Enterprise Products Partners (NYSE:EPD) Trading 1.3% Higher – Here’s What Happened

Enterprise Products Partners L.P. (NYSE:EPD) shot up 1.3% during mid-day trading on Wednesday . The company traded as high as $39.38 and last traded at $39.3270. Approximately 2,046,498 shares changed hands during trading, a decline of 48% from the average session volume of 3,951,653 shares. The stock had previously closed at $38.83.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the stock. Stifel Nicolaus started coverage on shares of Enterprise Products Partners in a report on Thursday. They set a “hold” rating and a $40.00 price objective on the stock. Wall Street Zen raised Enterprise Products Partners from a “buy” rating to a “strong-buy” rating in a research report on Sunday, September 6th. Morgan Stanley reiterated an “underweight” rating and issued a $41.00 price target (up from $40.00) on shares of Enterprise Products Partners in a report on Tuesday, August 18th. Weiss Ratings raised Enterprise Products Partners from a “buy (b)” rating to a “buy (a-)” rating in a research report on Tuesday, August 11th. Finally, TD Cowen restated a “hold” rating and set a $38.00 price objective (down from $39.00) on shares of Enterprise Products Partners in a research note on Monday, August 3rd. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $39.87.

Enterprise Products Partners Trading Down 1.2%

The company’s 50 day simple moving average is $38.33 and its two-hundred day simple moving average is $37.86. The company has a quick ratio of 0.66, a current ratio of 0.93 and a debt-to-equity ratio of 1.00. The company has a market capitalization of $83.95 billion, a price-to-earnings ratio of 13.50, a P/E/G ratio of 1.44 and a beta of 0.50.

Enterprise Products Partners (NYSE:EPD) last issued its quarterly earnings results on Wednesday, July 29th. The oil and gas producer reported $0.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.75 by $0.09. Enterprise Products Partners had a return on equity of 20.67% and a net margin of 10.79%.The business had revenue of $18.27 billion for the quarter, compared to the consensus estimate of $13.69 billion. During the same period in the prior year, the firm posted $0.66 earnings per share. The business’s quarterly revenue was up 60.8% on a year-over-year basis. As a group, research analysts anticipate that Enterprise Products Partners L.P. will post 3.03 earnings per share for the current fiscal year.

Enterprise Products Partners Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Friday, July 31st were given a dividend of $0.56 per share. The ex-dividend date of this dividend was Friday, July 31st. This represents a $2.24 annualized dividend and a yield of 5.8%. This is an increase from Enterprise Products Partners’s previous quarterly dividend of $0.55. Enterprise Products Partners’s dividend payout ratio is currently 77.78%.

Institutional Investors Weigh In On Enterprise Products Partners

Institutional investors have recently added to or reduced their stakes in the business. Palisade Asset Management LLC purchased a new position in shares of Enterprise Products Partners in the 3rd quarter valued at approximately $31,000. N.E.W. Advisory Services LLC acquired a new position in Enterprise Products Partners during the 2nd quarter valued at approximately $37,000. Bravera Wealth raised its holdings in shares of Enterprise Products Partners by 666.7% in the second quarter. Bravera Wealth now owns 1,035 shares of the oil and gas producer’s stock worth $38,000 after buying an additional 900 shares during the last quarter. Markowski Investments purchased a new position in shares of Enterprise Products Partners in the second quarter worth $46,000. Finally, BOK Financial Private Wealth Inc. acquired a new stake in shares of Enterprise Products Partners during the second quarter worth $48,000. Institutional investors and hedge funds own 26.07% of the company’s stock.

About Enterprise Products Partners

Enterprise Products Partners L.P. (NYSE: EPD) is a publicly traded midstream energy partnership that provides transportation, storage, processing and export services for crude oil, natural gas, natural gas liquids (NGLs), petrochemicals and refined products. The company operates an integrated network of pipelines, processing plants, fractionation facilities, storage assets and marine terminals.

Enterprise’s NGL operations include natural gas processing, NGL fractionation and the production and distribution of ethane, propane, butanes and natural gasoline.