Enterprise Products Partners (NYSE:EPD) Shares Down 0.9%

Enterprise Products Partners L.P. (NYSE:EPD) was down 0.9% during mid-day trading on Thursday . The stock traded as low as $28.97 and last traded at $29.00. Approximately 689,636 shares changed hands during trading, a decline of 84% from the average daily volume of 4,394,628 shares. The stock had previously closed at $29.25.

Analysts Set New Price Targets

A number of research analysts have weighed in on EPD shares. Morgan Stanley decreased their target price on shares of Enterprise Products Partners from $35.00 to $34.00 and set an “equal weight” rating on the stock in a research note on Monday, June 10th. Truist Financial boosted their price objective on Enterprise Products Partners from $35.00 to $37.00 and gave the stock a “buy” rating in a research note on Wednesday, July 31st. Finally, StockNews.com cut Enterprise Products Partners from a “strong-buy” rating to a “buy” rating in a report on Monday, August 12th. Two investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $33.08.

Enterprise Products Partners Stock Down 0.9 %

The stock has a market capitalization of $62.92 billion, a price-to-earnings ratio of 11.37, a P/E/G ratio of 1.50 and a beta of 1.03. The business has a 50-day moving average of $29.21 and a 200-day moving average of $28.92. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.68 and a current ratio of 0.91.

Enterprise Products Partners (NYSE:EPD) last announced its quarterly earnings results on Tuesday, July 30th. The oil and gas producer reported $0.64 earnings per share for the quarter, missing analysts’ consensus estimates of $0.66 by ($0.02). Enterprise Products Partners had a net margin of 10.48% and a return on equity of 20.13%. The company had revenue of $13.48 billion for the quarter, compared to analyst estimates of $14.23 billion. During the same quarter in the prior year, the business earned $0.57 earnings per share. Enterprise Products Partners’s revenue was up 26.6% on a year-over-year basis. On average, sell-side analysts expect that Enterprise Products Partners L.P. will post 2.72 EPS for the current year.

Enterprise Products Partners Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, August 14th. Shareholders of record on Wednesday, July 31st were paid a dividend of $0.525 per share. This represents a $2.10 dividend on an annualized basis and a yield of 7.24%. This is a boost from Enterprise Products Partners’s previous quarterly dividend of $0.52. The ex-dividend date was Wednesday, July 31st. Enterprise Products Partners’s dividend payout ratio is 82.35%.

Hedge Funds Weigh In On Enterprise Products Partners

A number of hedge funds and other institutional investors have recently bought and sold shares of EPD. Bluefin Capital Management LLC purchased a new position in Enterprise Products Partners in the 2nd quarter valued at approximately $498,000. Sanctuary Advisors LLC purchased a new position in Enterprise Products Partners in the second quarter valued at $13,791,000. Clear Rock Advisors LLC grew its stake in Enterprise Products Partners by 8.9% during the 2nd quarter. Clear Rock Advisors LLC now owns 71,273 shares of the oil and gas producer’s stock worth $2,065,000 after purchasing an additional 5,830 shares in the last quarter. Creekside Partners purchased a new stake in Enterprise Products Partners during the 2nd quarter worth about $463,000. Finally, Cetera Investment Advisers raised its position in Enterprise Products Partners by 11.8% in the 2nd quarter. Cetera Investment Advisers now owns 901,468 shares of the oil and gas producer’s stock valued at $26,125,000 after purchasing an additional 95,189 shares in the last quarter. 26.07% of the stock is currently owned by hedge funds and other institutional investors.

Enterprise Products Partners Company Profile

Enterprise Products Partners L.P. provides midstream energy services to producers and consumers of natural gas, natural gas liquids (NGLs), crude oil, petrochemicals, and refined products. It operates in four segments: NGL Pipelines & Services, Crude Oil Pipelines & Services, Natural Gas Pipelines & Services, and Petrochemical & Refined Products Services.