Enterprise Products Partners (NYSE:EPD) Trading 3.2% Higher Following Dividend Announcement

Enterprise Products Partners L.P. (NYSE:EPD) shot up 3.2% during mid-day trading on Tuesday following a dividend announcement from the company. The company traded as high as $37.74 and last traded at $37.6470. Approximately 2,877,640 shares were traded during mid-day trading, a decline of 33% from the average session volume of 4,295,532 shares. The stock had previously closed at $36.47.

The newly announced dividend which will be paid on Friday, August 14th. Stockholders of record on Friday, July 31st will be paid a $0.56 dividend. This represents a $2.24 annualized dividend and a dividend yield of 6.0%. This is an increase from Enterprise Products Partners’s previous quarterly dividend of $0.55. The ex-dividend date of this dividend is Friday, July 31st. Enterprise Products Partners’s dividend payout ratio is 82.96%.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on EPD. Morgan Stanley reaffirmed an “underweight” rating and set a $43.00 price objective (up from $42.00) on shares of Enterprise Products Partners in a research report on Wednesday, May 20th. Royal Bank Of Canada raised their target price on shares of Enterprise Products Partners from $40.00 to $42.00 and gave the stock an “outperform” rating in a research note on Monday, March 30th. Scotiabank reaffirmed a “sector perform” rating and set a $40.00 price target (up from $39.00) on shares of Enterprise Products Partners in a report on Tuesday, May 12th. Wells Fargo & Company upgraded shares of Enterprise Products Partners from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $40.00 to $42.00 in a research report on Wednesday, March 25th. Finally, Weiss Ratings cut shares of Enterprise Products Partners from a “buy (b+)” rating to a “buy (b)” rating in a research note on Thursday, July 2nd. Nine investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $40.00.

Enterprise Products Partners Stock Performance

The company has a quick ratio of 0.61, a current ratio of 0.91 and a debt-to-equity ratio of 1.03. The business has a 50 day moving average price of $37.71 and a two-hundred day moving average price of $36.25. The stock has a market cap of $80.66 billion, a P/E ratio of 13.82, a price-to-earnings-growth ratio of 1.33 and a beta of 0.49.

Enterprise Products Partners (NYSE:EPD) last issued its earnings results on Monday, April 27th. The oil and gas producer reported $0.68 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.71 by ($0.03). Enterprise Products Partners had a net margin of 11.45% and a return on equity of 19.53%. The business had revenue of $14.39 billion for the quarter, compared to the consensus estimate of $13.62 billion. During the same period last year, the business posted $0.64 EPS. The firm’s revenue for the quarter was down 6.7% compared to the same quarter last year. On average, sell-side analysts forecast that Enterprise Products Partners L.P. will post 3.01 earnings per share for the current fiscal year.

Institutional Trading of Enterprise Products Partners

Hedge funds have recently bought and sold shares of the stock. Auto Owners Insurance Co lifted its stake in shares of Enterprise Products Partners by 3,106.0% in the 4th quarter. Auto Owners Insurance Co now owns 32,060,000 shares of the oil and gas producer’s stock valued at $102,784,000 after purchasing an additional 31,060,000 shares during the last quarter. CIBC Bancorp USA Inc. bought a new position in shares of Enterprise Products Partners during the 3rd quarter valued at approximately $292,194,000. Goldman Sachs Group Inc. raised its holdings in Enterprise Products Partners by 12.0% during the 4th quarter. Goldman Sachs Group Inc. now owns 18,163,343 shares of the oil and gas producer’s stock valued at $582,317,000 after buying an additional 1,940,583 shares during the period. Corient Private Wealth LLC lifted its position in Enterprise Products Partners by 119.4% in the second quarter. Corient Private Wealth LLC now owns 2,414,035 shares of the oil and gas producer’s stock worth $74,859,000 after buying an additional 1,313,976 shares during the last quarter. Finally, Barclays PLC lifted its position in Enterprise Products Partners by 57.5% in the fourth quarter. Barclays PLC now owns 2,928,068 shares of the oil and gas producer’s stock worth $93,874,000 after buying an additional 1,069,304 shares during 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. (NYSE: EPD) is a Houston-based master limited partnership that provides midstream energy services across North America. The company owns and operates an extensive network of pipelines, storage facilities, processing plants and export terminals that transport and handle natural gas, natural gas liquids (NGLs), crude oil and refined and petrochemical products. Its core activities include gathering and transportation, fractionation of NGLs, natural gas processing, crude oil and condensate pipelines, and marine and terminal services that enable domestic distribution and exports.

Enterprise serves a diverse set of customers including producers, refiners, petrochemical companies, marketers and end users.