Royal Bank of Canada Reaffirms Outperform Rating for Enterprise Products Partners (NYSE:EPD)

Royal Bank of Canada restated their outperform rating on shares of Enterprise Products Partners (NYSE:EPD) in a research note released on Wednesday,Benzinga reports. Royal Bank of Canada currently has a $37.00 price target on the oil and gas producer’s stock.

Several other equities research analysts have also recently issued reports on the company. Scotiabank raised their price objective on Enterprise Products Partners from $33.00 to $35.00 and gave the stock a “sector perform” rating in a report on Thursday, March 6th. Barclays raised their price target on Enterprise Products Partners from $35.00 to $37.00 and gave the stock an “overweight” rating in a research note on Friday, March 14th. Citigroup reaffirmed a “buy” rating on shares of Enterprise Products Partners in a research note on Tuesday, February 18th. Truist Financial raised their target price on shares of Enterprise Products Partners from $37.00 to $40.00 and gave the stock a “buy” rating in a research report on Friday, January 3rd. Finally, Wells Fargo & Company lowered shares of Enterprise Products Partners from an “overweight” rating to an “equal weight” rating and set a $35.00 price target for the company. in a research report on Wednesday, December 18th. Four investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $36.60.

Enterprise Products Partners Stock Up 0.4 %

EPD opened at $34.09 on Wednesday. The business’s fifty day simple moving average is $33.46 and its 200 day simple moving average is $31.71. Enterprise Products Partners has a 52 week low of $27.37 and a 52 week high of $34.63. The firm has a market cap of $73.83 billion, a P/E ratio of 12.67, a PEG ratio of 1.37 and a beta of 1.08. The company has a quick ratio of 0.83, a current ratio of 1.07 and a debt-to-equity ratio of 1.05.

Enterprise Products Partners (NYSE:EPD) last released its quarterly earnings results on Tuesday, February 4th. The oil and gas producer reported $0.74 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.69 by $0.05. The company had revenue of $14.20 billion for the quarter, compared to analysts’ expectations of $14.07 billion. Enterprise Products Partners had a net margin of 10.49% and a return on equity of 20.48%. The firm’s revenue for the quarter was down 2.9% compared to the same quarter last year. During the same period last year, the company earned $0.72 EPS. As a group, equities research analysts anticipate that Enterprise Products Partners will post 2.9 EPS for the current fiscal year.

Enterprise Products Partners Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were paid a $0.535 dividend. This represents a $2.14 dividend on an annualized basis and a dividend yield of 6.28%. The ex-dividend date was Friday, January 31st. This is an increase from Enterprise Products Partners’s previous quarterly dividend of $0.53. Enterprise Products Partners’s dividend payout ratio (DPR) is currently 79.55%.

Hedge Funds Weigh In On Enterprise Products Partners

Several hedge funds and other institutional investors have recently made changes to their positions in EPD. Kayne Anderson Capital Advisors LP raised its position in Enterprise Products Partners by 16.7% in the fourth quarter. Kayne Anderson Capital Advisors LP now owns 13,588,164 shares of the oil and gas producer’s stock valued at $426,125,000 after purchasing an additional 1,947,017 shares during the period. Barclays PLC lifted its position in Enterprise Products Partners by 110.0% during the 3rd quarter. Barclays PLC now owns 2,531,756 shares of the oil and gas producer’s stock worth $73,699,000 after acquiring an additional 1,326,010 shares in the last quarter. FMR LLC boosted its holdings in Enterprise Products Partners by 9.3% in the 3rd quarter. FMR LLC now owns 14,429,298 shares of the oil and gas producer’s stock worth $420,037,000 after acquiring an additional 1,225,988 shares during the period. Susquehanna Fundamental Investments LLC acquired a new stake in Enterprise Products Partners in the fourth quarter valued at approximately $36,279,000. Finally, Merewether Investment Management LP acquired a new stake in Enterprise Products Partners in the third quarter valued at approximately $30,746,000. Institutional investors and hedge funds 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.