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DCP Midstream

NYSE:DCP
Snowflake Description

Average dividend payer with moderate growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
DCP
NYSE
$4B
Imp Market Cap
  1. Home
  2. US
  3. Energy
Company description

DCP Midstream, LP, together with its subsidiaries, owns, operates, acquires, and develops a portfolio of midstream energy assets in the United States. The last earnings update was 48 days ago. More info.


Add to Portfolio Compare Print
  • DCP Midstream is a fund or ETF! Currently our data availability for these is poor, we only recommend using them as part of a portfolio.
DCP Share Price and Events
7 Day Returns
0.1%
NYSE:DCP
4.6%
US Oil and Gas
2%
US Market
1 Year Returns
-25.9%
NYSE:DCP
-15.2%
US Oil and Gas
4.3%
US Market
DCP Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
DCP Midstream (DCP) 0.1% -8.9% -12.3% -25.9% -10.9% -49.4%
US Oil and Gas 4.6% 3% -3.6% -15.2% -1.1% -37.1%
US Market 2% 4.1% 4.2% 4.3% 43.9% 40.8%
1 Year Return vs Industry and Market
  • DCP underperformed the Oil and Gas industry which returned -15.2% over the past year.
  • DCP underperformed the Market in United States of America which returned 4.3% over the past year.
Price Volatility
DCP
Industry
5yr Volatility vs Market

Value

 Is DCP Midstream undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of DCP Midstream to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for DCP Midstream.

NYSE:DCP Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 8 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 12.1%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NYSE:DCP
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Oil and Gas Unlevered Beta Simply Wall St/ S&P Global 0.92
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.919 (1 + (1- 21%) (129.15%))
1.574
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.57
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (1.574 * 5.96%)
12.11%

Discounted Cash Flow Calculation for NYSE:DCP using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for DCP Midstream is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

NYSE:DCP DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 12.11%)
2019 196.00 Analyst x1 174.83
2020 586.00 Analyst x1 466.25
2021 614.14 Est @ 4.8% 435.86
2022 639.81 Est @ 4.18% 405.03
2023 663.77 Est @ 3.75% 374.81
2024 686.61 Est @ 3.44% 345.83
2025 708.77 Est @ 3.23% 318.43
2026 730.59 Est @ 3.08% 292.78
2027 752.31 Est @ 2.97% 268.92
2028 774.14 Est @ 2.9% 246.83
Present value of next 10 years cash flows $3,329.57
NYSE:DCP DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $774.14 × (1 + 2.73%) ÷ (12.11% – 2.73%)
$8,479.09
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $8,479.09 ÷ (1 + 12.11%)10
$2,703.56
NYSE:DCP Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $3,329.57 + $2,703.56
$6,033.14
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $6,033.14 / 146.24
$41.25
NYSE:DCP Discount to Share Price
Calculation Result
Value per share (USD) From above. $41.25
Current discount Discount to share price of $28.82
= -1 x ($28.82 - $41.25) / $41.25
30.1%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price DCP Midstream is available for.
Intrinsic value
30%
Share price is $28.82 vs Future cash flow value of $41.25
Current Discount Checks
For DCP Midstream to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • DCP Midstream's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • DCP Midstream's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for DCP Midstream's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are DCP Midstream's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:DCP PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $0.66
NYSE:DCP Share Price ** NYSE (2019-06-24) in USD $28.82
United States of America Oil and Gas Industry PE Ratio Median Figure of 102 Publicly-Listed Oil and Gas Companies 13.72x
United States of America Market PE Ratio Median Figure of 3,095 Publicly-Listed Companies 17.88x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of DCP Midstream.

