Zacks Investment Research Lowers SemGroup Corp (SEMG) to Strong Sell

Zacks Investment Research Lowers SemGroup Corp (SEMG) to Strong Sell

According to Zacks, “SemGroup Corp provides gathering, transportation, storage, distribution, blending, marketing and other midstream services to producers, refiners of petroleum products and others market participants located in Midwest and Rocky Mountain regions of the United States of America. The Company operates in the pipeline gathering and processing segments of the natural gas midstream industry in the U.S. and Canada. It conducts its business through seven business segments- SemCrude, SemStream, SemLogistics, SemMexico, SemCanada Crude, SemGas and SemCAMS. Its asset base includes pipelines, gathering systems, storage facilities, terminals, processing plants, blending facilities and other distribution assets. It also maintains and operates storage, terminal and marine facilities in the U.K. and operates a network of liquid asphalt cement terminals throughout Mexico. SemGroup Corp is headquartered in Tulsa, Oklahoma. “

Zacks Investment Research cut shares of SemGroup Corp (NASDAQ:SEMG) from a hold rating to a strong sell rating in a report issued on Friday morning.

A number of other brokerages have also recently issued reports on SEMG. Barclays PLC assumed coverage on shares of SemGroup Corp in a report on Tuesday, February 21st. They issued an equal weight rating and a $43.00 target price on the stock. Royal Bank of Canada reaffirmed a buy rating and issued a $42.00 target price on shares of SemGroup Corp in a report on Friday, April 7th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company’s stock. The company currently has a consensus rating of Hold and a consensus target price of $39.00.

Shares of SemGroup Corp (NASDAQ SEMG) opened at 31.00 on Friday. The firm has a market capitalization of $2.05 billion and a PE ratio of 319.59. The stock’s 50 day moving average price is $33.01 and its 200-day moving average price is $36.65. SemGroup Corp has a 12 month low of $27.35 and a 12 month high of $43.20.

The company also recently announced a quarterly dividend, which was paid on Friday, May 26th. Stockholders of record on Monday, May 15th were issued a $0.45 dividend. The ex-dividend date of this dividend was Thursday, May 11th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 5.81%.

In related news, insider Carlin G. Conner purchased 7,500 shares of the stock in a transaction on Friday, March 10th. The shares were purchased at an average cost of $33.55 per share, with a total value of $251,625.00. Following the acquisition, the insider now directly owns 165,292 shares in the company, valued at $5,545,546.60. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director William J. Mcadam purchased 5,000 shares of the stock in a transaction on Thursday, March 23rd. The stock was bought at an average cost of $33.84 per share, for a total transaction of $169,200.00. Following the completion of the acquisition, the director now owns 669 shares in the company, valued at $22,638.96. The disclosure for this purchase can be found here.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its position in SemGroup Corp by 6,736.2% in the first quarter. BlackRock Inc. now owns 4,099,720 shares of the company’s stock valued at $147,591,000 after buying an additional 4,039,749 shares in the last quarter. Eagle Global Advisors LLC boosted its position in SemGroup Corp by 71.3% in the third quarter. Eagle Global Advisors LLC now owns 2,393,194 shares of the company’s stock valued at $84,623,000 after buying an additional 996,487 shares in the last quarter. Systematic Financial Management LP bought a new position in SemGroup Corp during the fourth quarter valued at $28,224,000. Dimensional Fund Advisors LP boosted its position in SemGroup Corp by 26.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,848,619 shares of the company’s stock valued at $118,930,000 after buying an additional 599,898 shares in the last quarter. Finally, Chickasaw Capital Management LLC boosted its position in SemGroup Corp by 6.8% in the first quarter. Chickasaw Capital Management LLC now owns 6,373,401 shares of the company’s stock valued at $229,442,000 after buying an additional 404,078 shares in the last quarter.

About SemGroup Corp

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