Enterprise Products Partners L.P. (NYSE:EPD – Get Free Report) traded down 1.3% during trading on Thursday . The stock traded as low as $37.25 and last traded at $37.31. 2,277,607 shares traded hands during trading, a decline of 47% from the average session volume of 4,268,282 shares. The stock had previously closed at $37.80.
Analysts Set New Price Targets
A number of brokerages have recently weighed in on EPD. Wells Fargo & Company raised Enterprise Products Partners from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $40.00 to $42.00 in a research report on Wednesday, March 25th. The Goldman Sachs Group reissued a “neutral” rating and issued a $38.00 price target on shares of Enterprise Products Partners in a research report on Wednesday, June 17th. Wolfe Research upgraded shares of Enterprise Products Partners from a “strong sell” rating to a “hold” rating in a research note on Tuesday, April 21st. TD Cowen restated a “hold” rating and set a $38.00 price objective (up from $34.00) on shares of Enterprise Products Partners in a report on Thursday, April 16th. Finally, Morgan Stanley reaffirmed an “underweight” rating and issued a $43.00 price objective (up from $42.00) on shares of Enterprise Products Partners in a research note on Wednesday, May 20th. Nine analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $40.00.
Enterprise Products Partners Stock Down 1.3%
Enterprise Products Partners (NYSE:EPD – Get Free Report) last posted its quarterly earnings data 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). The business had revenue of $14.39 billion during the quarter, compared to analysts’ expectations of $13.62 billion. Enterprise Products Partners had a return on equity of 19.53% and a net margin of 11.45%.The firm’s revenue for the quarter was down 6.7% on a year-over-year basis. During the same period in the prior year, the firm posted $0.64 EPS. Sell-side analysts anticipate that Enterprise Products Partners L.P. will post 3.01 EPS for the current year.
Enterprise Products Partners Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Friday, July 31st will be paid a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a dividend yield of 6.0%. The ex-dividend date is Friday, July 31st. This is a positive change from Enterprise Products Partners’s previous quarterly dividend of $0.55. Enterprise Products Partners’s dividend payout ratio (DPR) is presently 82.96%.
Hedge Funds Weigh In On Enterprise Products Partners
Several institutional investors have recently added to or reduced their stakes in EPD. Brighton Jones LLC grew its position in shares of Enterprise Products Partners by 19.9% during the 4th quarter. Brighton Jones LLC now owns 32,620 shares of the oil and gas producer’s stock valued at $1,023,000 after acquiring an additional 5,425 shares during the period. Schnieders Capital Management LLC. increased its stake in shares of Enterprise Products Partners by 9.3% during the 2nd quarter. Schnieders Capital Management LLC. now owns 58,918 shares of the oil and gas producer’s stock worth $1,827,000 after purchasing an additional 5,000 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Enterprise Products Partners by 6.2% in the 2nd quarter. Geode Capital Management LLC now owns 63,702 shares of the oil and gas producer’s stock worth $1,975,000 after purchasing an additional 3,742 shares during the period. Guggenheim Capital LLC lifted its stake in Enterprise Products Partners by 6.1% in the second quarter. Guggenheim Capital LLC now owns 27,301 shares of the oil and gas producer’s stock valued at $847,000 after purchasing an additional 1,578 shares during the last quarter. Finally, Glenview Trust co lifted its stake in Enterprise Products Partners by 315.8% in the second quarter. Glenview Trust co now owns 33,648 shares of the oil and gas producer’s stock valued at $1,043,000 after purchasing an additional 25,555 shares during the last quarter. Institutional investors 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.
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