Enterprise Products Partners (NYSE:EPD) Trading Up 0.5% – Here’s What Happened

Enterprise Products Partners L.P. (NYSE:EPD) shot up 0.5% during trading on Friday . The company traded as high as $28.88 and last traded at $28.80. 1,017,249 shares traded hands during mid-day trading, a decline of 76% from the average session volume of 4,276,488 shares. The stock had previously closed at $28.66.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on EPD. StockNews.com cut shares of Enterprise Products Partners from a “strong-buy” rating to a “buy” rating in a research report on Monday, August 12th. Truist Financial lifted their price objective on Enterprise Products Partners from $35.00 to $37.00 and gave the stock a “buy” rating in a research report on Wednesday, July 31st. US Capital Advisors upgraded Enterprise Products Partners from a “moderate buy” rating to a “strong-buy” rating in a report on Monday. Royal Bank of Canada reissued an “outperform” rating and issued a $36.00 price target on shares of Enterprise Products Partners in a report on Wednesday. Finally, Bank of America began coverage on Enterprise Products Partners in a research note on Thursday, October 17th. They set a “buy” rating and a $35.00 price objective on the stock. One investment analyst has rated the stock with a hold rating, ten have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $33.73.

Enterprise Products Partners Stock Performance

The company has a market cap of $62.57 billion, a price-to-earnings ratio of 10.79, a P/E/G ratio of 1.33 and a beta of 1.03. The company has a current ratio of 0.91, a quick ratio of 0.68 and a debt-to-equity ratio of 0.98. The stock’s 50 day moving average price is $29.23 and its 200 day moving average price is $28.94.

Enterprise Products Partners (NYSE:EPD) last issued its quarterly earnings results on Tuesday, October 29th. The oil and gas producer reported $0.65 EPS for the quarter, missing the consensus estimate of $0.66 by ($0.01). The company had revenue of $13.78 billion for the quarter, compared to analyst estimates of $13.87 billion. Enterprise Products Partners had a return on equity of 20.39% and a net margin of 10.32%. The business’s revenue for the quarter was up 14.8% on a year-over-year basis. During the same period last year, the company posted $0.60 EPS. On average, analysts expect that Enterprise Products Partners L.P. will post 2.7 EPS for the current fiscal year.

Enterprise Products Partners Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, November 14th. Shareholders of record on Thursday, October 31st will be given a dividend of $0.525 per share. This represents a $2.10 dividend on an annualized basis and a yield of 7.28%. The ex-dividend date is Thursday, October 31st. Enterprise Products Partners’s dividend payout ratio (DPR) is presently 78.65%.

Hedge Funds Weigh In On Enterprise Products Partners

Several hedge funds and other institutional investors have recently modified their holdings of the company. Norden Group LLC acquired a new position in shares of Enterprise Products Partners during the 1st quarter valued at $587,000. J.W. Cole Advisors Inc. increased its position in shares of Enterprise Products Partners by 10.8% during the first quarter. J.W. Cole Advisors Inc. now owns 48,832 shares of the oil and gas producer’s stock worth $1,425,000 after acquiring an additional 4,757 shares during the last quarter. Private Advisor Group LLC lifted its stake in shares of Enterprise Products Partners by 2.3% in the first quarter. Private Advisor Group LLC now owns 330,597 shares of the oil and gas producer’s stock worth $9,647,000 after acquiring an additional 7,305 shares in the last quarter. Diversify Advisory Services LLC purchased a new position in Enterprise Products Partners in the first quarter valued at about $350,000. Finally, StoneX Group Inc. grew its stake in Enterprise Products Partners by 11.2% during the 1st quarter. StoneX Group Inc. now owns 102,721 shares of the oil and gas producer’s stock valued at $2,997,000 after purchasing an additional 10,365 shares in the last quarter. 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.