Enterprise Products Partners (NYSE:EPD) Shares Down 1.1% – Here’s Why

Enterprise Products Partners L.P. (NYSE:EPD)’s stock price fell 1.1% during mid-day trading on Wednesday . The company traded as low as $37.42 and last traded at $37.6990. Approximately 3,042,815 shares traded hands during trading, a decline of 27% from the average session volume of 4,157,689 shares. The stock had previously closed at $38.12.

Analyst Ratings Changes

EPD has been the subject of a number of research reports. Truist Financial boosted their price objective on Enterprise Products Partners from $36.00 to $40.00 and gave the company a “hold” rating in a research note on Monday, May 4th. TD Cowen reaffirmed a “hold” rating and issued a $38.00 target price (down from $39.00) on shares of Enterprise Products Partners in a report on Monday. Morgan Stanley set a $40.00 price target on shares of Enterprise Products Partners and gave the stock an “underweight” rating in a research note on Tuesday, July 21st. The Goldman Sachs Group reissued a “neutral” rating and set a $38.00 price objective on shares of Enterprise Products Partners in a research report on Wednesday, June 17th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Enterprise Products Partners from $41.00 to $42.00 and gave the company a “neutral” rating in a research note on Thursday, July 9th. Eight investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $39.93.

Enterprise Products Partners Trading Down 1.1%

The company has a quick ratio of 0.61, a current ratio of 0.91 and a debt-to-equity ratio of 1.03. The company has a fifty day moving average of $37.52 and a two-hundred day moving average of $37.08. The stock has a market capitalization of $81.50 billion, a price-to-earnings ratio of 13.09, a P/E/G ratio of 1.37 and a beta of 0.49.

Enterprise Products Partners (NYSE:EPD) last announced its quarterly earnings data on Thursday, July 30th. The oil and gas producer reported $0.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.75 by $0.09. Enterprise Products Partners had a net margin of 10.79% and a return on equity of 20.80%. The company had revenue of $18.27 billion for the quarter, compared to analysts’ expectations of $13.69 billion. During the same period in the previous year, the company posted $0.66 EPS. Enterprise Products Partners’s revenue was up 60.8% compared to the same quarter last year. On average, research analysts expect that Enterprise Products Partners L.P. will post 2.94 EPS for the current year.

Enterprise Products Partners Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Friday, July 31st will be given a $0.56 dividend. The ex-dividend date is Friday, July 31st. This is an increase from Enterprise Products Partners’s previous quarterly dividend of $0.55. This represents a $2.24 dividend on an annualized basis and a yield of 5.9%. Enterprise Products Partners’s payout ratio is 77.78%.

Hedge Funds Weigh In On Enterprise Products Partners

Several institutional investors and hedge funds have recently added to or reduced their stakes in EPD. Alps Advisors Inc. grew its holdings in Enterprise Products Partners by 0.6% during the fourth quarter. Alps Advisors Inc. now owns 42,639,131 shares of the oil and gas producer’s stock worth $1,367,011,000 after acquiring an additional 260,305 shares during the period. Auto Owners Insurance Co grew its stake in shares of Enterprise Products Partners by 3,106.0% during the 4th quarter. Auto Owners Insurance Co now owns 32,060,000 shares of the oil and gas producer’s stock worth $102,784,000 after purchasing an additional 31,060,000 shares during the period. Morgan Stanley increased its holdings in shares of Enterprise Products Partners by 4.8% in the 4th quarter. Morgan Stanley now owns 19,116,333 shares of the oil and gas producer’s stock valued at $612,870,000 after purchasing an additional 883,983 shares in the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of Enterprise Products Partners by 12.0% in the 4th quarter. Goldman Sachs Group Inc. now owns 18,163,343 shares of the oil and gas producer’s stock valued at $582,317,000 after purchasing an additional 1,940,583 shares in the last quarter. Finally, Energy Income Partners LLC lifted its stake in shares of Enterprise Products Partners by 0.6% in the third quarter. Energy Income Partners LLC now owns 14,705,122 shares of the oil and gas producer’s stock valued at $459,829,000 after purchasing an additional 80,884 shares during the period. Institutional investors and hedge funds own 26.07% of the company’s stock.

Enterprise Products Partners Company Profile

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.