Enterprise Products Partners L.P. (EPD) to Issue Quarterly Dividend of $0.42 on May 8th
Enterprise Products Partners L.P. (NYSE:EPD) announced a quarterly dividend on Wednesday, April 5th. Stockholders of record on Friday, April 28th will be paid a dividend of 0.415 per share by the oil and gas producer on Monday, May 8th. This represents a $1.66 dividend on an annualized basis and a dividend yield of 6.00%. The ex-dividend date of this dividend is Wednesday, April 26th. This is a boost from Enterprise Products Partners L.P.’s previous quarterly dividend of $0.41.
Enterprise Products Partners L.P. has decreased its dividend by an average of 1.8% per year over the last three years and has raised its dividend every year for the last 18 years. Enterprise Products Partners L.P. has a dividend payout ratio of 121.2% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Enterprise Products Partners L.P. to earn $1.54 per share next year, which means the company may not be able to cover its $1.66 annual dividend with an expected future payout ratio of 107.8%.
Shares of Enterprise Products Partners L.P. (NYSE:EPD) opened at 27.65 on Friday. Enterprise Products Partners L.P. has a 52 week low of $24.01 and a 52 week high of $30.25. The stock has a 50 day moving average of $27.58 and a 200-day moving average of $27.06. The firm has a market capitalization of $58.50 billion, a price-to-earnings ratio of 23.02 and a beta of 0.91.
Enterprise Products Partners L.P. (NYSE:EPD) last announced its earnings results on Monday, January 30th. The oil and gas producer reported $0.31 EPS for the quarter, missing the consensus estimate of $0.32 by $0.01. The company had revenue of $6.48 billion for the quarter, compared to analyst estimates of $5.99 billion. Enterprise Products Partners L.P. had a return on equity of 11.55% and a net margin of 10.92%. The business’s quarterly revenue was up 5.3% on a year-over-year basis. During the same quarter last year, the business posted $0.35 earnings per share. Analysts expect that Enterprise Products Partners L.P. will post $1.39 earnings per share for the current year.
In other Enterprise Products Partners L.P. news, insider Edwin E. Smith sold 15,000 shares of Enterprise Products Partners L.P. stock in a transaction on Monday, March 6th. The shares were sold at an average price of $28.02, for a total transaction of $420,300.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director James T. Hackett acquired 33,000 shares of Enterprise Products Partners L.P. stock in a transaction on Friday, February 3rd. The shares were bought at an average cost of $28.65 per share, with a total value of $945,450.00. Following the completion of the transaction, the director now owns 220,623 shares of the company’s stock, valued at $6,320,848.95. The disclosure for this purchase can be found here. Insiders own 37.50% of the company’s stock.
EPD has been the topic of several research analyst reports. Scotiabank restated a “buy” rating and set a $33.00 target price on shares of Enterprise Products Partners L.P. in a report on Sunday, March 12th. Vetr upgraded shares of Enterprise Products Partners L.P. from a “buy” rating to a “strong-buy” rating and set a $30.51 target price on the stock in a report on Wednesday, January 11th. Jefferies Group LLC restated a “buy” rating and set a $33.00 target price on shares of Enterprise Products Partners L.P. in a report on Tuesday, April 4th. Barclays PLC raised their target price on shares of Enterprise Products Partners L.P. from $31.00 to $33.00 and gave the stock an “overweight” rating in a report on Tuesday, January 31st. Finally, Guggenheim initiated coverage on shares of Enterprise Products Partners L.P. in a report on Monday. They issued a “buy” rating and a $32.00 price objective on the stock. Two equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $31.91.
About Enterprise Products Partners L.P.
Enterprise Products Partners L.P. (Enterprise) is a provider of midstream energy services to producers and consumers of natural gas, natural gas liquids (NGLs), crude oil, petrochemicals and refined products in North America. The Company’s segments include NGL Pipelines & Services; Crude Oil Pipelines & Services; Natural Gas Pipelines & Services, and Petrochemical & Refined Products Services.
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