Enterprise Products Partners (NYSE:EPD) Given New $38.00 Price Target at JPMorgan Chase & Co.

Enterprise Products Partners (NYSE:EPD) had its price target boosted by JPMorgan Chase & Co. from $37.00 to $38.00 in a report released on Thursday,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the oil and gas producer’s stock.

A number of other analysts have also recently commented on the company. Scotiabank upped their price objective on Enterprise Products Partners from $33.00 to $35.00 and gave the company a “sector perform” rating in a research report on Thursday, March 6th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $37.00 price target on shares of Enterprise Products Partners in a research report on Wednesday. Citigroup reissued a “buy” rating on shares of Enterprise Products Partners in a report on Tuesday, February 18th. Truist Financial increased their price target on shares of Enterprise Products Partners from $37.00 to $40.00 and gave the stock a “buy” rating in a research report on Friday, January 3rd. Finally, Barclays boosted their price objective on shares of Enterprise Products Partners from $35.00 to $37.00 and gave the company an “overweight” rating in a research report on Friday, March 14th. Four analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $36.60.

Enterprise Products Partners Price Performance

EPD opened at $33.96 on Thursday. The company’s 50-day simple moving average is $33.45 and its two-hundred day simple moving average is $31.67. Enterprise Products Partners has a 52-week low of $27.37 and a 52-week high of $34.63. The stock has a market capitalization of $73.54 billion, a P/E ratio of 12.62, a P/E/G ratio of 1.37 and a beta of 1.08. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.83 and a current ratio of 1.07.

Enterprise Products Partners (NYSE:EPD) last issued its earnings results on Tuesday, February 4th. The oil and gas producer reported $0.74 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.69 by $0.05. The company had revenue of $14.20 billion for the quarter, compared to analysts’ expectations of $14.07 billion. Enterprise Products Partners had a net margin of 10.49% and a return on equity of 20.48%. The firm’s quarterly revenue was down 2.9% on a year-over-year basis. During the same quarter last year, the company posted $0.72 earnings per share. As a group, analysts predict that Enterprise Products Partners will post 2.9 EPS for the current year.

Enterprise Products Partners Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, January 31st were paid a $0.535 dividend. This represents a $2.14 dividend on an annualized basis and a yield of 6.30%. The ex-dividend date of this dividend was Friday, January 31st. This is a positive change from Enterprise Products Partners’s previous quarterly dividend of $0.53. Enterprise Products Partners’s dividend payout ratio is presently 79.55%.

Hedge Funds Weigh In On Enterprise Products Partners

Several large investors have recently made changes to their positions in EPD. Wealth Enhancement Advisory Services LLC lifted its holdings in Enterprise Products Partners by 11.1% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 1,068,284 shares of the oil and gas producer’s stock worth $33,501,000 after purchasing an additional 106,895 shares in the last quarter. NorthCrest Asset Manangement LLC raised its position in shares of Enterprise Products Partners by 0.3% during the fourth quarter. NorthCrest Asset Manangement LLC now owns 476,485 shares of the oil and gas producer’s stock valued at $14,943,000 after buying an additional 1,374 shares during the last quarter. Copia Wealth Management purchased a new position in shares of Enterprise Products Partners in the fourth quarter worth $35,000. Menard Financial Group LLC bought a new position in shares of Enterprise Products Partners during the fourth quarter worth $42,000. Finally, Leigh Baldwin & CO. LLC purchased a new position in Enterprise Products Partners during the fourth quarter valued at $291,000. 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.