Enterprise Products Partners (NYSE:EPD) Trading Up 2.4% – Here’s What Happened

Shares of Enterprise Products Partners L.P. (NYSE:EPD) were up 2.4% during mid-day trading on Thursday . The company traded as high as $33.85 and last traded at $33.65. Approximately 6,312,199 shares traded hands during trading, an increase of 46% from the average daily volume of 4,310,737 shares. The stock had previously closed at $32.86.

Analysts Set New Price Targets

Several research analysts have recently issued reports on EPD shares. US Capital Advisors raised Enterprise Products Partners from a “moderate buy” rating to a “strong-buy” rating in a research note on Monday, October 28th. Truist Financial boosted their price target on shares of Enterprise Products Partners from $35.00 to $37.00 and gave the stock a “buy” rating in a research report on Wednesday, July 31st. Royal Bank of Canada reiterated an “outperform” rating and issued a $36.00 price objective on shares of Enterprise Products Partners in a report on Wednesday, October 30th. StockNews.com cut Enterprise Products Partners from a “strong-buy” rating to a “buy” rating in a report on Monday, August 12th. Finally, Bank of America initiated coverage on Enterprise Products Partners in a research note on Thursday, October 17th. They set a “buy” rating and a $35.00 price target for the company. One equities research analyst has rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Enterprise Products Partners presently has an average rating of “Buy” and a consensus price target of $34.00.

Enterprise Products Partners Stock Performance

The stock has a fifty day moving average price of $29.92 and a 200-day moving average price of $29.28. The company has a current ratio of 1.07, a quick ratio of 0.83 and a debt-to-equity ratio of 1.05. The firm has a market capitalization of $72.94 billion, a price-to-earnings ratio of 12.60, a PEG ratio of 1.67 and a beta of 1.04.

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

Enterprise Products Partners Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Thursday, October 31st were issued a $0.525 dividend. This represents a $2.10 annualized dividend and a dividend yield of 6.24%. The ex-dividend date was Thursday, October 31st. Enterprise Products Partners’s payout ratio is currently 78.65%.

Institutional Investors Weigh In On Enterprise Products Partners

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Hantz Financial Services Inc. bought a new position in shares of Enterprise Products Partners in the second quarter worth about $25,000. Mascoma Wealth Management LLC acquired a new position in shares of Enterprise Products Partners in the 2nd quarter valued at $29,000. DiNuzzo Private Wealth Inc. grew its stake 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 period. Assetmark Inc. increased its holdings in Enterprise Products Partners by 19,800.0% in the third 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 during the last quarter. Finally, Sanctuary Wealth Management L.L.C. acquired a new stake in Enterprise Products Partners during the 3rd quarter worth approximately $36,000. 26.07% of the stock is owned by institutional investors and hedge funds.

About Enterprise Products Partners

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.