Enterprise Products Partners (NYSE:EPD) Shares Down 1.8% – Here’s What Happened

Enterprise Products Partners L.P. (NYSE:EPD)’s share price fell 1.8% on Wednesday . The company traded as low as $37.96 and last traded at $38.1050. 2,411,812 shares changed hands during trading, a decline of 38% from the average session volume of 3,907,845 shares. The stock had previously closed at $38.81.

Analyst Ratings Changes

A number of research firms have issued reports on EPD. The Goldman Sachs Group reissued a “neutral” rating and set a $38.00 price target on shares of Enterprise Products Partners in a research report on Wednesday, June 17th. UBS Group restated a “buy” rating and set a $45.00 target price on shares of Enterprise Products Partners in a research note on Wednesday, June 17th. Weiss Ratings upgraded shares of Enterprise Products Partners from a “buy (b)” rating to a “buy (a-)” rating in a research note on Tuesday, August 11th. Wall Street Zen upgraded shares of Enterprise Products Partners from a “buy” rating to a “strong-buy” rating in a research note on Sunday, September 6th. Finally, TD Cowen reissued a “hold” rating and set a $38.00 price objective (down from $39.00) on shares of Enterprise Products Partners in a report on Monday, August 3rd. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $39.87.

Enterprise Products Partners Price Performance

The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.66 and a current ratio of 0.93. The company’s fifty day moving average price is $38.48 and its 200 day moving average price is $37.95. The firm has a market capitalization of $82.98 billion, a price-to-earnings ratio of 13.34, a price-to-earnings-growth ratio of 1.40 and a beta of 0.50.

Enterprise Products Partners (NYSE:EPD) last posted its earnings results on Wednesday, July 29th. The oil and gas producer reported $0.84 EPS for the quarter, topping the consensus estimate 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 during the quarter, compared to analysts’ expectations of $13.69 billion. During the same quarter in the prior year, the firm earned $0.66 EPS. Enterprise Products Partners’s quarterly revenue was up 60.8% on a year-over-year basis. Equities research analysts expect that Enterprise Products Partners L.P. will post 3.03 earnings per share for the current year.

Enterprise Products Partners Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Friday, July 31st were issued a $0.56 dividend. This is a positive change from Enterprise Products Partners’s previous quarterly dividend of $0.55. The ex-dividend date of this dividend was Friday, July 31st. This represents a $2.24 dividend on an annualized basis and a yield of 5.8%. Enterprise Products Partners’s dividend payout ratio is currently 77.78%.

Institutional Trading of Enterprise Products Partners

Hedge funds have recently added to or reduced their stakes in the business. 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 worth $102,784,000 after acquiring an additional 31,060,000 shares during the period. Energy Income Partners LLC acquired a new position in shares of Enterprise Products Partners during the second quarter valued at approximately $508,461,000. Bank of America Corp DE bought a new stake in Enterprise Products Partners during the second quarter worth approximately $416,553,000. BlackRock Inc. bought a new stake in Enterprise Products Partners during the second quarter worth approximately $255,325,000. Finally, Berkley W R Corp acquired a new stake in Enterprise Products Partners in the second quarter worth approximately $250,887,000. Institutional investors own 26.07% of the company’s stock.

About Enterprise Products Partners

Enterprise Products Partners L.P. (NYSE: EPD) is a publicly traded midstream energy partnership that provides transportation, storage, processing and export services for crude oil, natural gas, natural gas liquids (NGLs), petrochemicals and refined products. The company operates an integrated network of pipelines, processing plants, fractionation facilities, storage assets and marine terminals.

Enterprise’s NGL operations include natural gas processing, NGL fractionation and the production and distribution of ethane, propane, butanes and natural gasoline.