Enterprise Products Partners (NYSE:EPD) Shares Break Above 50-Day Moving Average – Here’s What Happened

Enterprise Products Partners L.P. (NYSE:EPD)’s share price passed above its 50-day moving average during trading on Thursday. The stock has a 50-day moving average of $37.35 and traded as high as $37.88. Enterprise Products Partners shares last traded at $37.3960, with a volume of 2,908,740 shares traded.

Analyst Upgrades and Downgrades

EPD has been the subject of several recent analyst reports. Truist Financial raised their target price on Enterprise Products Partners from $40.00 to $41.00 and gave the stock a “hold” rating in a research note on Friday, October 30th. Capital One Financial assumed coverage on shares of Enterprise Products Partners in a report on Tuesday, September 22nd. They issued an “equal weight” rating and a $42.00 price objective on the stock. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $42.00 target price on shares of Enterprise Products Partners in a research note on Tuesday, September 22nd. Morgan Stanley reiterated an “underweight” rating and set a $41.00 price target (up from $40.00) on shares of Enterprise Products Partners in a research report on Tuesday, August 18th. Finally, Wall Street Zen lowered shares of Enterprise Products Partners from a “strong-buy” rating to a “buy” rating in a report on Saturday, October 31st. Seven investment analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Enterprise Products Partners has a consensus rating of “Hold” and a consensus target price of $40.18.

Enterprise Products Partners Stock Performance

The company has a current ratio of 0.93, a quick ratio of 0.67 and a debt-to-equity ratio of 1.00. The company has a market capitalization of $80.65 billion, a price-to-earnings ratio of 12.38, a price-to-earnings-growth ratio of 1.42 and a beta of 0.48. The stock’s fifty day simple moving average is $37.35 and its 200-day simple moving average is $37.45.

Enterprise Products Partners (NYSE:EPD) last posted its quarterly earnings results on Wednesday, October 28th. The oil and gas producer reported $0.75 EPS for the quarter, hitting the consensus estimate of $0.75. Enterprise Products Partners had a net margin of 10.24% and a return on equity of 21.41%. The business had revenue of $17.95 billion during the quarter, compared to the consensus estimate of $14.98 billion. During the same quarter in the previous year, the firm posted $0.61 earnings per share. The company’s quarterly revenue was up 49.3% compared to the same quarter last year. Analysts predict that Enterprise Products Partners L.P. will post 3.05 EPS for the current year.

Enterprise Products Partners Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 13th. Investors of record on Friday, October 30th will be paid a dividend of $0.56 per share. The ex-dividend date is Friday, October 30th. This represents a $2.24 dividend on an annualized basis and a dividend yield of 6.0%. Enterprise Products Partners’s payout ratio is presently 74.17%.

Hedge Funds Weigh In On Enterprise Products Partners

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT lifted its position in Enterprise Products Partners by 15.1% in the third quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 1,801,500 shares of the oil and gas producer’s stock valued at $64,151,000 after acquiring an additional 236,000 shares during the last quarter. Mizuho Markets Americas LLC purchased a new stake in shares of Enterprise Products Partners in the 2nd quarter valued at about $12,866,000. Bank of America Corp DE purchased a new position in Enterprise Products Partners during the 2nd quarter worth approximately $416,553,000. Core Capital Management & Research inc. acquired a new position in Enterprise Products Partners during the second quarter worth approximately $4,393,000. Finally, Ulrich Consultants & Investment Group LLC acquired a new position in Enterprise Products Partners during the third quarter worth approximately $1,315,000. 26.07% of the stock is owned by institutional investors and hedge funds.

Enterprise Products Partners Company Profile

Enterprise Products Partners (NYSE: EPD) is a North American midstream energy company that gathers, processes, transports, stores and exports energy-related commodities. Its operations support the movement of products from producing regions to refineries, petrochemical plants and other customers. The company’s assets include pipelines, natural gas processing plants, storage facilities, and terminals. It handles natural gas, natural gas liquids (NGLs), crude oil, refined products and petrochemicals, and provides services such as NGL fractionation and transportation.