NYSE:DCP PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:DCP Share Price ÷ EPS (both in USD)

= 28.82 ÷ 0.66

43.47x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • DCP Midstream is overvalued based on earnings compared to the US Oil and Gas industry average.
  • DCP Midstream is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does DCP Midstream's expected growth come at a high price?
Raw Data
NYSE:DCP PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 43.47x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts
25.3%per year
United States of America Oil and Gas Industry PEG Ratio Median Figure of 79 Publicly-Listed Oil and Gas Companies 0.39x
United States of America Market PEG Ratio Median Figure of 2,134 Publicly-Listed Companies 1.54x

*Line of best fit is calculated by linear regression .

NYSE:DCP PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 43.47x ÷ 25.3%

1.72x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • DCP Midstream is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on DCP Midstream's assets?
Raw Data
NYSE:DCP PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $44.09
NYSE:DCP Share Price * NYSE (2019-06-24) in USD $28.82
United States of America Oil and Gas Industry PB Ratio Median Figure of 197 Publicly-Listed Oil and Gas Companies 1.03x
United States of America Market PB Ratio Median Figure of 5,255 Publicly-Listed Companies 1.8x
NYSE:DCP PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:DCP Share Price ÷ Book Value per Share (both in USD)

= 28.82 ÷ 44.09

0.65x

* Primary Listing of DCP Midstream.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • DCP Midstream is good value based on assets compared to the US Oil and Gas industry average.
X
Value checks
We assess DCP Midstream's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Oil and Gas industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Oil and Gas industry average (and greater than 0)? (1 check)
  5. DCP Midstream has a total score of 2/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is DCP Midstream expected to perform in the next 1 to 3 years based on estimates from 8 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
25.3%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is DCP Midstream expected to grow at an attractive rate?
  • DCP Midstream's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • DCP Midstream's earnings growth is expected to exceed the United States of America market average.
  • DCP Midstream's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NYSE:DCP Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:DCP Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts 25.3%
NYSE:DCP Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 8 Analysts 4.6%
United States of America Oil and Gas Industry Earnings Growth Rate Market Cap Weighted Average 13%
United States of America Oil and Gas Industry Revenue Growth Rate Market Cap Weighted Average 4%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 14%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.4%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NYSE:DCP Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:DCP Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 14,005 356 1
2022-12-31 10,535 1,079 366 2
2021-12-31 13,425 1,099 422 3
2020-12-31 11,788 1,024 340 8
2019-12-31 10,925 927 178 7
NYSE:DCP Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 9,909 857 95
2018-12-31 9,863 662 87
2018-09-30 9,766 753 53
2018-06-30 9,049 867 -32
2018-03-31 8,592 874 14
2017-12-31 8,502 896 61
2017-09-30 8,131 808 91
2017-06-30 7,841 701 239
2017-03-31 7,560 638 206
2016-12-31 6,916 645 188
2016-09-30 5,307 678 203
2016-06-30 3,920 604 154

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • DCP Midstream's earnings are expected to grow significantly at over 20% yearly.
  • DCP Midstream's revenue is expected to grow by 4.6% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:DCP Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below

All data from DCP Midstream Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:DCP Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31 2.44 2.48 2.40 2.00
2022-12-31 2.53 2.66 2.38 3.00
2021-12-31 2.74 3.54 2.33 7.00
2020-12-31 2.47 3.43 1.76 13.00
2019-12-31 1.36 1.66 1.04 11.00
NYSE:DCP Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 0.66
2018-12-31 0.61
2018-09-30 0.37
2018-06-30 -0.22
2018-03-31 0.10
2017-12-31 0.43
2017-09-30 0.67
2017-06-30 1.85
2017-03-31 1.69
2016-12-31 1.64
2016-09-30 1.77
2016-06-30 1.34

