Enterprise Products Partners (NYSE:EPD) Trading Up 1.1% – What’s Next?

Enterprise Products Partners L.P. (NYSE:EPD) shot up 1.1% during trading on Thursday . The company traded as high as $38.15 and last traded at $38.1390. 2,320,611 shares traded hands during mid-day trading, a decline of 44% from the average session volume of 4,145,560 shares. The stock had previously closed at $37.72.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. Truist Financial increased their target price on shares of Enterprise Products Partners from $36.00 to $40.00 and gave the company a “hold” rating in a report on Monday, May 4th. Wolfe Research upgraded shares of Enterprise Products Partners from a “strong sell” rating to a “hold” rating in a research note on Tuesday, April 21st. JPMorgan Chase & Co. lifted their target price on shares of Enterprise Products Partners from $41.00 to $42.00 and gave the stock a “neutral” rating in a research report on Thursday, July 9th. Citigroup reaffirmed a “buy” rating and issued a $44.00 target price (up from $39.00) on shares of Enterprise Products Partners in a report on Friday, May 1st. Finally, Scotiabank reissued a “sector perform” rating and issued a $40.00 price objective (up from $39.00) on shares of Enterprise Products Partners in a research report on Tuesday, May 12th. Eight analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Enterprise Products Partners has an average rating of “Hold” and an average target price of $39.93.

Enterprise Products Partners Stock Up 1.1%

The firm has a market capitalization of $82.45 billion, a PE ratio of 13.24, a P/E/G ratio of 1.37 and a beta of 0.49. The stock has a 50-day simple moving average of $37.51 and a 200-day simple moving average of $37.12. The company has a quick ratio of 0.61, a current ratio of 0.91 and a debt-to-equity ratio of 1.03.

Enterprise Products Partners (NYSE:EPD) last issued its quarterly earnings results on Thursday, July 30th. The oil and gas producer reported $0.84 EPS for the quarter, beating analysts’ consensus estimates of $0.75 by $0.09. The firm had revenue of $18.27 billion for the quarter, compared to analysts’ expectations of $13.69 billion. Enterprise Products Partners had a return on equity of 20.80% and a net margin of 10.79%.The business’s revenue for the quarter was up 60.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.66 EPS. Analysts forecast that Enterprise Products Partners L.P. will post 2.94 EPS for the current year.

Enterprise Products Partners Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Friday, July 31st will be issued a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a yield of 5.9%. The ex-dividend date of this dividend is Friday, July 31st. This is a positive change from Enterprise Products Partners’s previous quarterly dividend of $0.55. Enterprise Products Partners’s payout ratio is presently 77.78%.

Hedge Funds Weigh In On Enterprise Products Partners

A number of large investors have recently modified their holdings of the company. Palisade Asset Management LLC purchased a new position in shares of Enterprise Products Partners during the 3rd quarter valued at $31,000. Bravera Wealth boosted its stake in Enterprise Products Partners by 666.7% during the second quarter. Bravera Wealth now owns 1,035 shares of the oil and gas producer’s stock valued at $38,000 after buying an additional 900 shares during the period. Daytona Street Capital LLC purchased a new position in Enterprise Products Partners during the fourth quarter worth about $42,000. Kestra Investment Management LLC bought a new position in Enterprise Products Partners in the 2nd quarter worth about $48,000. Finally, State of Wyoming purchased a new stake in shares of Enterprise Products Partners in the 2nd quarter valued at about $54,000. 26.07% of the stock is currently owned by institutional investors.

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.