Enterprise Products Partners (NYSE:EPD) Trading 1% Higher Following Dividend Announcement

Enterprise Products Partners L.P. (NYSE:EPD)’s share price shot up 1% on Wednesday following a dividend announcement from the company. The company traded as high as $32.39 and last traded at $32.24. 1,159,455 shares changed hands during trading, a decline of 58% from the average session volume of 2,780,008 shares. The stock had previously closed at $31.93.

The newly announced dividend which will be paid on Friday, February 14th. Stockholders of record on Friday, January 31st will be paid a $0.535 dividend. This represents a $2.14 annualized dividend and a dividend yield of 6.64%. This is an increase from Enterprise Products Partners’s previous quarterly dividend of $0.53. Enterprise Products Partners’s dividend payout ratio is currently 78.65%.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on EPD shares. Wells Fargo & Company lowered shares of Enterprise Products Partners from an “overweight” rating to an “equal weight” rating and set a $35.00 price objective for the company. in a report on Wednesday, December 18th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $36.00 price target on shares of Enterprise Products Partners in a report on Wednesday, October 30th. US Capital Advisors upgraded shares of Enterprise Products Partners from a “moderate buy” rating to a “strong-buy” rating in a report on Monday, October 28th. Truist Financial boosted their target price on shares of Enterprise Products Partners from $37.00 to $40.00 and gave the company a “buy” rating in a research note on Friday, January 3rd. Finally, Bank of America assumed coverage on Enterprise Products Partners in a report on Thursday, October 17th. They issued a “buy” rating and a $35.00 price objective for the company. Two equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $34.50.

Enterprise Products Partners Trading Up 1.0 %

The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.83 and a current ratio of 1.07. The stock has a fifty day moving average of $31.52 and a 200 day moving average of $30.02. The company has a market capitalization of $69.88 billion, a PE ratio of 12.07, a PEG ratio of 1.67 and a beta of 1.09.

Enterprise Products Partners (NYSE:EPD) last released its quarterly earnings results on Tuesday, October 29th. The oil and gas producer reported $0.65 EPS for the quarter, missing analysts’ consensus estimates of $0.66 by ($0.01). Enterprise Products Partners had a return on equity of 20.31% and a net margin of 10.32%. The firm had revenue of $13.78 billion for the quarter, compared to analysts’ expectations of $13.87 billion. During the same period in the prior year, the firm posted $0.60 earnings per share. Enterprise Products Partners’s revenue for the quarter was up 14.8% on a year-over-year basis. As a group, sell-side analysts predict that Enterprise Products Partners L.P. will post 2.69 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Enterprise Products Partners

Institutional investors and hedge funds have recently modified their holdings of the business. DiNuzzo Private Wealth Inc. lifted its position in shares of Enterprise Products Partners by 1,000.0% during the third quarter. DiNuzzo Private Wealth Inc. now owns 1,100 shares of the oil and gas producer’s stock worth $32,000 after purchasing an additional 1,000 shares during the last quarter. Assetmark Inc. raised its position in Enterprise Products Partners by 19,800.0% during the 3rd quarter. Assetmark Inc. now owns 1,194 shares of the oil and gas producer’s stock valued at $35,000 after purchasing an additional 1,188 shares in the last quarter. Sanctuary Wealth Management L.L.C. purchased a new stake in shares of Enterprise Products Partners in the 3rd quarter worth $36,000. Bangor Savings Bank increased its stake in shares of Enterprise Products Partners by 558.3% during the fourth quarter. Bangor Savings Bank now owns 1,264 shares of the oil and gas producer’s stock valued at $40,000 after buying an additional 1,072 shares during the period. Finally, Truvestments Capital LLC purchased a new stake in Enterprise Products Partners in the third quarter worth about $49,000. 26.07% of the stock is owned by institutional investors.

Enterprise Products Partners Company Profile

Enterprise Products Partners L.P. provides midstream energy services to producers and consumers of natural gas, natural gas liquids (NGLs), crude oil, petrochemicals, and refined products. It operates in four segments: NGL Pipelines & Services, Crude Oil Pipelines & Services, Natural Gas Pipelines & Services, and Petrochemical & Refined Products Services.