Enterprise Products Partners (NYSE:EPD) Shares Down 1.1% – Here’s What Happened

Enterprise Products Partners L.P. (NYSE:EPD) dropped 1.1% during mid-day trading on Wednesday. The company traded as low as $35.58 and last traded at $35.6350. 5,511,278 shares traded hands during mid-day trading, an increase of 41% from the average daily volume of 3,895,510 shares. The stock had previously closed at $36.02.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on EPD. Melius Research started coverage on Enterprise Products Partners in a research report on Tuesday, September 22nd. They set a “hold” rating and a $42.00 price objective for the company. Morgan Stanley reaffirmed an “underweight” rating and issued a $41.00 price objective (up from $40.00) on shares of Enterprise Products Partners in a research note on Tuesday, August 18th. Weiss Ratings upgraded Enterprise Products Partners from a “buy (b)” rating to a “buy (a-)” rating in a research report on Tuesday, August 11th. Wall Street Zen upgraded shares of Enterprise Products Partners from a “buy” rating to a “strong-buy” rating in a research report on Sunday, September 6th. Finally, Capital One Financial assumed coverage on shares of Enterprise Products Partners in a research report on Tuesday, September 22nd. They set an “equal weight” rating and a $42.00 price objective for the company. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $40.12.

Enterprise Products Partners Stock Down 1.1%

The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.66 and a current ratio of 0.93. The company’s fifty day moving average price is $38.39 and its 200-day moving average price is $37.97. The stock has a market cap of $76.95 billion, a P/E ratio of 12.37, a price-to-earnings-growth ratio of 1.35 and a beta of 0.50.

Enterprise Products Partners (NYSE:EPD) last posted its quarterly earnings results on Wednesday, July 29th. The oil and gas producer reported $0.84 EPS for the quarter, topping analysts’ consensus estimates of $0.75 by $0.09. The firm had revenue of $18.27 billion for the quarter, compared to analysts’ expectations of $13.69 billion. Enterprise Products Partners had a net margin of 10.79% and a return on equity of 20.67%. The business’s revenue for the quarter was up 60.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.66 earnings per share. Equities analysts forecast that Enterprise Products Partners L.P. will post 3.02 EPS for the current year.

Enterprise Products Partners Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Friday, July 31st were issued a dividend of $0.56 per share. 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 6.3%. The ex-dividend date was Friday, July 31st. Enterprise Products Partners’s dividend payout ratio (DPR) is currently 77.78%.

Institutional Investors Weigh In On Enterprise Products Partners

A number of hedge funds have recently made changes to their positions in the stock. RFG Advisory LLC grew its stake in Enterprise Products Partners by 1.3% in the second quarter. RFG Advisory LLC now owns 21,636 shares of the oil and gas producer’s stock valued at $795,000 after purchasing an additional 268 shares during the last quarter. Sigma Planning Corp raised its stake in shares of Enterprise Products Partners by 0.8% during the 2nd quarter. Sigma Planning Corp now owns 35,270 shares of the oil and gas producer’s stock worth $1,297,000 after acquiring an additional 270 shares in the last quarter. Everest Financial Group LLC raised its stake in shares of Enterprise Products Partners by 3.6% during the 1st quarter. Everest Financial Group LLC now owns 7,886 shares of the oil and gas producer’s stock worth $298,000 after acquiring an additional 271 shares in the last quarter. Renasant Bank lifted its position in Enterprise Products Partners by 1.3% during the second quarter. Renasant Bank now owns 21,160 shares of the oil and gas producer’s stock valued at $778,000 after acquiring an additional 271 shares during the last quarter. Finally, Walker Asset Management LLC boosted its stake in Enterprise Products Partners by 1.4% in the second quarter. Walker Asset Management LLC now owns 20,256 shares of the oil and gas producer’s stock valued at $745,000 after acquiring an additional 282 shares in the last quarter. 26.07% of the stock is currently owned by hedge funds and other institutional investors.

Enterprise Products Partners Company Profile

Enterprise Products Partners L.P. is a publicly traded master limited partnership that owns and operates midstream energy infrastructure in the United States. The company transports, stores, processes and exports oil, natural gas, natural gas liquids (NGLs), refined products and petrochemicals.

Its operations include pipelines, natural gas processing plants, NGL fractionation facilities, underground storage, marine terminals and export infrastructure. Enterprise serves producers, refiners, petrochemical manufacturers, utilities and other energy customers by connecting major producing regions with domestic and international markets.

Enterprise Products Partners was founded in 1968 and is headquartered in Houston, Texas.