Enterprise Products Partners (NYSE:EPD) Stock Price Down 1.4% – Here’s Why

Enterprise Products Partners L.P. (NYSE:EPD) shares traded down 1.4% during mid-day trading on Wednesday . The company traded as low as $38.04 and last traded at $38.0860. Approximately 3,386,560 shares changed hands during trading, a decline of 17% from the average daily volume of 4,097,122 shares. The stock had previously closed at $38.64.

Analyst Ratings Changes

A number of research firms have weighed in on EPD. TD Cowen reaffirmed a “hold” rating and set a $38.00 target price (down from $39.00) on shares of Enterprise Products Partners in a report on Monday, August 3rd. UBS Group restated a “buy” rating and issued a $45.00 price objective on shares of Enterprise Products Partners in a research report on Wednesday, June 17th. Wall Street Zen raised shares of Enterprise Products Partners from a “buy” rating to a “strong-buy” rating in a research note on Sunday, August 16th. Citigroup reiterated a “buy” rating and issued a $44.00 target price (up from $39.00) on shares of Enterprise Products Partners in a research note on Friday, May 1st. Finally, JPMorgan Chase & Co. boosted their price target on shares of Enterprise Products Partners from $41.00 to $42.00 and gave the company a “neutral” rating in a research report on Thursday, July 9th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $40.00.

Enterprise Products Partners Trading Down 0.8%

The company has a quick ratio of 0.66, a current ratio of 0.93 and a debt-to-equity ratio of 1.00. The firm has a market capitalization of $82.32 billion, a P/E ratio of 13.24, a price-to-earnings-growth ratio of 1.26 and a beta of 0.49. The firm’s 50-day simple moving average is $37.65 and its 200-day simple moving average is $37.51.

Enterprise Products Partners (NYSE:EPD) last issued its quarterly earnings results on Wednesday, July 29th. The oil and gas producer reported $0.84 EPS for the quarter, topping analysts’ consensus estimates of $0.75 by $0.09. Enterprise Products Partners had a net margin of 10.79% and a return on equity of 20.67%. The firm had revenue of $18.27 billion for the quarter, compared to analyst estimates of $13.69 billion. During the same quarter in the prior year, the firm earned $0.66 EPS. The business’s revenue for the quarter was up 60.8% compared to the same quarter last year. Analysts anticipate that Enterprise Products Partners L.P. will post 3.01 EPS for the current year.

Enterprise Products Partners Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Friday, July 31st were paid a $0.56 dividend. This is a boost from Enterprise Products Partners’s previous quarterly dividend of $0.55. This represents a $2.24 dividend on an annualized basis and a yield of 5.9%. The ex-dividend date of this dividend was Friday, July 31st. Enterprise Products Partners’s payout ratio is currently 77.78%.

Institutional Investors Weigh In On Enterprise Products Partners

Several hedge funds have recently added to or reduced their stakes in the company. Palisade Asset Management LLC bought a new position in shares of Enterprise Products Partners during the third quarter valued at about $31,000. N.E.W. Advisory Services LLC bought a new stake in Enterprise Products Partners in the second quarter valued at approximately $37,000. Bravera Wealth boosted its stake in shares of Enterprise Products Partners by 666.7% during the second quarter. Bravera Wealth now owns 1,035 shares of the oil and gas producer’s stock valued at $38,000 after purchasing an additional 900 shares during the period. BOK Financial Private Wealth Inc. bought a new position in shares of Enterprise Products Partners in the second quarter worth approximately $48,000. Finally, Kestra Investment Management LLC bought a new position in shares of Enterprise Products Partners in the second quarter worth approximately $48,000. 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.