Enterprise Products Partners (NYSE:EPD) Trading Up 3.2% Following Dividend Announcement

Enterprise Products Partners L.P. (NYSE:EPD)’s share price rose 3.2% on Tuesday following a dividend announcement from the company. The stock traded as high as $37.74 and last traded at $37.6470. Approximately 2,877,640 shares were traded during trading, a decline of 33% from the average session volume of 4,295,532 shares. The stock had previously closed at $36.47.

The newly announced dividend which will be paid on Friday, August 14th. Shareholders of record on Friday, July 31st will be issued a dividend of $0.56 per share. The ex-dividend date of this dividend is Friday, July 31st. This is an increase from Enterprise Products Partners’s previous quarterly dividend of $0.55. This represents a $2.24 dividend on an annualized basis and a dividend yield of 6.0%. Enterprise Products Partners’s payout ratio is currently 82.96%.

Analyst Upgrades and Downgrades

EPD has been the subject of several recent research reports. Jefferies Financial Group increased their price objective on Enterprise Products Partners from $34.00 to $40.00 and gave the company a “hold” rating in a research note on Tuesday, March 31st. TD Cowen reaffirmed a “hold” rating and set a $38.00 target price (up from $34.00) on shares of Enterprise Products Partners in a research note on Thursday, April 16th. Weiss Ratings lowered shares of Enterprise Products Partners from a “buy (b+)” rating to a “buy (b)” rating in a report on Thursday, July 2nd. Morgan Stanley reiterated an “underweight” rating and issued a $43.00 target price (up from $42.00) on shares of Enterprise Products Partners in a research report on Wednesday, May 20th. Finally, Wells Fargo & Company raised shares of Enterprise Products Partners from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $40.00 to $42.00 in a research note on Wednesday, March 25th. Nine research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $40.00.

Enterprise Products Partners Price Performance

The company has a debt-to-equity ratio of 1.03, a current ratio of 0.91 and a quick ratio of 0.61. The stock has a 50 day simple moving average of $37.71 and a two-hundred day simple moving average of $36.25. The company has a market cap of $80.66 billion, a price-to-earnings ratio of 13.82, a price-to-earnings-growth ratio of 1.33 and a beta of 0.49.

Enterprise Products Partners (NYSE:EPD) last issued its earnings results on Monday, April 27th. The oil and gas producer reported $0.68 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 return on equity of 19.53% and a net margin of 11.45%.The firm’s revenue was down 6.7% compared to the same quarter last year. During the same period last year, the business earned $0.64 earnings per share. On average, equities research analysts predict that Enterprise Products Partners L.P. will post 3.01 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Enterprise Products Partners

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. PMV Capital Advisers LLC purchased a new position in Enterprise Products Partners in the 4th quarter valued at approximately $25,000. Palisade Asset Management LLC acquired a new stake in shares of Enterprise Products Partners in the third quarter valued at $31,000. Texas Capital Bancshares Inc TX acquired a new stake in shares of Enterprise Products Partners in the third quarter valued at $32,000. Daytona Street Capital LLC purchased a new position in Enterprise Products Partners in the fourth quarter valued at $42,000. Finally, Groesbeck Investment Management Corp NJ acquired a new position in Enterprise Products Partners during the 4th quarter worth $45,000. Hedge funds and other institutional investors own 26.07% of the company’s stock.

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.