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • DCP Midstream is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess DCP Midstream's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
DCP Midstream has a total score of 3/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has DCP Midstream performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare DCP Midstream's growth in the last year to its industry (Oil and Gas).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • DCP Midstream's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • DCP Midstream's 1-year earnings growth exceeds its 5-year average (578.6% vs -19.6%)
  • DCP Midstream's earnings growth has exceeded the US Oil and Gas industry average in the past year (578.6% vs 29.5%).
Earnings and Revenue History
DCP Midstream's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from DCP Midstream Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:DCP Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 9,909.00 95.00 315.00
2018-12-31 9,863.00 87.00 306.00
2018-09-30 9,766.00 53.00 328.00
2018-06-30 9,049.00 -32.00 327.00
2018-03-31 8,592.00 14.00 328.00
2017-12-31 8,502.00 61.00 323.00
2017-09-30 8,131.00 91.00 344.00
2017-06-30 7,841.00 239.00 339.00
2017-03-31 7,560.00 206.00 329.00
2016-12-31 6,916.00 188.00 329.00
2016-09-30 5,307.00 203.00 219.00
2016-06-30 3,920.00 154.00 176.00
2016-03-31 2,710.00 107.00 137.00
2015-12-31 7,311.00 104.00 315.00
2015-09-30 2,137.00 213.00 93.00
2015-06-30 2,543.00 259.00 89.00
2015-03-31 2,941.00 294.00 82.00
2014-12-31 3,488.00 303.00 77.00
2014-09-30 3,600.00 143.00 80.00
2014-06-30 3,494.00 37.00 79.00
2014-03-31 3,381.00 121.00 80.00
2013-12-31 3,034.00 105.00 80.00
2013-09-30 2,823.00 150.00 80.00
2013-06-30 2,726.00 160.00 84.00
2013-03-31 2,598.00 143.00 85.00
2012-12-31 2,754.00 124.00 89.00
2012-09-30 2,634.80 62.80 82.20
2012-06-30 2,549.70 132.30 74.20

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • DCP Midstream has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • DCP Midstream used its assets less efficiently than the US Oil and Gas industry average last year based on Return on Assets.
  • DCP Midstream's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess DCP Midstream's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Oil and Gas industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
DCP Midstream has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is DCP Midstream's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up DCP Midstream's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • DCP Midstream's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • DCP Midstream's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of DCP Midstream's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.2x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from DCP Midstream Company Filings, last reported 2 months ago.

