Enterprise Products Partners (NYSE:EPD) Now Covered by Analysts at Scotiabank

Scotiabank initiated coverage on shares of Enterprise Products Partners (NYSE:EPD) in a research report report published on Friday, Marketbeat Ratings reports. The brokerage issued a sector perform rating and a $33.00 target price on the oil and gas producer’s stock.

A number of other brokerages have also weighed in on EPD. Bank of America initiated coverage on shares of Enterprise Products Partners in a report on Thursday, October 17th. They issued a “buy” rating and a $35.00 price objective on the stock. US Capital Advisors upgraded Enterprise Products Partners from a “moderate buy” rating to a “strong-buy” rating in a research note on Monday, October 28th. Wells Fargo & Company downgraded Enterprise Products Partners from an “overweight” rating to an “equal weight” rating and set a $35.00 price objective on the stock. in a report on Wednesday, December 18th. Truist Financial boosted their target price on Enterprise Products Partners from $37.00 to $40.00 and gave the stock a “buy” rating in a research note on Friday, January 3rd. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $36.00 price target on shares of Enterprise Products Partners in a research note on Wednesday, October 30th. Four research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Enterprise Products Partners presently has an average rating of “Moderate Buy” and a consensus price target of $34.60.

Enterprise Products Partners Stock Performance

NYSE:EPD opened at $32.21 on Friday. The company has a market cap of $69.82 billion, a price-to-earnings ratio of 12.06, a price-to-earnings-growth ratio of 1.66 and a beta of 1.09. The company has a quick ratio of 0.83, a current ratio of 1.07 and a debt-to-equity ratio of 1.05. Enterprise Products Partners has a 52 week low of $26.12 and a 52 week high of $34.63. The company has a fifty day simple moving average of $31.72 and a two-hundred day simple moving average of $30.09.

Enterprise Products Partners (NYSE:EPD) last announced its quarterly earnings data on Tuesday, October 29th. The oil and gas producer reported $0.65 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.66 by ($0.01). Enterprise Products Partners had a net margin of 10.32% and a return on equity of 20.31%. The company had revenue of $13.78 billion during the quarter, compared to analysts’ expectations of $13.87 billion. During the same quarter in the previous year, the business posted $0.60 EPS. The business’s quarterly revenue was up 14.8% compared to the same quarter last year. As a group, equities analysts anticipate that Enterprise Products Partners will post 2.69 earnings per share for the current fiscal year.

Enterprise Products Partners Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Friday, January 31st will be given a $0.535 dividend. This represents a $2.14 dividend on an annualized basis and a yield of 6.64%. This is a positive change from Enterprise Products Partners’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend is Friday, January 31st. Enterprise Products Partners’s dividend payout ratio (DPR) is 80.15%.

Institutional Trading of Enterprise Products Partners

Hedge funds have recently modified their holdings of the business. Curi RMB Capital LLC boosted its position in shares of Enterprise Products Partners by 0.5% during the 3rd quarter. Curi RMB Capital LLC now owns 73,828 shares of the oil and gas producer’s stock worth $2,149,000 after purchasing an additional 339 shares in the last quarter. Versant Capital Management Inc boosted its holdings in Enterprise Products Partners by 10.7% during the fourth quarter. Versant Capital Management Inc now owns 3,519 shares of the oil and gas producer’s stock worth $110,000 after buying an additional 340 shares in the last quarter. Zega Financial LLC grew its position in Enterprise Products Partners by 1.7% during the third quarter. Zega Financial LLC now owns 20,870 shares of the oil and gas producer’s stock worth $608,000 after buying an additional 344 shares during the period. Tranquility Partners LLC increased its holdings in Enterprise Products Partners by 1.5% in the third quarter. Tranquility Partners LLC now owns 23,204 shares of the oil and gas producer’s stock valued at $675,000 after buying an additional 346 shares in the last quarter. Finally, Princeton Global Asset Management LLC lifted its position in shares of Enterprise Products Partners by 4.9% during the 3rd quarter. Princeton Global Asset Management LLC now owns 7,510 shares of the oil and gas producer’s stock valued at $219,000 after acquiring an additional 350 shares during the period. 26.07% of the stock is owned by institutional investors and hedge funds.

About Enterprise Products Partners

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.