Enterprise Products Partners L.P. (NYSE:EPD – Get Free Report)’s share price shot up 2% on Thursday . The stock traded as high as $36.96 and last traded at $36.7950. 2,918,828 shares were traded during trading, a decline of 34% from the average daily volume of 4,395,219 shares. The stock had previously closed at $36.09.
Analysts Set New Price Targets
Several equities research analysts recently issued reports on the stock. Royal Bank Of Canada raised their target price on shares of Enterprise Products Partners from $40.00 to $42.00 and gave the company an “outperform” rating in a research note on Monday, March 30th. UBS Group restated a “buy” rating and issued a $45.00 price objective on shares of Enterprise Products Partners in a research note on Wednesday, June 17th. Truist Financial raised their price objective on Enterprise Products Partners from $36.00 to $40.00 and gave the company a “hold” rating in a research report on Monday, May 4th. TD Cowen reiterated a “hold” rating and set a $38.00 target price (up from $34.00) on shares of Enterprise Products Partners in a research note on Thursday, April 16th. Finally, Weiss Ratings raised Enterprise Products Partners from a “buy (b)” rating to a “buy (b+)” rating in a report on Monday, June 15th. 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.com, the stock has a consensus rating of “Hold” and a consensus target price of $39.94.
Check Out Our Latest Report on EPD
Enterprise Products Partners Stock Up 2.0%
Enterprise Products Partners (NYSE:EPD – Get Free Report) last released 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 firm had revenue of $14.39 billion for the quarter, compared to analyst estimates of $13.62 billion. During the same period in the previous year, the business posted $0.64 earnings per share. The business’s revenue for the quarter was down 6.7% on a year-over-year basis. Sell-side analysts predict that Enterprise Products Partners L.P. will post 2.98 EPS for the current year.
Enterprise Products Partners Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Thursday, May 14th. Stockholders of record on Thursday, April 30th were given a $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a dividend yield of 6.0%. The ex-dividend date of this dividend was Thursday, April 30th. Enterprise Products Partners’s payout ratio is presently 81.48%.
Hedge Funds Weigh In On Enterprise Products Partners
Several institutional investors and hedge funds have recently modified their holdings of EPD. Miller Howard Investments Inc. NY raised its holdings in Enterprise Products Partners by 1.0% in the 4th quarter. Miller Howard Investments Inc. NY now owns 3,112,119 shares of the oil and gas producer’s stock valued at $99,775,000 after acquiring an additional 31,733 shares in the last quarter. Royal Palms Capital LLC acquired a new stake in shares of Enterprise Products Partners during the 4th quarter worth $1,830,000. Oxbow Advisors LLC increased its position in shares of Enterprise Products Partners by 3.0% in the fourth quarter. Oxbow Advisors LLC now owns 1,329,085 shares of the oil and gas producer’s stock worth $42,610,000 after purchasing an additional 39,052 shares during the period. Texas Yale Capital Corp. increased its position in shares of Enterprise Products Partners by 4.9% in the fourth quarter. Texas Yale Capital Corp. now owns 1,905,939 shares of the oil and gas producer’s stock worth $61,104,000 after purchasing an additional 88,475 shares during the period. Finally, Victory Capital Management Inc. raised its stake in Enterprise Products Partners by 70.6% in the third quarter. Victory Capital Management Inc. now owns 1,495,518 shares of the oil and gas producer’s stock valued at $46,765,000 after purchasing an additional 619,014 shares in the last quarter. 26.07% of the stock is currently owned by institutional investors and hedge funds.
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.
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