NYSE:DCP Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 7,213.00 5,361.00 1.00
2018-12-31 7,297.00 5,307.00 1.00
2018-09-30 7,276.00 5,100.00 1.00
2018-06-30 7,353.00 4,835.00 4.00
2018-03-31 7,312.00 4,808.00 2.00
2017-12-31 7,438.00 4,707.00 156.00
2017-09-30 7,043.00 5,211.00 312.00
2017-06-30 7,199.00 5,210.00 251.00
2017-03-31 7,250.00 5,209.00 176.00
2016-12-31 6,853.00 5,407.00 1.00
2016-09-30 2,676.00 2,231.00 2.00
2016-06-30 2,678.00 2,367.00 1.00
2016-03-31 2,754.00 2,377.00 1.00
2015-12-31 2,805.00 2,424.00 2.00
2015-09-30 2,832.00 2,429.00 1.00
2015-06-30 2,883.00 2,412.00 24.00
2015-03-31 3,006.00 2,312.00 33.00
2014-12-31 3,026.00 2,294.00 25.00
2014-09-30 2,865.00 2,311.00 97.00
2014-06-30 2,731.00 2,310.00 57.00
2014-03-31 2,711.00 2,332.00 27.00
2013-12-31 2,213.00 1,927.00 12.00
2013-09-30 2,133.00 1,804.00 1.00
2013-06-30 1,750.00 1,744.00 9.00
2013-03-31 1,641.00 1,744.00 37.00
2012-12-31 1,594.00 1,626.00 2.00
2012-09-30 1,141.50 1,045.30 8.40
2012-06-30 1,119.60 956.00 5.50
  • DCP Midstream's level of debt (74.3%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (86% vs 74.3% today).
  • Debt is not well covered by operating cash flow (16%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 1.4x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess DCP Midstream's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. DCP Midstream has a total score of 1/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is DCP Midstream's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
10.83%
Current annual income from DCP Midstream dividends. Estimated to be 10.89% next year.
If you bought $2,000 of DCP Midstream shares you are expected to receive $217 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • DCP Midstream's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.44%).
  • DCP Midstream's dividend is above the markets top 25% of dividend payers in United States of America (3.73%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NYSE:DCP Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below
United States of America Oil and Gas Industry Average Dividend Yield Market Cap Weighted Average of 67 Stocks 3.7%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2012 Stocks 2.4%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NYSE:DCP Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 3.22 3.00
2022-12-31 3.17 4.00
2021-12-31 3.14 10.00
2020-12-31 3.13 14.00
2019-12-31 3.12 14.00
NYSE:DCP Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-04-23 3.120 10.120
2019-01-23 3.120 9.633
2018-10-23 3.120 9.510
2018-07-24 3.120 7.429
2018-04-25 3.120 7.853
2018-01-24 3.120 8.489
2017-10-19 3.120 8.700
2017-07-24 3.120 9.467
2017-04-25 3.120 9.021
2017-01-26 3.120 8.027
2016-10-27 3.120 8.791
2016-07-26 3.120 9.121
2016-04-26 3.120 9.076
2016-01-28 3.120 13.840
2015-10-27 3.120 13.582
2015-07-28 3.120 11.203
2015-04-28 3.120 8.925
2015-01-29 3.120 8.108
2014-10-28 3.080 6.690
2014-07-28 3.030 5.599
2014-04-28 2.980 5.382
2014-01-28 2.930 5.853
2013-10-25 2.880 5.956
2013-07-25 2.840 5.789
2013-04-25 2.800 5.478
2013-01-28 2.760 6.091
2012-10-31 2.720 6.541
2012-07-26 2.680 6.054
2012-04-27 2.640 6.399
2012-01-26 2.600 5.567
2011-10-26 2.560 5.681
2011-07-26 2.530 6.517
2011-04-25 2.500 6.133
2011-01-27 2.470 6.047
2010-10-26 2.440 6.718
2010-07-27 2.440 7.260
2010-04-27 2.400 7.608
2010-01-27 2.400 7.582
2009-10-27 2.400 8.809
2009-07-28 2.400 10.001

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of DCP Midstream's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (0.2x coverage).
Future Payout to shareholders
  • Dividends after 3 years are not well covered by earnings (0.7x coverage).
X
Income/ dividend checks
We assess DCP Midstream's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can DCP Midstream afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. DCP Midstream has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of DCP Midstream's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Wouter van Kempen
COMPENSATION $4,247,265
AGE 49
TENURE AS CEO 6.4 years
CEO Bio

Mr. Wouter T. van Kempen has been the Chairman of DCP Midstream, LLC at DCP Midstream, LP since March 1, 2013 and has been its Chief Executive Officer since January 1, 2013. Mr. van Kempen has been President of DCP Midstream, LLC since September 4, 2012. He serves as the Chief Executive Officer and President at DCP LP Holdings, LLC. Mr. van Kempen has been the Chairman of the Board, Chief Executive Officer and President of DCP Midstream Partners, LP since February 25, 2016. He has been the Chairman of the Board at DCP Midstream GP, LLC since January 1, 2014 and has been its Chief Executive Officer and President since January 1, 2013. He has extensive business and financial training from General Electric, IMD International Switzerland, Harvard Business School and Kellogg Graduate School. He served as the President of Gathering and Processing at DCP Midstream, LLC. Before 2012, Mr. van Kempen served as President of DCP’s Midcontinent Business Unit and Chief Development Officer of the Combined Enterprise. He served as Chief Operating Officer of DCP Midstream, LLC since September 4, 2012 until January 2013. He oversaw all the corporate functions, including the functions led by the general counsel, chief corporate officer and chief financial officer. Prior to joining DCP in 2010, he served as President of Duke Energy Generation Services, Inc. He joined Duke Energy in 2003 as Managing Director of Mergers and Acquisitions and also served as Vice President of Mergers and Acquisitions. Prior to Duke Energy, Mr. van Kempen was employed by General Electric Corp. He joined GE Plastics in 1993 in the Netherlands, where he managed European manufacturing productivity programs. After a series of promotions within GE International, GE Lighting and GE Plastics in Belgium, the Netherlands, London and Pittsfield, Mass., Mr. van Kempen served as GE Plastics Audit Manager of Europe and Asia since 1996. He served as a Senior Analyst of Corporate Financial Planning and Analysis of GE’s headquarters in Connecticut since 1998. He served as Staff Executive of Corporate Mergers and Acquisitions at GE since 1999. He was responsible for managing all aspects of acquisitions and dispositions, including deal activity for GE Power Systems, GE Plastics, GE Industrial Systems and GE Specialty Materials. He serves as a Director of DCP Midstream, LLC. He was chairman of the American Heart Association’s Denver board of directors. He serves as Vice Chairman of the Gas Processors Association, the national trade association for the midstream industry. He serves on the board of trustees for ACE Scholarships. Mr. van Kempen holds a Master’s Degree in Business Economics from Erasmus University Rotterdam.

