Enterprise Products Partners (NYSE:EPD) Trading 1.1% Higher After Analyst Upgrade

Enterprise Products Partners L.P. (NYSE:EPD) rose 1.1% on Thursday after JPMorgan Chase & Co. raised their price target on the stock from $37.00 to $38.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Enterprise Products Partners traded as high as $34.28 and last traded at $34.20. Approximately 1,072,337 shares changed hands during trading, a decline of 74% from the average daily volume of 4,116,751 shares. The stock had previously closed at $33.84.

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

Institutional Investors Weigh In On Enterprise Products Partners

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Wealth Enhancement Advisory Services LLC grew its stake in shares of Enterprise Products Partners by 11.1% during the fourth 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 acquiring an additional 106,895 shares during the last quarter. NorthCrest Asset Manangement LLC grew its position in Enterprise Products Partners by 0.3% during the 4th quarter. NorthCrest Asset Manangement LLC now owns 476,485 shares of the oil and gas producer’s stock worth $14,943,000 after purchasing an additional 1,374 shares during the last quarter. Copia Wealth Management acquired a new position in Enterprise Products Partners during the 4th quarter valued at approximately $35,000. Menard Financial Group LLC purchased a new position in shares of Enterprise Products Partners in the fourth quarter worth $42,000. Finally, Leigh Baldwin & CO. LLC purchased a new position in shares of Enterprise Products Partners in the fourth quarter worth $291,000. 26.07% of the stock is currently owned by hedge funds and other institutional investors.

Enterprise Products Partners Stock Up 0.3 %

The firm has a market capitalization of $73.54 billion, a price-to-earnings ratio of 12.62, a P/E/G ratio of 1.37 and a beta of 1.08. The company has a quick ratio of 0.83, a current ratio of 1.07 and a debt-to-equity ratio of 1.05. The company’s 50 day moving average price is $33.45 and its 200 day moving average price is $31.67.

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

Enterprise Products Partners Increases Dividend

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

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.