Enterprise Products Partners (NYSE:EPD) Trading 0.1% Higher Following Analyst Upgrade

Enterprise Products Partners L.P. (NYSE:EPD) shares traded up 0.1% during mid-day trading on Wednesday after Royal Bank of Canada raised their price target on the stock from $35.00 to $36.00. Royal Bank of Canada currently has an outperform rating on the stock. Enterprise Products Partners traded as high as $29.35 and last traded at $29.21. 417,655 shares were traded during mid-day trading, a decline of 90% from the average session volume of 4,299,024 shares. The stock had previously closed at $29.17.

EPD has been the subject of several other research reports. StockNews.com downgraded Enterprise Products Partners from a “strong-buy” rating to a “buy” rating in a research note on Monday, August 12th. Truist Financial upped their price objective on shares of Enterprise Products Partners from $35.00 to $37.00 and gave the company a “buy” rating in a report on Wednesday, July 31st. One research analyst has rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $33.60.

Hedge Funds Weigh In On Enterprise Products Partners

Several institutional investors and hedge funds have recently bought and sold shares of the company. Hantz Financial Services Inc. bought a new position in Enterprise Products Partners in the 2nd quarter worth about $25,000. Stephens Consulting LLC purchased a new stake in Enterprise Products Partners during the first quarter valued at about $29,000. Palisade Asset Management LLC purchased a new position in shares of Enterprise Products Partners in the 1st quarter worth about $29,000. Mascoma Wealth Management LLC bought a new position in shares of Enterprise Products Partners during the 2nd quarter valued at about $29,000. Finally, MFA Wealth Advisors LLC purchased a new stake in Enterprise Products Partners in the second quarter worth approximately $37,000. 26.07% of the stock is owned by institutional investors.

Enterprise Products Partners Price Performance

The firm has a market capitalization of $63.47 billion, a P/E ratio of 11.47, a PEG ratio of 1.49 and a beta of 1.03. The company has a quick ratio of 0.68, a current ratio of 0.91 and a debt-to-equity ratio of 0.98. The business’s 50-day simple moving average is $29.20 and its 200 day simple moving average is $28.97.

Enterprise Products Partners (NYSE:EPD) last issued its earnings results on Tuesday, July 30th. The oil and gas producer reported $0.64 EPS for the quarter, missing analysts’ consensus estimates of $0.66 by ($0.02). Enterprise Products Partners had a return on equity of 20.13% and a net margin of 10.48%. The business had revenue of $13.48 billion during the quarter, compared to analysts’ expectations of $14.23 billion. During the same quarter in the previous year, the business earned $0.57 EPS. Enterprise Products Partners’s revenue for the quarter was up 26.6% compared to the same quarter last year. Sell-side analysts forecast that Enterprise Products Partners L.P. will post 2.71 earnings per share for the current year.

Enterprise Products Partners Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, November 14th. Investors of record on Thursday, October 31st will be given a dividend of $0.525 per share. The ex-dividend date is Thursday, October 31st. This represents a $2.10 annualized dividend and a dividend yield of 7.18%. Enterprise Products Partners’s dividend payout ratio is presently 82.35%.

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.