CEO Compensation
  • Wouter's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Wouter's remuneration is about average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the DCP Midstream management team in years:

2.3
Average Tenure
49
Average Age
  • The tenure for the DCP Midstream management team is about average.
Management Team

Wouter van Kempen

TITLE
Chairman
COMPENSATION
$4M
AGE
49
TENURE
6.4 yrs

Sean O’Brien

TITLE
Group VP & CFO of DCP Midstream
COMPENSATION
$2M
AGE
48
TENURE
5.4 yrs

Brent Backes

TITLE
Group VP
COMPENSATION
$2M
AGE
58
TENURE
2.3 yrs

Don Baldridge

TITLE
President of Commercial - DCP Midstream LLC
COMPENSATION
$2M
AGE
48
TENURE
2.3 yrs

Brian Frederick

TITLE
President of Asset Operations - DCP Midstream GP LLC
COMPENSATION
$2M
AGE
52
TENURE
2.3 yrs

Rich Loving

TITLE
Chief Accounting Officer of DCP Midstream GP LLC
AGE
49

Irene Lofland

TITLE
Vice President of Investor Relations
TENURE
1.4 yrs

Tamara Bray

TITLE
Chief HR Officer & Group Vice President of DCP Midstream GP LLC

Jerry Barnhill

TITLE
Chief EHS Officer & Group Vice President of DCP Midstream GP LLC

Bill Johnson

TITLE
Chief Transformation Officer & Group VP of DCP Midstream GP LLC
Board of Directors Tenure

Average tenure and age of the DCP Midstream board of directors in years:

4
Average Tenure
53.5
Average Age
  • The tenure for the DCP Midstream board of directors is about average.
Board of Directors

Wouter van Kempen

TITLE
Chairman
COMPENSATION
$4M
AGE
49
TENURE
5.4 yrs

William Kimble

TITLE
Director of DCP Midstream LLC
COMPENSATION
$210K
AGE
58
TENURE
4 yrs

Fred Fowler

TITLE
Director of DCP Midstream LLC
COMPENSATION
$190K
AGE
72
TENURE
4.3 yrs

Brian Mandell

TITLE
Director of DCP Midstream LLC
AGE
54
TENURE
4.1 yrs

John Zuklic

TITLE
Director of DCP Midstream LLC
AGE
50
TENURE
4.1 yrs

Bill Waycaster

TITLE
Director of DCP Midstream LLC
COMPENSATION
$210K
AGE
79
TENURE
4 yrs

Allen Capps

TITLE
Director of DCP Midstream LLC
AGE
47
TENURE
2.8 yrs

Mark Maki

TITLE
Director of DCP Midstream LLC
AGE
53
TENURE
0.9 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
31. Dec 18 Buy Fred Fowler Individual 28. Dec 18 28. Dec 18 2,500 $26.10 $65,247
X
Management checks
We assess DCP Midstream's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. DCP Midstream has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Interested In DCP Midstream LP (NYSE:DCP)? Here's How It Performed Recently

