Enterprise Products Partners (NYSE:EPD) Trading Up 0.1% Following Analyst Upgrade

Shares of Enterprise Products Partners L.P. (NYSE:EPD) shot up 0.1% on Thursday after Citigroup raised their price target on the stock from $36.00 to $37.00. Citigroup currently has a buy rating on the stock. Enterprise Products Partners traded as high as $33.25 and last traded at $33.08. 810,969 shares changed hands during mid-day trading, a decline of 83% from the average session volume of 4,839,608 shares. The stock had previously closed at $33.04.

Several other research firms also recently commented on EPD. Wells Fargo & Company downgraded Enterprise Products Partners from an “overweight” rating to an “equal weight” rating and set a $35.00 price objective for the company. in a report on Wednesday, December 18th. Bank of America started coverage on Enterprise Products Partners in a research report on Thursday, October 17th. They issued a “buy” rating and a $35.00 price objective on the stock. Wolfe Research cut Enterprise Products Partners from an “outperform” rating to a “peer perform” rating in a research report on Friday, January 10th. Scotiabank initiated coverage on Enterprise Products Partners in a research report on Friday, January 10th. They set a “sector perform” rating and a $33.00 price target on the stock. Finally, Truist Financial increased their price objective on Enterprise Products Partners from $37.00 to $40.00 and gave the stock a “buy” rating in a report on Friday, January 3rd. Four research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $34.70.

Hedge Funds Weigh In On Enterprise Products Partners

Several institutional investors have recently modified their holdings of EPD. Strategic Wealth Partners Ltd. increased its position in shares of Enterprise Products Partners by 3.8% during the 3rd quarter. Strategic Wealth Partners Ltd. now owns 9,731 shares of the oil and gas producer’s stock valued at $283,000 after purchasing an additional 353 shares during the last quarter. Daymark Wealth Partners LLC lifted its holdings in Enterprise Products Partners by 3.7% in the 3rd quarter. Daymark Wealth Partners LLC now owns 99,961 shares of the oil and gas producer’s stock worth $2,910,000 after buying an additional 3,521 shares during the period. CWM LLC lifted its stake in shares of Enterprise Products Partners by 8.4% in the 3rd quarter. CWM LLC now owns 72,044 shares of the oil and gas producer’s stock valued at $2,097,000 after purchasing an additional 5,590 shares during the period. Patten Group Inc. lifted its stake in shares of Enterprise Products Partners by 4.6% in the 3rd quarter. Patten Group Inc. now owns 52,597 shares of the oil and gas producer’s stock valued at $1,531,000 after purchasing an additional 2,334 shares during the period. Finally, Sanders Morris Harris LLC lifted its stake in shares of Enterprise Products Partners by 28.1% in the 3rd quarter. Sanders Morris Harris LLC now owns 705,804 shares of the oil and gas producer’s stock valued at $20,546,000 after purchasing an additional 154,822 shares during the period. 26.07% of the stock is currently owned by institutional investors.

Enterprise Products Partners Trading Down 0.6 %

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 company has a market cap of $71.17 billion, a P/E ratio of 12.30, a price-to-earnings-growth ratio of 1.54 and a beta of 1.09. The stock has a 50-day moving average of $32.54 and a two-hundred day moving average of $30.61.

Enterprise Products Partners (NYSE:EPD) last posted its earnings results on Tuesday, February 4th. The oil and gas producer reported $0.74 EPS for the quarter, topping analysts’ consensus estimates of $0.69 by $0.05. The business had revenue of $14.20 billion during the quarter, compared to analyst estimates of $14.07 billion. Enterprise Products Partners had a return on equity of 20.31% and a net margin of 10.32%. The company’s quarterly revenue was down 2.9% compared to the same quarter last year. During the same quarter last year, the company earned $0.72 EPS. On average, equities research analysts predict that Enterprise Products Partners L.P. will post 2.67 earnings per share for the current year.

Enterprise Products Partners Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Friday, January 31st will be issued a $0.535 dividend. The ex-dividend date of this dividend is Friday, January 31st. This represents a $2.14 annualized dividend and a dividend yield of 6.52%. This is a positive change from Enterprise Products Partners’s previous quarterly dividend of $0.53. Enterprise Products Partners’s payout ratio is presently 80.15%.

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.