Enterprise Products Partners (NYSE:EPD) Posts Earnings Results, Beats Estimates By $0.05 EPS

Enterprise Products Partners (NYSE:EPD) issued its earnings results on Monday. The oil and gas producer reported $0.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.70 by $0.05, FiscalAI reports. Enterprise Products Partners had a return on equity of 19.40% and a net margin of 10.92%.The firm had revenue of $13.79 billion for the quarter, compared to analysts’ expectations of $12.44 billion.

Enterprise Products Partners Price Performance

Enterprise Products Partners stock opened at $33.10 on Tuesday. Enterprise Products Partners has a 12-month low of $27.77 and a 12-month high of $34.53. The stock has a market cap of $71.60 billion, a P/E ratio of 12.49, a PEG ratio of 2.32 and a beta of 0.59. The company has a 50-day moving average price of $32.42 and a 200 day moving average price of $31.77. The company has a current ratio of 0.88, a quick ratio of 0.60 and a debt-to-equity ratio of 1.04.

Enterprise Products Partners Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, February 13th. Stockholders of record on Friday, January 30th will be given a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a dividend yield of 6.6%. The ex-dividend date of this dividend is Friday, January 30th. This is a positive change from Enterprise Products Partners’s previous quarterly dividend of $0.55. Enterprise Products Partners’s dividend payout ratio is presently 83.02%.

Insiders Place Their Bets

In other Enterprise Products Partners news, Director John R. Rutherford acquired 15,000 shares of the stock in a transaction that occurred on Monday, December 29th. The stock was bought at an average cost of $32.09 per share, for a total transaction of $481,350.00. Following the completion of the transaction, the director owned 173,586 shares of the company’s stock, valued at approximately $5,570,374.74. The trade was a 9.46% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 32.60% of the company’s stock.

Institutional Trading of Enterprise Products Partners

Hedge funds and other institutional investors have recently modified their holdings of the business. Palisade Asset Management LLC purchased a new stake in Enterprise Products Partners in the 3rd quarter valued at about $31,000. Kestra Investment Management LLC purchased a new stake in shares of Enterprise Products Partners in the 2nd quarter valued at approximately $48,000. State of Wyoming acquired a new position in shares of Enterprise Products Partners in the 2nd quarter worth approximately $54,000. Smartleaf Asset Management LLC boosted its position in shares of Enterprise Products Partners by 169.5% during the 2nd quarter. Smartleaf Asset Management LLC now owns 3,363 shares of the oil and gas producer’s stock worth $104,000 after purchasing an additional 2,115 shares during the period. Finally, Texas Capital Bank Wealth Management Services Inc acquired a new stake in Enterprise Products Partners in the 3rd quarter valued at approximately $248,000. 26.07% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

EPD has been the subject of several research reports. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $35.00 price objective on shares of Enterprise Products Partners in a research report on Monday, December 1st. Citigroup reissued a “buy” rating and set a $36.00 target price (up previously from $35.00) on shares of Enterprise Products Partners in a research report on Tuesday, December 16th. Stifel Nicolaus lifted their price target on Enterprise Products Partners from $35.00 to $38.00 and gave the company a “buy” rating in a report on Friday, October 31st. UBS Group restated a “buy” rating on shares of Enterprise Products Partners in a research note on Tuesday, December 16th. Finally, Jefferies Financial Group assumed coverage on Enterprise Products Partners in a report on Monday, January 12th. They issued a “hold” rating and a $33.00 price objective on the stock. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, five have issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $34.77.

Enterprise Products Partners announced that its Board of Directors has initiated a share buyback plan on Thursday, October 30th that permits the company to repurchase $5.00 billion in shares. This repurchase authorization permits the oil and gas producer to buy up to 7.4% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

About Enterprise Products Partners

Enterprise Products Partners L.P. (NYSE: EPD) is a Houston-based master limited partnership that provides midstream energy services across North America. The company owns and operates an extensive network of pipelines, storage facilities, processing plants and export terminals that transport and handle natural gas, natural gas liquids (NGLs), crude oil and refined and petrochemical products. Its core activities include gathering and transportation, fractionation of NGLs, natural gas processing, crude oil and condensate pipelines, and marine and terminal services that enable domestic distribution and exports.

Enterprise serves a diverse set of customers including producers, refiners, petrochemical companies, marketers and end users.