When DCP Midstream LP (NYSE:DCP) announced its most recent earnings (31 March 2018), I did two things: looked at its past earnings track record, then look at what is happening in the industry. … Understanding how DCP Midstream performed requires a benchmark rather than trying to assess a standalone number at one point in time. … DCP's trailing twelve-month earnings (from 31 March 2018) of US$14.00m has

Simply Wall St -

DCP Midstream LP (NYSE:DCP): Does The -67.55% Earnings Drop Reflect A Longer Term Trend?

In this article, I will take a look at DCP Midstream LP's (NYSE:DCP) most recent earnings update (31 December 2017) and compare these latest figures against its performance over the past few years, along with how the rest of DCP's industry performed. … For DCP Midstream, its latest earnings (trailing twelve month) is US$61.00M, which, in comparison to the prior year's level, has taken a dive by a non-trivial -67.55%. … Revenue growth over the last couple of years, has been positive, however, earnings growth has not been able to catch up, meaning DCP Midstream has been increasing its expenses by a lot more.

Simply Wall St -

Is It Time To Sell DCP Midstream LP (NYSE:DCP) Based Off Its PE Ratio?

It compares a stock’s price per share to the stock’s earnings per share. … Formula Price-Earnings Ratio = Price per share ÷ Earnings per share P/E Calculation for DCP Price per share = $36.25 Earnings per share = $0.426 ∴ Price-Earnings Ratio = $36.25 ÷ $0.426 = 85.2x The P/E ratio itself doesn’t tell you a lot; however, it becomes very insightful when you compare it with other similar companies. … Since DCP's P/E of 85.2x is higher than its industry peers (13.3x), it means that investors are paying more than they should for each dollar of DCP's earnings.

Simply Wall St -

DCP Midstream LP (NYSE:DCP): Time For A Financial Health Check

Additionally, DCP has generated cash from operations of US$896.00M over the same time period, resulting in an operating cash to total debt ratio of 19.04%, signalling that DCP’s debt is not appropriately covered by operating cash. … At the current liabilities level of US$1.49B liabilities, it appears that the company is not able to meet these obligations given the level of current assets of US$1.32B, with a current ratio of 0.89x below the prudent level of 3x. … Next Steps: At its current level of cash flow coverage, DCP has room for improvement to better cushion for events which may require debt repayment.

Simply Wall St -

Is DCP Midstream LP (NYSE:DCP) Undervalued?

DCP Midstream LP (NYSE:DCP), an energy company based in United States, saw significant share price volatility over the past couple of months on the NYSE, rising to the highs of $42.49 and falling to the lows of $33.47. … Although value investors would argue that it’s the intrinsic value relative to the price that matter the most, a more compelling investment thesis would be high growth potential at a cheap price. … If you believe DCP should trade below its current price, selling high and buying it back up again when its price falls towards its real value can be profitable.

Simply Wall St -

DCP Midstream LP (NYSE:DCP): All You Need Is Growth?

DCP Midstream LP (NYSE:DCP) continues to post impressive revenue growth and its prospects have never been brighter. … I will conduct a high level fundamental analysis on the company by looking at its past financials and growth prospects moving forward. … NYSE:DCP Future Profit Mar 28th 18 The company is growing incredibly fast, with a year-on-year revenue growth of 22.93% over the past financial year.

Simply Wall St -

DCP Midstream LP (NYSE:DCP): What Can We Expect From This High Growth Stock?

Investors may find it useful to understand how market analysts perceive DCP Midstream's earnings growth outlook over the next few years and whether the future looks brighter. … Check out our latest analysis for DCP Midstream Analysts' outlook for the coming year seems optimistic, with earnings growth more than doubling. … The slope of this line is the rate of earnings growth, which in this case is 48.17%.

