Enterprise Products Partners (NYSE:EPD) Coverage Initiated at Bank of America

Equities researchers at Bank of America began coverage on shares of Enterprise Products Partners (NYSE:EPD) in a research report issued on Thursday, MarketBeat Ratings reports. The firm set a “buy” rating and a $35.00 price target on the oil and gas producer’s stock. Bank of America‘s price objective would suggest a potential upside of 19.99% from the stock’s previous close.

Other equities analysts have also issued research reports about the company. Royal Bank of Canada lifted their target price on Enterprise Products Partners from $35.00 to $36.00 and gave the company an “outperform” rating in a research note on Wednesday. Truist Financial lifted their target price on Enterprise Products Partners from $35.00 to $37.00 and gave the company a “buy” rating in a research note on Wednesday, July 31st. Finally, StockNews.com lowered Enterprise Products Partners from a “strong-buy” rating to a “buy” rating in a research note on Monday, August 12th. One investment analyst has rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $33.73.

Enterprise Products Partners Stock Performance

Shares of Enterprise Products Partners stock opened at $29.17 on Thursday. The stock’s fifty day moving average price is $29.21 and its 200-day moving average price is $28.97. Enterprise Products Partners has a 12 month low of $25.61 and a 12 month high of $30.05. The company has a current ratio of 0.91, a quick ratio of 0.68 and a debt-to-equity ratio of 0.98. The firm has a market cap of $63.34 billion, a P/E ratio of 11.44, a P/E/G ratio of 1.49 and a beta of 1.03.

Enterprise Products Partners (NYSE:EPD) last posted its earnings results on Tuesday, July 30th. The oil and gas producer reported $0.64 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.66 by ($0.02). Enterprise Products Partners had a net margin of 10.48% and a return on equity of 20.13%. The company had revenue of $13.48 billion during the quarter, compared to analysts’ expectations of $14.23 billion. During the same quarter last year, the firm earned $0.57 EPS. Enterprise Products Partners’s revenue for the quarter was up 26.6% on a year-over-year basis. On average, equities research analysts expect that Enterprise Products Partners will post 2.71 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Enterprise Products Partners

A number of institutional investors and hedge funds have recently modified their holdings of the company. Strategic Wealth Partners Ltd. lifted its holdings in shares of Enterprise Products Partners by 3.8% during the third quarter. Strategic Wealth Partners Ltd. now owns 9,731 shares of the oil and gas producer’s stock worth $283,000 after purchasing an additional 353 shares during the period. Cadence Bank lifted its holdings in shares of Enterprise Products Partners by 0.7% during the first quarter. Cadence Bank now owns 52,428 shares of the oil and gas producer’s stock worth $1,530,000 after purchasing an additional 365 shares during the period. McAdam LLC lifted its holdings in shares of Enterprise Products Partners by 1.3% during the second quarter. McAdam LLC now owns 28,670 shares of the oil and gas producer’s stock worth $831,000 after purchasing an additional 372 shares during the period. Ellenbecker Investment Group lifted its holdings in shares of Enterprise Products Partners by 1.5% during the third quarter. Ellenbecker Investment Group now owns 25,247 shares of the oil and gas producer’s stock worth $735,000 after purchasing an additional 374 shares during the period. Finally, Advisor OS LLC lifted its holdings in shares of Enterprise Products Partners by 1.3% during the second quarter. Advisor OS LLC now owns 29,485 shares of the oil and gas producer’s stock worth $854,000 after purchasing an additional 379 shares during the period. Institutional investors and hedge funds own 26.07% of the company’s stock.

About Enterprise Products Partners

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.