Enterprise Products Partners L.P. (NYSE:EPD – Get Free Report) shares were down 1.4% during mid-day trading on Tuesday . The stock traded as low as $37.53 and last traded at $37.7750. 3,889,169 shares traded hands during mid-day trading, a decline of 8% from the average daily volume of 4,243,494 shares. The stock had previously closed at $38.31.
Analysts Set New Price Targets
Several research analysts have recently weighed in on EPD shares. Wells Fargo & Company raised Enterprise Products Partners from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $40.00 to $42.00 in a research report on Wednesday, March 25th. JPMorgan Chase & Co. lifted their target price on Enterprise Products Partners from $41.00 to $42.00 and gave the company a “neutral” rating in a research report on Thursday, July 9th. Stifel Nicolaus boosted their target price on Enterprise Products Partners from $41.00 to $42.00 and gave the company a “buy” rating in a research note on Wednesday, April 29th. Morgan Stanley reaffirmed an “underweight” rating and set a $43.00 price target (up from $42.00) on shares of Enterprise Products Partners in a research note on Wednesday, May 20th. Finally, Truist Financial lifted their price objective on shares of Enterprise Products Partners from $36.00 to $40.00 and gave the company a “hold” rating in a report on Monday, May 4th. Eight investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Enterprise Products Partners presently has a consensus rating of “Hold” and an average price target of $40.13.
Get Our Latest Analysis on Enterprise Products Partners
Enterprise Products Partners Stock Down 1.4%
Enterprise Products Partners (NYSE:EPD – Get Free Report) last announced its quarterly earnings data on Monday, April 27th. The oil and gas producer reported $0.68 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.71 by ($0.03). The company had revenue of $14.39 billion for the quarter, compared to the consensus estimate of $13.62 billion. Enterprise Products Partners had a return on equity of 19.53% and a net margin of 11.45%.The company’s revenue for the quarter was down 6.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.64 EPS. As a group, sell-side analysts forecast that Enterprise Products Partners L.P. will post 3.01 earnings per share for the current fiscal year.
Enterprise Products Partners Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Friday, July 31st will be paid a $0.56 dividend. This is an increase from Enterprise Products Partners’s previous quarterly dividend of $0.55. This represents a $2.24 dividend on an annualized basis and a yield of 5.9%. The ex-dividend date is Friday, July 31st. Enterprise Products Partners’s dividend payout ratio is 81.48%.
Institutional Inflows and Outflows
Several institutional investors have recently modified their holdings of the company. Alps Advisors Inc. lifted its stake in Enterprise Products Partners by 0.6% in the 4th quarter. Alps Advisors Inc. now owns 42,639,131 shares of the oil and gas producer’s stock valued at $1,367,011,000 after purchasing an additional 260,305 shares during the last quarter. Auto Owners Insurance Co increased its position in Enterprise Products Partners by 3,106.0% during the fourth quarter. Auto Owners Insurance Co now owns 32,060,000 shares of the oil and gas producer’s stock worth $102,784,000 after buying an additional 31,060,000 shares during the last quarter. Morgan Stanley increased its position in Enterprise Products Partners by 4.8% during the fourth quarter. Morgan Stanley now owns 19,116,333 shares of the oil and gas producer’s stock worth $612,870,000 after buying an additional 883,983 shares during the last quarter. Goldman Sachs Group Inc. raised its stake 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 buying an additional 1,940,583 shares during the period. Finally, Energy Income Partners LLC lifted its position in shares of Enterprise Products Partners by 0.6% in the third quarter. Energy Income Partners LLC now owns 14,705,122 shares of the oil and gas producer’s stock valued at $459,829,000 after buying an additional 80,884 shares during the last quarter. 26.07% of the stock is currently owned by institutional investors and hedge funds.
Enterprise Products Partners Company Profile
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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