Simply Wall St -

Should You Buy DCP Midstream LP (NYSE:DCP) For Its Dividend?

View our latest analysis for DCP Midstream 5 checks you should do on a dividend stock If you are a dividend investor, you should always assess these five key metrics: Is it paying an annual yield above 75% of dividend payers? … DCP Midstream has a trailing twelve-month payout ratio of more than 200% of earnings, meaning that the dividend is predominantly funded by retained earnings. … Furthermore, EPS should increase to $1.39, meaning that the lower payout ratio does not necessarily implicate a lower dividend payment.

Simply Wall St -

Is It Too Late To Buy DCP Midstream LP (NYSE:DCP) At Its March Price?

Looking at DCP Midstream LP’s (NYSE:DCP) fundamentals some investors are wondering if its last closing price of $36.25 represents a good value for money for this high growth stock. … DCP Midstream is trading at price-to-earnings (PE) ratio of 85.16x, this also tells us the stock is overvalued based on current earnings compared to the oil and gas industry average of 13.24x , and overvalued compared to the US market average ratio of 18.87x. … NYSE:DCP PE PEG Gauge Mar 1st 18 We understand DCP seems to be overvalued based on its current earnings, compared to its industry peers.

Simply Wall St -

Why DCP Midstream LP's (NYSE:DCP) ROE Of 3.15% Does Not Tell The Whole Story

DCP Midstream LP (NYSE:DCP) generated a below-average return on equity of 3.15% in the past 12 months, while its industry returned 10.21%. … See our latest analysis for DCP Midstream Breaking down Return on Equity Firstly, Return on Equity, or ROE, is simply the percentage of last years’ earning against the book value of shareholders’ equity. … This is called the Dupont Formula: Dupont Formula ROE = profit margin × asset turnover × financial leverage ROE = (annual net profit ÷ sales) × (sales ÷ assets) × (assets ÷ shareholders’ equity) ROE = annual net profit ÷ shareholders’ equity NYSE:DCP Last Perf Feb 21st 18 The first component is profit margin, which measures how much of sales is retained after the company pays for all its expenses.

Simply Wall St -

Company Info

Description

DCP Midstream, LP, together with its subsidiaries, owns, operates, acquires, and develops a portfolio of midstream energy assets in the United States. The company operates in two segments, Logistics and Marketing, and Gathering and Processing. The Logistics and Marketing segment engages in transporting, trading, marketing, and storing natural gas and natural gas liquids (NGLs); fractionating NGLs; and wholesale propane logistics. The Gathering and Processing segment is involved in gathering, compressing, treating, and processing natural gas; producing and fractionating NGLs; and recovering condensate. The company owns and operates approximately 49 plants and 57,000 miles of natural gas gathering and transmission systems. It serves petrochemical and refining companies, and retail propane distributors. DCP Midstream GP, LP serves as the general partner of the company. The company was formerly known as DCP Midstream Partners, LP and changed its name to DCP Midstream, LP in January 2017. DCP Midstream, LP was founded in 2005 and is headquartered in Denver, Colorado.

Details
Name: DCP Midstream, LP
DCP
Exchange: NYSE
Founded: 2005
$4,216,152,939
$4,130,405,392
146,241,864
Website: http://www.dcpmidstream.com
Address: DCP Midstream, LP
370 17th Street,
Suite 2500,
Denver,
Colorado, 80202,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE DCP Common Units New York Stock Exchange US USD 02. Dec 2005
DB D4P Common Units Deutsche Boerse AG DE EUR 02. Dec 2005
LSE 0S1P Common Units London Stock Exchange GB USD 02. Dec 2005
Number of employees
Current staff
Staff numbers
0
DCP Midstream employees.
Industry
Oil and Gas Storage and Transportation
Energy
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/24 23:57
End of day share price update: 2019/06/24 00:00
Last estimates confirmation: 2019/06/24
Last earnings filing: 2019/05/07
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.