Enterprise Products Partners (NYSE:EPD) Shares Down 2.2% – Here’s What Happened

Enterprise Products Partners L.P. (NYSE:EPD) shares fell 2.2% during trading on Wednesday . The stock traded as low as $36.09 and last traded at $36.3230. 2,635,302 shares traded hands during mid-day trading, a decline of 40% from the average daily volume of 4,410,989 shares. The stock had previously closed at $37.13.

Analysts Set New Price Targets

Several research analysts have recently weighed in on EPD shares. JPMorgan Chase & Co. upped their target price on Enterprise Products Partners from $40.00 to $41.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 12th. Citigroup reissued a “buy” rating and issued a $44.00 price target (up from $39.00) on shares of Enterprise Products Partners in a research note on Friday, May 1st. TD Cowen reissued a “hold” rating and issued a $38.00 price target (up from $34.00) on shares of Enterprise Products Partners in a report on Thursday, April 16th. Wolfe Research upgraded shares of Enterprise Products Partners from a “strong sell” rating to a “hold” rating in a research report on Tuesday, April 21st. Finally, The Goldman Sachs Group reaffirmed a “neutral” rating and set a $38.00 price objective on shares of Enterprise Products Partners in a report on Wednesday, June 17th. Nine analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $39.94.

Enterprise Products Partners Trading Down 0.6%

The company has a current ratio of 0.91, a quick ratio of 0.61 and a debt-to-equity ratio of 1.03. The company has a fifty day moving average price of $37.81 and a two-hundred day moving average price of $35.96. The firm has a market capitalization of $79.15 billion, a price-to-earnings ratio of 13.53, a PEG ratio of 1.29 and a beta of 0.49.

Enterprise Products Partners (NYSE:EPD) last posted its quarterly earnings results on Monday, April 27th. The oil and gas producer reported $0.68 EPS for the quarter, missing the consensus estimate of $0.71 by ($0.03). The company had revenue of $14.39 billion during the quarter, compared to analyst estimates of $13.62 billion. Enterprise Products Partners had a net margin of 11.45% and a return on equity of 19.53%. Enterprise Products Partners’s revenue for the quarter was down 6.7% compared to the same quarter last year. During the same period in the prior year, the business posted $0.64 EPS. As a group, research analysts forecast that Enterprise Products Partners L.P. will post 2.98 earnings per share for the current fiscal year.

Enterprise Products Partners Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, May 14th. Stockholders of record on Thursday, April 30th were given a dividend of $0.55 per share. The ex-dividend date of this dividend was Thursday, April 30th. This represents a $2.20 annualized dividend and a dividend yield of 6.0%. Enterprise Products Partners’s payout ratio is presently 81.48%.

Institutional Investors Weigh In On Enterprise Products Partners

Hedge funds and other institutional investors have recently bought and sold shares of the company. Alps Advisors Inc. boosted its holdings in Enterprise Products Partners by 0.6% in the 4th quarter. Alps Advisors Inc. now owns 42,639,131 shares of the oil and gas producer’s stock valued at $1,367,011,000 after purchasing an additional 260,305 shares during the last quarter. Auto Owners Insurance Co raised its position in shares of Enterprise Products Partners by 3,106.0% during the 4th quarter. Auto Owners Insurance Co now owns 32,060,000 shares of the oil and gas producer’s stock valued at $102,784,000 after buying an additional 31,060,000 shares during the period. Morgan Stanley raised its position in shares of Enterprise Products Partners by 4.8% during the 4th quarter. Morgan Stanley now owns 19,116,333 shares of the oil and gas producer’s stock valued at $612,870,000 after buying an additional 883,983 shares during the period. Goldman Sachs Group Inc. lifted its holdings in Enterprise Products Partners by 12.0% in the fourth quarter. Goldman Sachs Group Inc. now owns 18,163,343 shares of the oil and gas producer’s stock valued at $582,317,000 after acquiring an additional 1,940,583 shares during the last quarter. Finally, Energy Income Partners LLC lifted its holdings in 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 acquiring an additional 80,884 shares during the last quarter. 26.07% of the stock is currently owned by institutional investors and hedge funds.

About Enterprise Products Partners

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.