Enterprise Products Partners (NYSE:EPD) Trading 1.5% Higher After Dividend Announcement

Enterprise Products Partners L.P. (NYSE:EPD)’s share price rose 1.5% on Thursday after the company announced a dividend. The company traded as high as $32.45 and last traded at $32.42. Approximately 3,726,075 shares changed hands during mid-day trading, a decline of 11% from the average daily volume of 4,205,669 shares. The stock had previously closed at $31.93.

The newly announced dividend which will be paid on Friday, February 14th. Stockholders of record on Friday, January 31st will be issued a dividend of $0.535 per share. This represents a $2.14 dividend on an annualized basis and a dividend yield of 6.64%. This is a positive change from Enterprise Products Partners’s previous quarterly dividend of $0.53. The ex-dividend date is Friday, January 31st. Enterprise Products Partners’s dividend payout ratio (DPR) is 80.15%.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on EPD. Truist Financial upped their price objective on Enterprise Products Partners from $37.00 to $40.00 and gave the company a “buy” rating in a report on Friday, January 3rd. Bank of America assumed coverage on Enterprise Products Partners in a research report on Thursday, October 17th. They set a “buy” rating and a $35.00 price objective for the company. Wolfe Research downgraded Enterprise Products Partners from an “outperform” rating to a “peer perform” rating in a report on Friday. Wells Fargo & Company downgraded shares of Enterprise Products Partners from an “overweight” rating to an “equal weight” rating and set a $35.00 target price on the stock. in a research note on Wednesday, December 18th. Finally, US Capital Advisors upgraded shares of Enterprise Products Partners from a “moderate buy” rating to a “strong-buy” rating in a research report on Monday, October 28th. Four research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Enterprise Products Partners has a consensus rating of “Moderate Buy” and a consensus target price of $34.60.

Enterprise Products Partners Stock Performance

The stock has a market cap of $69.82 billion, a price-to-earnings ratio of 12.06, a PEG ratio of 1.66 and a beta of 1.09. The firm has a fifty day simple moving average of $31.72 and a 200 day simple moving average of $30.07. The company has a current ratio of 1.07, a quick ratio of 0.83 and a debt-to-equity ratio of 1.05.

Enterprise Products Partners (NYSE:EPD) last announced its quarterly earnings data on Tuesday, October 29th. The oil and gas producer reported $0.65 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.66 by ($0.01). The business had revenue of $13.78 billion during the quarter, compared to analyst estimates of $13.87 billion. Enterprise Products Partners had a net margin of 10.32% and a return on equity of 20.31%. The company’s quarterly revenue was up 14.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.60 EPS. As a group, sell-side analysts expect that Enterprise Products Partners L.P. will post 2.69 earnings per share for the current year.

Institutional Trading of Enterprise Products Partners

Institutional investors have recently bought and sold shares of the stock. FMR LLC raised 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 valued at $420,037,000 after buying an additional 1,225,988 shares during the last quarter. Pathway Financial Advisers LLC lifted its holdings in Enterprise Products Partners by 2,862.8% during the 3rd quarter. Pathway Financial Advisers LLC now owns 7,756,006 shares of the oil and gas producer’s stock worth $225,777,000 after buying an additional 7,494,224 shares in the last quarter. Westwood Holdings Group Inc. boosted its position in Enterprise Products Partners by 9.0% in the 2nd quarter. Westwood Holdings Group Inc. now owns 5,404,012 shares of the oil and gas producer’s stock valued at $156,608,000 after buying an additional 447,768 shares during the last quarter. Hamlin Capital Management LLC lifted its position in Enterprise Products Partners by 0.5% during the 3rd quarter. Hamlin Capital Management LLC now owns 4,923,948 shares of the oil and gas producer’s stock valued at $143,336,000 after purchasing an additional 24,335 shares during the period. Finally, Brookfield Corp ON boosted its stake in Enterprise Products Partners by 6.2% in the third quarter. Brookfield Corp ON now owns 4,762,585 shares of the oil and gas producer’s stock valued at $138,639,000 after acquiring an additional 278,892 shares during the last quarter. Institutional investors and hedge funds own 26.07% of the company’s stock.

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.