Enterprise Products Partners (NYSE:EPD) Announces Quarterly Earnings Results

Enterprise Products Partners (NYSE:EPD) issued its quarterly earnings data on Tuesday. The oil and gas producer reported $0.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.70 by $0.05, FiscalAI reports. The company had revenue of $13.79 billion for the quarter, compared to analyst estimates of $12.44 billion. Enterprise Products Partners had a return on equity of 19.40% and a net margin of 10.92%.

Enterprise Products Partners Stock Performance

Shares of EPD stock opened at $33.10 on Tuesday. The company has a current ratio of 0.88, a quick ratio of 0.60 and a debt-to-equity ratio of 1.04. The stock has a 50 day simple moving average of $32.42 and a 200-day simple moving average of $31.77. The company has a market cap of $71.60 billion, a price-to-earnings ratio of 12.49, a price-to-earnings-growth ratio of 2.32 and a beta of 0.59. Enterprise Products Partners has a 12-month low of $27.77 and a 12-month high of $34.53.

Enterprise Products Partners Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 13th. Shareholders of record on Friday, January 30th will be given a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a yield of 6.6%. The ex-dividend date is Friday, January 30th. This is a positive change from Enterprise Products Partners’s previous quarterly dividend of $0.55. Enterprise Products Partners’s payout ratio is presently 83.02%.

Insiders Place Their Bets

In other Enterprise Products Partners news, Director John R. Rutherford acquired 15,000 shares of the business’s stock in a transaction on Monday, December 29th. The stock was purchased at an average price of $32.09 per share, for a total transaction of $481,350.00. Following the completion of the transaction, the director owned 173,586 shares of the company’s stock, valued at $5,570,374.74. The trade was a 9.46% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 32.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Enterprise Products Partners

Large investors have recently made changes to their positions in the stock. Energy Income Partners LLC lifted its stake in shares of Enterprise Products Partners by 0.6% in the third quarter. Energy Income Partners LLC now owns 14,705,122 shares of the oil and gas producer’s stock valued at $459,829,000 after purchasing an additional 80,884 shares during the period. Corient Private Wealth LLC lifted its position in shares of Enterprise Products Partners by 119.4% during the 2nd quarter. Corient Private Wealth LLC now owns 2,414,035 shares of the oil and gas producer’s stock valued at $74,859,000 after acquiring an additional 1,313,976 shares during the period. Progeny 3 Inc. boosted its stake in shares of Enterprise Products Partners by 0.4% during the 2nd quarter. Progeny 3 Inc. now owns 1,895,024 shares of the oil and gas producer’s stock worth $58,765,000 after acquiring an additional 6,990 shares in the last quarter. SailingStone Capital Partners LLC grew its holdings in shares of Enterprise Products Partners by 4.7% in the 3rd quarter. SailingStone Capital Partners LLC now owns 969,275 shares of the oil and gas producer’s stock worth $30,309,000 after acquiring an additional 43,305 shares during the period. Finally, Creative Planning increased its stake in Enterprise Products Partners by 8.0% in the 3rd quarter. Creative Planning now owns 917,960 shares of the oil and gas producer’s stock valued at $28,705,000 after purchasing an additional 67,798 shares in the last quarter. Hedge funds and other institutional investors own 26.07% of the company’s stock.

Enterprise Products Partners declared that its board has initiated a stock buyback program on Thursday, October 30th that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the oil and gas producer to reacquire up to 7.4% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s management believes its stock is undervalued.

Wall Street Analyst Weigh In

EPD has been the subject of a number of research reports. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $35.00 price objective on shares of Enterprise Products Partners in a research note on Monday, December 1st. Wolfe Research downgraded shares of Enterprise Products Partners from a “peer perform” rating to an “underperform” rating and set a $31.00 price target for the company. in a research report on Wednesday, January 14th. Weiss Ratings reissued a “buy (b)” rating on shares of Enterprise Products Partners in a research report on Thursday, January 22nd. UBS Group reaffirmed a “buy” rating on shares of Enterprise Products Partners in a report on Tuesday, December 16th. Finally, The Goldman Sachs Group reissued a “neutral” rating and set a $32.00 price target on shares of Enterprise Products Partners in a report on Friday, December 19th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $34.77.

Enterprise Products Partners Company Profile

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.