Enterprise Products Partners L.P. (NYSE:EPD) to Issue $0.53 Quarterly Dividend

Enterprise Products Partners L.P. (NYSE:EPD) declared a quarterly dividend on Wednesday, October 2nd, Zacks reports. Shareholders of record on Thursday, October 31st will be paid a dividend of 0.525 per share by the oil and gas producer on Thursday, November 14th. This represents a $2.10 dividend on an annualized basis and a dividend yield of 7.13%. The ex-dividend date of this dividend is Thursday, October 31st.

Enterprise Products Partners has raised its dividend by an average of 3.6% annually over the last three years and has increased its dividend every year for the last 27 years. Enterprise Products Partners has a dividend payout ratio of 73.2% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Enterprise Products Partners to earn $2.84 per share next year, which means the company should continue to be able to cover its $2.10 annual dividend with an expected future payout ratio of 73.9%.

Enterprise Products Partners Price Performance

Shares of NYSE EPD traded down $0.01 during midday trading on Thursday, reaching $29.46. 240,780 shares of the company traded hands, compared to its average volume of 4,355,672. The firm has a market cap of $63.97 billion, a PE ratio of 11.55, a PEG ratio of 1.50 and a beta of 1.03. The stock’s 50-day simple moving average is $29.14 and its 200-day simple moving average is $28.94. Enterprise Products Partners has a 12 month low of $25.61 and a 12 month high of $30.05. 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 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 business had revenue of $13.48 billion during the quarter, compared to analyst estimates of $14.23 billion. During the same quarter last year, the business posted $0.57 earnings per share. The business’s quarterly revenue was up 26.6% compared to the same quarter last year. As a group, equities analysts anticipate that Enterprise Products Partners will post 2.72 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on EPD. StockNews.com lowered Enterprise Products Partners from a “strong-buy” rating to a “buy” rating in a research note on Monday, August 12th. Morgan Stanley lowered their target price on Enterprise Products Partners from $35.00 to $34.00 and set an “equal weight” rating for the company in a research note on Monday, June 10th. Finally, Truist Financial raised their target price on Enterprise Products Partners from $35.00 to $37.00 and gave the company a “buy” rating in a research note on Wednesday, July 31st. Two analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $33.08.

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.