Enterprise Products Partners (NYSE:EPD) Trading 1.1% Higher After Analyst Upgrade

Enterprise Products Partners L.P. (NYSE:EPD)’s stock price was up 1.1% during mid-day trading on Thursday after JPMorgan Chase & Co. raised their price target on the stock from $37.00 to $38.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Enterprise Products Partners traded as high as $34.28 and last traded at $34.20. Approximately 1,072,337 shares changed hands during trading, a decline of 74% from the average daily volume of 4,116,751 shares. The stock had previously closed at $33.84.

EPD has been the topic of several other reports. Truist Financial raised their price target on Enterprise Products Partners from $37.00 to $40.00 and gave the company a “buy” rating in a research report on Friday, January 3rd. Scotiabank boosted their price objective on shares of Enterprise Products Partners from $33.00 to $35.00 and gave the stock a “sector perform” rating in a report on Thursday, March 6th. Wells Fargo & Company cut Enterprise Products Partners from an “overweight” rating to an “equal weight” rating and set a $35.00 target price for the company. in a research report on Wednesday, December 18th. Wolfe Research lowered shares of Enterprise Products Partners from an “outperform” rating to a “peer perform” rating in a research report on Friday, January 10th. Finally, Barclays lifted their price objective on Enterprise Products Partners from $35.00 to $37.00 and gave the company an “overweight” rating in a report on Friday, March 14th. Four investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $36.60.

Institutional Trading of Enterprise Products Partners

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Verity & Verity LLC lifted its holdings in Enterprise Products Partners by 30.8% in the fourth quarter. Verity & Verity LLC now owns 110,648 shares of the oil and gas producer’s stock valued at $3,470,000 after buying an additional 26,032 shares during the period. Spinnaker Trust bought a new position in Enterprise Products Partners during the fourth quarter worth about $280,000. FourThought Financial Partners LLC grew its stake in Enterprise Products Partners by 18.5% in the fourth quarter. FourThought Financial Partners LLC now owns 140,532 shares of the oil and gas producer’s stock valued at $4,407,000 after acquiring an additional 21,970 shares during the period. FMR LLC increased its holdings in shares of Enterprise Products Partners by 9.3% in the third 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 in the last quarter. Finally, Peapack Gladstone Financial Corp raised its position in shares of Enterprise Products Partners by 61.7% during the third quarter. Peapack Gladstone Financial Corp now owns 135,836 shares of the oil and gas producer’s stock worth $3,954,000 after purchasing an additional 51,809 shares during the period. Institutional investors and hedge funds own 26.07% of the company’s stock.

Enterprise Products Partners Price Performance

The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.83 and a current ratio of 1.07. The firm has a market capitalization of $74.07 billion, a price-to-earnings ratio of 12.71, a price-to-earnings-growth ratio of 1.37 and a beta of 1.08. The company has a 50-day moving average of $33.44 and a 200-day moving average of $31.66.

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

Enterprise Products Partners Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were issued a $0.535 dividend. This is a boost from Enterprise Products Partners’s previous quarterly dividend of $0.53. The ex-dividend date was Friday, January 31st. This represents a $2.14 annualized dividend and a dividend yield of 6.26%. Enterprise Products Partners’s dividend payout ratio (DPR) is presently 79.55%.

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.