Enbridge Energy Partners, L.P. (EEP) Sees Large Volume Increase
Shares of Enbridge Energy Partners, L.P. (NYSE:EEP) saw unusually-high trading volume on Wednesday . Approximately 1,270,601 shares traded hands during mid-day trading, an increase of 40% from the previous session’s volume of 908,091 shares.The stock last traded at $23.07 and had previously closed at $22.97.
EEP has been the subject of a number of research analyst reports. Zacks Investment Research upgraded shares of Enbridge Energy Partners, L.P. from a “hold” rating to a “buy” rating and set a $26.00 price target for the company in a research note on Tuesday, July 5th. Credit Suisse Group AG raised shares of Enbridge Energy Partners, L.P. from a “neutral” rating to an “outperform” rating and raised their price objective for the stock from $25.00 to $27.00 in a report on Monday, August 1st. Goldman Sachs Group Inc. downgraded shares of Enbridge Energy Partners, L.P. from a “neutral” rating to a “sell” rating and dropped their price objective for the stock from $21.00 to $20.00 in a report on Wednesday, July 20th. Morgan Stanley set a $23.00 price objective on shares of Enbridge Energy Partners, L.P. and gave the stock a “sell” rating in a report on Wednesday, August 3rd. Finally, JPMorgan Chase & Co. raised their price objective on shares of Enbridge Energy Partners, L.P. from $22.00 to $24.00 and gave the stock a “neutral” rating in a report on Wednesday, July 27th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $23.78.
The firm’s 50-day moving average is $24.02 and its 200 day moving average is $21.08. The stock has a market cap of $8.10 billion and a price-to-earnings ratio of 261.35.
Enbridge Energy Partners, L.P. (NYSE:EEP) last issued its earnings results on Thursday, July 28th. The company reported $0.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.09 by $0.13. During the same period last year, the business earned $0.18 earnings per share. The company earned $1.05 billion during the quarter, compared to analyst estimates of $1.06 billion. The firm’s revenue was down 20.1% compared to the same quarter last year. On average, analysts forecast that Enbridge Energy Partners, L.P. will post $0.74 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, August 12th. Shareholders of record on Friday, August 5th were paid a $0.583 dividend. This represents a $2.33 dividend on an annualized basis and a dividend yield of 10.03%. The ex-dividend date was Wednesday, August 3rd.
A hedge fund recently raised its stake in Enbridge Energy Partners, L.P. stock. Jennison Associates LLC increased its position in Enbridge Energy Partners, L.P. (NYSE:EEP) by 52.0% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 272,847 shares of the company’s stock after buying an additional 93,319 shares during the period. Jennison Associates LLC owned 0.08% of Enbridge Energy Partners, L.P. worth $6,295,000 as of its most recent filing with the SEC.
Enbridge Energy Partners, L.P. is a limited partnership that owns and operates crude oil and liquid petroleum transportation and storage assets, and natural gas gathering, treating, processing, transportation and marketing assets in the United States. The Company’s activities include interstate pipeline transportation and storage of crude oil and liquid petroleum, and gathering, treating, processing and transportation of natural gas and natural gas liquids (NGLs), through pipelines and related facilities, and supply, transportation and sales services, including purchasing and selling natural gas and NGLs.
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