Enterprise Products Partners (NYSE:EPD) Stock Price Up 0.7% – Here’s Why

Enterprise Products Partners L.P. (NYSE:EPD) shares traded up 0.7% on Tuesday . The company traded as high as $32.32 and last traded at $32.15. 724,635 shares traded hands during mid-day trading, a decline of 72% from the average session volume of 2,629,825 shares. The stock had previously closed at $31.93.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the company. US Capital Advisors upgraded Enterprise Products Partners from a “moderate buy” rating to a “strong-buy” rating in a research report on Monday, October 28th. Bank of America began coverage on Enterprise Products Partners in a report on Thursday, October 17th. They issued a “buy” rating and a $35.00 price objective on the stock. Royal Bank of Canada restated an “outperform” rating and issued a $36.00 price target on shares of Enterprise Products Partners in a research note on Wednesday, October 30th. Wells Fargo & Company downgraded shares of Enterprise Products Partners from an “overweight” rating to an “equal weight” rating and set a $35.00 price objective for the company. in a research report on Wednesday, December 18th. Finally, Truist Financial increased their price objective on shares of Enterprise Products Partners from $37.00 to $40.00 and gave the company a “buy” rating in a research note on Friday. Two equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $34.50.

Enterprise Products Partners Price Performance

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 company has a market capitalization of $69.62 billion, a P/E ratio of 12.03, a P/E/G ratio of 1.67 and a beta of 1.09. The business’s 50-day simple moving average is $31.46 and its 200 day simple moving average is $29.99.

Enterprise Products Partners (NYSE:EPD) last issued its quarterly earnings results on Tuesday, October 29th. The oil and gas producer reported $0.65 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.66 by ($0.01). The firm had revenue of $13.78 billion for the quarter, compared to analyst estimates 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 for the quarter was up 14.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.60 earnings per share. As a group, sell-side analysts anticipate that Enterprise Products Partners L.P. will post 2.69 EPS for the current year.

Hedge Funds Weigh In On Enterprise Products Partners

Several large investors have recently made changes to their positions in the business. FMR LLC lifted its stake in Enterprise Products Partners by 9.3% during the third quarter. FMR LLC now owns 14,429,298 shares of the oil and gas producer’s stock valued at $420,037,000 after buying an additional 1,225,988 shares in the last quarter. Pathway Financial Advisers LLC grew its stake in shares of Enterprise Products Partners by 2,862.8% in the 3rd quarter. Pathway Financial Advisers LLC now owns 7,756,006 shares of the oil and gas producer’s stock valued at $225,777,000 after purchasing an additional 7,494,224 shares during the period. Westwood Holdings Group Inc. increased its holdings in shares of Enterprise Products Partners by 9.0% in the second quarter. Westwood Holdings Group Inc. now owns 5,404,012 shares of the oil and gas producer’s stock valued at $156,608,000 after purchasing an additional 447,768 shares in the last quarter. Hamlin Capital Management LLC increased its stake in shares of Enterprise Products Partners by 0.5% in the 3rd quarter. Hamlin Capital Management LLC now owns 4,923,948 shares of the oil and gas producer’s stock valued at $143,336,000 after buying an additional 24,335 shares during the period. Finally, Brookfield Corp ON raised its position in shares of Enterprise Products Partners by 6.2% during the third quarter. Brookfield Corp ON now owns 4,762,585 shares of the oil and gas producer’s stock worth $138,639,000 after acquiring an additional 278,892 shares during the last quarter. Institutional investors own 26.07% of the company’s stock.

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.