Enterprise Products Partners (NYSE:EPD) Cut to Equal Weight at Wells Fargo & Company

Wells Fargo & Company downgraded shares of Enterprise Products Partners (NYSE:EPD) from an overweight rating to an equal weight rating in a research report report published on Wednesday morning, MarketBeat reports. The firm currently has $35.00 target price on the oil and gas producer’s stock.

Several other research analysts also recently weighed in on the stock. US Capital Advisors raised shares of Enterprise Products Partners from a “moderate buy” rating to a “strong-buy” rating in a report on Monday, October 28th. Royal Bank of Canada restated an “outperform” rating and issued a $36.00 price target on shares of Enterprise Products Partners in a research note on Wednesday, October 30th. Finally, Bank of America began coverage on shares of Enterprise Products Partners in a research report on Thursday, October 17th. They set a “buy” rating and a $35.00 price objective on the stock. Two research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $34.20.

Enterprise Products Partners Stock Down 0.1 %

Shares of EPD stock traded down $0.04 during mid-day trading on Wednesday, hitting $30.41. The company’s stock had a trading volume of 467,488 shares, compared to its average volume of 4,293,821. Enterprise Products Partners has a 52-week low of $26.02 and a 52-week high of $34.63. The business has a 50-day moving average price of $30.90 and a 200 day moving average price of $29.72. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.83 and a current ratio of 1.07. The stock has a market cap of $65.92 billion, a price-to-earnings ratio of 11.39, a PEG ratio of 1.67 and a beta of 1.08.

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

Enterprise Products Partners Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Thursday, October 31st were issued a $0.525 dividend. The ex-dividend date was Thursday, October 31st. This represents a $2.10 dividend on an annualized basis and a dividend yield of 6.91%. Enterprise Products Partners’s dividend payout ratio is presently 78.65%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in EPD. Franklin Resources Inc. boosted its position in Enterprise Products Partners by 16.2% in the third quarter. Franklin Resources Inc. now owns 156,933 shares of the oil and gas producer’s stock valued at $4,628,000 after buying an additional 21,834 shares during the last quarter. Peapack Gladstone Financial Corp grew its position in Enterprise Products Partners by 61.7% during the 3rd quarter. Peapack Gladstone Financial Corp now owns 135,836 shares of the oil and gas producer’s stock worth $3,954,000 after purchasing an additional 51,809 shares during the period. Synovus Financial Corp lifted its holdings in shares of Enterprise Products Partners by 20.0% in the 3rd quarter. Synovus Financial Corp now owns 50,140 shares of the oil and gas producer’s stock valued at $1,460,000 after buying an additional 8,361 shares during the period. Optimist Retirement Group LLC boosted its stake in shares of Enterprise Products Partners by 3.3% in the third quarter. Optimist Retirement Group LLC now owns 67,080 shares of the oil and gas producer’s stock worth $1,953,000 after buying an additional 2,152 shares during the last quarter. Finally, Wilmington Savings Fund Society FSB raised its position in Enterprise Products Partners by 1,183.4% during the third quarter. Wilmington Savings Fund Society FSB now owns 91,725 shares of the oil and gas producer’s stock valued at $2,670,000 after acquiring an additional 84,578 shares in the last quarter. Hedge funds and other institutional investors own 26.07% of the company’s stock.

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.