Enterprise Products Partners (NYSE:EPD) Shares Up 1.1% – Here’s What Happened

Enterprise Products Partners L.P. (NYSE:EPD)’s stock price shot up 1.1% on Thursday . The company traded as high as $33.98 and last traded at $34.01. 1,065,992 shares traded hands during trading, a decline of 74% from the average session volume of 4,102,677 shares. The stock had previously closed at $33.65.

Analyst Upgrades and Downgrades

Several analysts have commented on EPD shares. Bank of America began coverage on shares of Enterprise Products Partners in a research note on Thursday, October 17th. They issued a “buy” rating and a $35.00 price target on the stock. Truist Financial increased their price target on Enterprise Products Partners from $37.00 to $40.00 and gave the company a “buy” rating in a research note on Friday, January 3rd. 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 research note on Wednesday, December 18th. Wolfe Research downgraded Enterprise Products Partners from an “outperform” rating to a “peer perform” rating in a research report on Friday, January 10th. Finally, Scotiabank started coverage on shares of Enterprise Products Partners in a report on Friday, January 10th. They issued a “sector perform” rating and a $33.00 target price for the company. Four 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 stock. According to MarketBeat, Enterprise Products Partners currently has a consensus rating of “Moderate Buy” and a consensus target price of $34.60.

Enterprise Products Partners Price Performance

The stock’s 50-day moving average is $32.50 and its 200 day moving average is $30.49. The company has a market cap of $73.64 billion, a PE ratio of 12.72, a PEG ratio of 1.60 and a beta of 1.09. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.07 and a quick ratio of 0.83.

Enterprise Products Partners (NYSE:EPD) last released its earnings results 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 firm had revenue of $13.78 billion during the quarter, compared to analyst estimates of $13.87 billion. During the same period in the previous year, the company earned $0.60 earnings per share. Enterprise Products Partners’s revenue was up 14.8% on a year-over-year basis. On average, equities analysts anticipate that Enterprise Products Partners L.P. will post 2.67 earnings per share for the current fiscal year.

Enterprise Products Partners Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Friday, January 31st will be issued a $0.535 dividend. The ex-dividend date is Friday, January 31st. This is an increase from Enterprise Products Partners’s previous quarterly dividend of $0.53. This represents a $2.14 dividend on an annualized basis and a yield of 6.30%. Enterprise Products Partners’s payout ratio is presently 80.15%.

Hedge Funds Weigh In On Enterprise Products Partners

A number of large investors have recently bought and sold shares of EPD. Pathway Financial Advisers LLC grew its position in shares of Enterprise Products Partners by 2,862.8% in the third quarter. Pathway Financial Advisers LLC now owns 7,756,006 shares of the oil and gas producer’s stock valued at $225,777,000 after purchasing an additional 7,494,224 shares in the last quarter. Barclays PLC increased its stake in shares of Enterprise Products Partners by 110.0% in the 3rd quarter. Barclays PLC now owns 2,531,756 shares of the oil and gas producer’s stock worth $73,699,000 after acquiring an additional 1,326,010 shares during the last quarter. International Assets Investment Management LLC raised its holdings in shares of Enterprise Products Partners by 2,854.1% during the 3rd quarter. International Assets Investment Management LLC now owns 1,287,318 shares of the oil and gas producer’s stock worth $37,474,000 after acquiring an additional 1,243,741 shares during the period. FMR LLC boosted its position in shares of Enterprise Products Partners by 9.3% during the 3rd quarter. FMR LLC now owns 14,429,298 shares of the oil and gas producer’s stock valued at $420,037,000 after acquiring an additional 1,225,988 shares during the last quarter. Finally, Merewether Investment Management LP purchased a new stake in shares of Enterprise Products Partners in the third quarter valued at about $30,746,000. Institutional investors and hedge funds 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.