Enterprise Products Partners (NYSE:EPD) Stock Price Down 1.6% – Here’s Why

Enterprise Products Partners L.P. (NYSE:EPD) shares fell 1.6% during trading on Tuesday. The company traded as low as $36.01 and last traded at $36.0780. 4,432,111 shares were traded during mid-day trading, an increase of 14% from the average daily volume of 3,886,770 shares. The stock had previously closed at $36.65.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on EPD shares. Melius Research started coverage on Enterprise Products Partners in a research note on Tuesday, September 22nd. They issued a “hold” rating and a $42.00 price target on the stock. Capital One Financial assumed coverage on shares of Enterprise Products Partners in a research report on Tuesday, September 22nd. They issued an “equal weight” rating and a $42.00 target price on the stock. Morgan Stanley reiterated an “underweight” rating and issued a $41.00 price target (up from $40.00) on shares of Enterprise Products Partners in a research note on Tuesday, August 18th. JPMorgan Chase & Co. lifted their price target on shares of Enterprise Products Partners from $41.00 to $42.00 and gave the company a “neutral” rating in a research report on Thursday, July 9th. Finally, UBS Group reaffirmed a “buy” rating and set a $45.00 target price on shares of Enterprise Products Partners in a research note on Wednesday, June 17th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $40.12.

Enterprise Products Partners Price Performance

The firm has a fifty day moving average price of $38.33 and a two-hundred day moving average price of $37.96. The company has a quick ratio of 0.66, a current ratio of 0.93 and a debt-to-equity ratio of 1.00. The stock has a market capitalization of $76.76 billion, a P/E ratio of 12.35, a P/E/G ratio of 1.32 and a beta of 0.50.

Enterprise Products Partners (NYSE:EPD) last announced its quarterly earnings results on Wednesday, July 29th. The oil and gas producer reported $0.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.75 by $0.09. The company had revenue of $18.27 billion for the quarter, compared to analysts’ expectations of $13.69 billion. Enterprise Products Partners had a net margin of 10.79% and a return on equity of 20.67%. Enterprise Products Partners’s revenue was up 60.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.66 EPS. On average, analysts expect that Enterprise Products Partners L.P. will post 3.02 EPS for the current year.

Enterprise Products Partners Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, July 31st were issued a dividend of $0.56 per share. The ex-dividend date was Friday, July 31st. This is a positive change from Enterprise Products Partners’s previous quarterly dividend of $0.55. This represents a $2.24 dividend on an annualized basis and a dividend yield of 6.3%. Enterprise Products Partners’s dividend payout ratio is currently 77.78%.

Hedge Funds Weigh In On Enterprise Products Partners

Hedge funds have recently added to or reduced their stakes in the company. N.E.W. Advisory Services LLC bought a new position in shares of Enterprise Products Partners during the second quarter valued at $37,000. Bravera Wealth increased its holdings in Enterprise Products Partners by 666.7% in the 2nd quarter. Bravera Wealth now owns 1,035 shares of the oil and gas producer’s stock worth $38,000 after buying an additional 900 shares in the last quarter. Markowski Investments purchased a new position in Enterprise Products Partners in the 2nd quarter worth about $46,000. BOK Financial Private Wealth Inc. purchased a new position in Enterprise Products Partners in the 2nd quarter worth about $48,000. Finally, West Paces Advisors Inc. bought a new position in Enterprise Products Partners during the 2nd quarter valued at about $55,000. 26.07% of the stock is currently owned by hedge funds and other institutional investors.

About Enterprise Products Partners

Enterprise Products Partners L.P. is a publicly traded master limited partnership that owns and operates midstream energy infrastructure in the United States. The company transports, stores, processes and exports oil, natural gas, natural gas liquids (NGLs), refined products and petrochemicals.

Its operations include pipelines, natural gas processing plants, NGL fractionation facilities, underground storage, marine terminals and export infrastructure. Enterprise serves producers, refiners, petrochemical manufacturers, utilities and other energy customers by connecting major producing regions with domestic and international markets.

Enterprise Products Partners was founded in 1968 and is headquartered in Houston, Texas.