatively the same. This means there is less financing savings from retiring the preferreds.
Seeking Alpha • Jun 02

DCP Midstream Remains An Interesting Investment

DCP Midstream has gone from a company once at risk of bankruptcy to having one of the strongest midstream asset positions. The company has a strong dividend yield of more than 4%, which it has guided towards increasing in the 2nd half of the year. The company can continue to rapidly pay down its debt, saving on interest expenses, and leaving more cash flow for other uses. The company's significant asset spare capacity means the ability for continued cash flow growth without additional cost. We expect the company to be able to continue generating double-digit overall shareholder returns.
Seeking Alpha • Jan 30

DCP Midstream: Earn A Very Sustainable 5.50% Yield

DCP Midstream is one of the largest midstream partnerships in the United States and boasts a very strong position in the Permian Basin. The company's distribution cut in 2020 appears to have been for the best as it now has a very sustainable financial structure. The company enjoys remarkably stable cash flows, although its growth potential appears to be somewhat limited. The company has a reasonable debt load for the sector. The company is generating substantially more cash than it needs to cover the distribution, which could result in a distribution increase in the near future.
Seeking Alpha • Oct 11

DCP Midstream - Room To Run

DCP Midstream's NGL and natural gas volumes have held up remarkably well over the past year. The lack of new drilling in the US has allowed DCP to shrink their capex budget which in turn allows higher free cash flow and greater debt reduction. The energy sector backdrop is extremely favorable for energy companies. Low production levels and higher demand have allowed energy prices to soar creating a goldilocks environment for beleaguered energy companies. DCP has equity volumes exposed to the higher prices, which will create higher earnings.

매출 및 비용 세부 내역

DCP Midstream가 돈을 벌고 사용하는 방법. 최근 발표된 LTM 실적 기준.

순이익 및 매출 추이

NYSE:DCP 매출, 비용 및 순이익 (USD Millions)
날짜매출순이익일반관리비연구개발비
31 Mar 2314,2251,1223540
31 Dec 2215,1969823290
30 Sep 2215,6121,0473130
30 Jun 2214,2937732860
31 Mar 2212,2483592780
31 Dec 2111,3253322610
30 Sep 219,7101022460
30 Jun 218,2851602590
31 Mar 217,3282382610
31 Dec 206,146-3652530
30 Sep 206,304-4502860
30 Jun 206,429-7742860
31 Mar 206,917-7443020
31 Dec 197,638-1602750
30 Sep 198,179-1073040
30 Jun 199,2941472980
31 Mar 199,909952930
31 Dec 189,863872760
30 Sep 189,766623200
30 Jun 189,049-233190
31 Mar 188,592143200
31 Dec 178,502612900
30 Sep 178,131913440
30 Jun 177,8412393390
31 Mar 177,5602063290
31 Dec 166,9161883290
30 Sep 165,3072032190
30 Jun 163,9201541760
31 Mar 162,7101071370
31 Dec 157,3111043150
30 Sep 152,137213930
30 Jun 152,543259890
31 Mar 152,941294820
31 Dec 143,488303770
30 Sep 143,600143800
30 Jun 143,49437790
31 Mar 143,381121800
31 Dec 133,034105800
30 Sep 132,823150800
30 Jun 132,726160840
31 Mar 132,598143850
31 Dec 122,754124890
30 Sep 122,63563820
30 Jun 122,550132740

양질의 수익: DCP는 고품질 수익을 보유하고 있습니다.

이익 마진 증가: DCP의 현재 순 이익률 (7.9%)은 지난해 (2.9%)보다 높습니다.

잉여현금흐름 대비 순이익 분석

과거 순이익 성장 분석

수익추이: DCP의 수익은 지난 5년 동안 연평균 52.9%로 크게 증가했습니다.

성장 가속화: 지난 1년간 DCP 의 수익 증가율(212.5%)은 연간 평균(52.9%)을 초과합니다.

수익 대 산업: DCP의 지난 1년 수익 증가율(212.5%)은 Oil and Gas 업계의 -0.3%를 상회했습니다.

자기자본이익률

높은 ROE: DCP의 자본 수익률(19.3%)은 낮음으로 평가됩니다.

총자산이익률

투하자본수익률

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기업 분석 및 재무 데이터 상태

데이터최종 업데이트 (UTC 시간)
기업 분석2023/06/16 08:39
종가2023/06/14 00:00
수익2023/03/31
연간 수익2022/12/31

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분석가 소스

DCP Midstream, LP는 20명의 분석가가 다루고 있습니다. 이 중 1명의 분석가가 우리 보고서에 입력 데이터로 사용되는 매출 또는 수익 추정치를 제출했습니다. 분석가의 제출 자료는 하루 종일 업데이트됩니다.

분석가기관
Richard GrossBarclays
Dennis ColemanBofA Global Research
Akil MarshBrean Capital Historical (Janney Montgomery)