Enterprise Products Partners (NYSE:EPD) Shares Up 3.2% – Here’s Why

Enterprise Products Partners L.P. (NYSE:EPD)’s share price was up 3.2% during mid-day trading on Tuesday . The stock traded as high as $37.74 and last traded at $37.6470. 2,877,640 shares changed hands during mid-day trading, a decline of 33% from the average daily volume of 4,295,532 shares. The stock had previously closed at $36.47.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Stifel Nicolaus lifted their price target on shares of Enterprise Products Partners from $41.00 to $42.00 and gave the company a “buy” rating in a research note on Wednesday, April 29th. Truist Financial raised their price objective on Enterprise Products Partners from $36.00 to $40.00 and gave the stock a “hold” rating in a report on Monday, May 4th. UBS Group reiterated a “buy” rating and issued a $45.00 target price on shares of Enterprise Products Partners in a report on Wednesday, June 17th. Jefferies Financial Group increased their price target on Enterprise Products Partners from $34.00 to $40.00 and gave the stock a “hold” rating in a research report on Tuesday, March 31st. Finally, TD Cowen restated a “hold” rating and set a $38.00 price target (up from $34.00) on shares of Enterprise Products Partners in a research note on Thursday, April 16th. Nine equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $39.94.

Enterprise Products Partners Price Performance

The stock’s 50 day simple moving average is $37.75 and its 200-day simple moving average is $36.14. The firm has a market cap of $81.38 billion, a price-to-earnings ratio of 13.94, a price-to-earnings-growth ratio of 1.30 and a beta of 0.49. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.61 and a current ratio of 0.91.

Enterprise Products Partners (NYSE:EPD) last issued its quarterly earnings results on Monday, April 27th. The oil and gas producer reported $0.68 earnings per share for the quarter, missing the consensus estimate of $0.71 by ($0.03). Enterprise Products Partners had a return on equity of 19.53% and a net margin of 11.45%.The business had revenue of $14.39 billion during the quarter, compared to analyst estimates of $13.62 billion. During the same quarter last year, the company posted $0.64 EPS. Enterprise Products Partners’s quarterly revenue was down 6.7% compared to the same quarter last year. Equities research analysts anticipate that Enterprise Products Partners L.P. will post 3.01 EPS for the current fiscal year.

Enterprise Products Partners Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, May 14th. Investors of record on Thursday, April 30th were given a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a dividend yield of 5.8%. The ex-dividend date was Thursday, April 30th. Enterprise Products Partners’s payout ratio is presently 81.48%.

Institutional Trading of Enterprise Products Partners

A number of hedge funds have recently bought and sold shares of EPD. Auto Owners Insurance Co raised its position in shares of Enterprise Products Partners by 3,106.0% during the 4th quarter. Auto Owners Insurance Co now owns 32,060,000 shares of the oil and gas producer’s stock valued at $102,784,000 after buying an additional 31,060,000 shares during the period. CIBC Bancorp USA Inc. acquired a new stake in Enterprise Products Partners during the third quarter worth $292,194,000. Goldman Sachs Group Inc. raised its position in Enterprise Products Partners by 12.0% in the fourth quarter. Goldman Sachs Group Inc. now owns 18,163,343 shares of the oil and gas producer’s stock valued at $582,317,000 after purchasing an additional 1,940,583 shares during the period. Corient Private Wealth LLC lifted its stake in shares of Enterprise Products Partners by 119.4% in the 2nd quarter. Corient Private Wealth LLC now owns 2,414,035 shares of the oil and gas producer’s stock valued at $74,859,000 after purchasing an additional 1,313,976 shares during the last quarter. Finally, Barclays PLC grew its holdings in shares of Enterprise Products Partners by 57.5% during the 4th quarter. Barclays PLC now owns 2,928,068 shares of the oil and gas producer’s stock worth $93,874,000 after purchasing an additional 1,069,304 shares during the period. Institutional investors and hedge funds own 26.07% of the company’s stock.

About Enterprise Products Partners

Enterprise Products Partners L.P. (NYSE: EPD) is a Houston-based master limited partnership that provides midstream energy services across North America. The company owns and operates an extensive network of pipelines, storage facilities, processing plants and export terminals that transport and handle natural gas, natural gas liquids (NGLs), crude oil and refined and petrochemical products. Its core activities include gathering and transportation, fractionation of NGLs, natural gas processing, crude oil and condensate pipelines, and marine and terminal services that enable domestic distribution and exports.

Enterprise serves a diverse set of customers including producers, refiners, petrochemical companies, marketers and end users.