Enterprise Products Partners (EPD) Price Target Raised to $35.00

Enterprise Products Partners (NYSE:EPD) had its price objective hoisted by Raymond James from $34.00 to $35.00 in a research note released on Thursday morning. Raymond James currently has a strong-buy rating on the oil and gas producer’s stock.

EPD has been the subject of several other reports. Zacks Investment Research raised Enterprise Products Partners from a hold rating to a strong-buy rating and set a $33.00 price target for the company in a report on Wednesday, October 3rd. Barclays lifted their price objective on Enterprise Products Partners from $30.00 to $33.00 and gave the stock an overweight rating in a report on Wednesday, July 11th. Scotiabank set a $33.00 price objective on Enterprise Products Partners and gave the stock a buy rating in a report on Monday, August 20th. Stifel Nicolaus lifted their price objective on Enterprise Products Partners from $32.00 to $34.00 and gave the stock a buy rating in a report on Thursday, August 2nd. Finally, ValuEngine raised Enterprise Products Partners from a sell rating to a hold rating in a report on Saturday, July 14th. One equities research analyst has rated the stock with a hold rating, seventeen have assigned a buy rating and two have assigned a strong buy rating to the stock. Enterprise Products Partners presently has an average rating of Buy and an average target price of $32.53.

EPD opened at $29.27 on Thursday. The company has a quick ratio of 0.56, a current ratio of 0.74 and a debt-to-equity ratio of 1.00. The company has a market capitalization of $62.09 billion, a PE ratio of 22.17, a price-to-earnings-growth ratio of 5.71 and a beta of 0.91. Enterprise Products Partners has a 12 month low of $23.10 and a 12 month high of $30.05.

Enterprise Products Partners (NYSE:EPD) last posted its quarterly earnings results on Wednesday, August 1st. The oil and gas producer reported $0.46 EPS for the quarter, beating the consensus estimate of $0.39 by $0.07. The business had revenue of $8.47 billion during the quarter, compared to analysts’ expectations of $8.55 billion. Enterprise Products Partners had a return on equity of 14.42% and a net margin of 8.95%. The company’s quarterly revenue was up 28.1% compared to the same quarter last year. During the same period last year, the firm earned $0.30 EPS. As a group, research analysts forecast that Enterprise Products Partners will post 1.68 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 8th. Investors of record on Wednesday, October 31st will be issued a dividend of $0.4325 per share. This is a boost from Enterprise Products Partners’s previous quarterly dividend of $0.43. This represents a $1.73 annualized dividend and a yield of 5.91%. Enterprise Products Partners’s payout ratio is currently 130.30%.

In other news, CEO Aj Teague acquired 3,390 shares of Enterprise Products Partners stock in a transaction that occurred on Thursday, August 2nd. The stock was purchased at an average cost of $29.48 per share, with a total value of $99,937.20. Following the completion of the acquisition, the chief executive officer now owns 1,616,790 shares in the company, valued at approximately $47,662,969.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 37.50% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Smithbridge Asset Management Inc. DE raised its holdings in shares of Enterprise Products Partners by 26.0% in the third quarter. Smithbridge Asset Management Inc. DE now owns 70,666 shares of the oil and gas producer’s stock worth $2,030,000 after acquiring an additional 14,600 shares during the last quarter. BTR Capital Management Inc. acquired a new position in shares of Enterprise Products Partners in the third quarter worth $518,000. Walnut Private Equity Partners LLC raised its holdings in shares of Enterprise Products Partners by 2.1% in the third quarter. Walnut Private Equity Partners LLC now owns 388,052 shares of the oil and gas producer’s stock worth $11,149,000 after acquiring an additional 8,000 shares during the last quarter. Northwest Bancshares Inc. raised its holdings in shares of Enterprise Products Partners by 67.4% in the third quarter. Northwest Bancshares Inc. now owns 55,888 shares of the oil and gas producer’s stock worth $1,616,000 after acquiring an additional 22,509 shares during the last quarter. Finally, Northern Trust Corp raised its holdings in shares of Enterprise Products Partners by 7.3% in the second quarter. Northern Trust Corp now owns 1,269,240 shares of the oil and gas producer’s stock worth $35,120,000 after acquiring an additional 86,011 shares during the last quarter. 36.41% of the stock is owned by institutional investors.

About Enterprise Products Partners

Enterprise Products Partners L.P. provides midstream energy services to producers and consumers of natural gas, natural gas liquids (NGLs), crude oil, petrochemicals, and refined products. The company operates through four segments: NGL Pipelines & Services, Crude Oil Pipelines & Services, Natural Gas Pipelines & Services, and Petrochemical & Refined Products Services.

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