Enterprise Products Partners L.P. (EPD) Increases Dividend to $0.44 Per Share
Enterprise Products Partners L.P. (NYSE:EPD) declared a quarterly dividend on Tuesday, April 9th, Wall Street Journal reports. Investors of record on Tuesday, April 30th will be given a dividend of 0.4375 per share by the oil and gas producer on Monday, May 13th. This represents a $1.75 annualized dividend and a yield of 5.98%. The ex-dividend date of this dividend is Monday, April 29th. This is an increase from Enterprise Products Partners’s previous quarterly dividend of $0.44.
Enterprise Products Partners has increased its dividend payment by an average of 4.3% per year over the last three years and has increased its dividend every year for the last 20 years. Enterprise Products Partners has a dividend payout ratio of 104.2% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Enterprise Products Partners to earn $2.04 per share next year, which means the company should continue to be able to cover its $1.75 annual dividend with an expected future payout ratio of 85.8%.
EPD stock opened at $29.26 on Wednesday. The stock has a market capitalization of $63.23 billion, a P/E ratio of 15.08, a P/E/G ratio of 5.09 and a beta of 0.97. Enterprise Products Partners has a 12 month low of $23.33 and a 12 month high of $30.05. The company has a current ratio of 0.85, a quick ratio of 0.63 and a debt-to-equity ratio of 1.02.
An institutional investor recently raised its position in Enterprise Products Partners stock. Geode Capital Management LLC raised its holdings in shares of Enterprise Products Partners L.P. (NYSE:EPD) by 82.1% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 17,220 shares of the oil and gas producer’s stock after purchasing an additional 7,766 shares during the period. Geode Capital Management LLC’s holdings in Enterprise Products Partners were worth $423,000 at the end of the most recent reporting period. 36.77% of the stock is owned by institutional investors.
Several research analysts recently commented on the stock. Goldman Sachs Group raised shares of Enterprise Products Partners from a “neutral” rating to a “buy” rating and raised their price target for the stock from $30.00 to $32.00 in a research note on Tuesday, April 2nd. Zacks Investment Research downgraded shares of Enterprise Products Partners from a “buy” rating to a “hold” rating in a research note on Friday, February 15th. Evercore ISI assumed coverage on shares of Enterprise Products Partners in a research note on Tuesday, February 5th. They issued an “outperform” rating on the stock. Bank of America set a $32.00 price target on shares of Enterprise Products Partners and gave the stock a “buy” rating in a research note on Tuesday, January 29th. Finally, ValuEngine raised shares of Enterprise Products Partners from a “sell” rating to a “hold” rating in a research note on Wednesday, January 2nd. Two analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Enterprise Products Partners presently has an average rating of “Buy” and an average price target of $33.00.
About Enterprise Products Partners
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. The company operates through four segments: NGL Pipelines & Services, Crude Oil Pipelines & Services, Natural Gas Pipelines & Services, and Petrochemical & Refined Products Services.
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