Enterprise Products Partners (NYSE:EPD) Shares Down 1.9% on Disappointing Earnings

Enterprise Products Partners L.P. (NYSE:EPD) shares dropped 1.9% during trading on Wednesday after the company announced weaker than expected quarterly earnings. The company traded as low as $28.92 and last traded at $29.01. Approximately 1,157,164 shares traded hands during mid-day trading, a decline of 74% from the average daily volume of 4,429,901 shares. The stock had previously closed at $29.56.

The oil and gas producer reported $0.64 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.66 by ($0.02). The business had revenue of $13.48 billion during the quarter, compared to the consensus estimate of $14.23 billion. Enterprise Products Partners had a net margin of 10.76% and a return on equity of 19.73%. Enterprise Products Partners’s revenue was up 26.6% compared to the same quarter last year. During the same period in the previous year, the business posted $0.57 earnings per share.

Enterprise Products Partners Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 14th. Investors of record on Wednesday, July 31st will be issued a $0.525 dividend. This represents a $2.10 dividend on an annualized basis and a yield of 7.25%. The ex-dividend date of this dividend is Wednesday, July 31st. This is an increase from Enterprise Products Partners’s previous quarterly dividend of $0.52. Enterprise Products Partners’s dividend payout ratio is currently 80.78%.

Analyst Ratings Changes

EPD has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. reduced their target price on Enterprise Products Partners from $33.00 to $32.00 and set an “overweight” rating on the stock in a report on Thursday, May 16th. Morgan Stanley decreased their price objective on shares of Enterprise Products Partners from $35.00 to $34.00 and set an “equal weight” rating for the company in a report on Monday, June 10th. Royal Bank of Canada reiterated an “outperform” rating and issued a $35.00 target price on shares of Enterprise Products Partners in a report on Friday, April 5th. Wells Fargo & Company lifted their price target on shares of Enterprise Products Partners from $32.00 to $33.00 and gave the stock an “overweight” rating in a research report on Thursday, April 4th. Finally, Truist Financial upped their price objective on shares of Enterprise Products Partners from $35.00 to $37.00 and gave the company a “buy” rating in a research report on Wednesday. Two analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $32.92.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of EPD. Cadence Bank boosted its position in Enterprise Products Partners by 0.7% during the 1st quarter. Cadence Bank now owns 52,428 shares of the oil and gas producer’s stock worth $1,530,000 after acquiring an additional 365 shares during the last quarter. Hazlett Burt & Watson Inc. boosted its holdings in Enterprise Products Partners by 8.2% during the fourth quarter. Hazlett Burt & Watson Inc. now owns 4,897 shares of the oil and gas producer’s stock worth $128,000 after purchasing an additional 371 shares during the last quarter. McAdam LLC grew its position in Enterprise Products Partners by 1.3% in the second quarter. McAdam LLC now owns 28,670 shares of the oil and gas producer’s stock valued at $831,000 after purchasing an additional 372 shares in the last quarter. Ellsworth Advisors LLC increased its stake in Enterprise Products Partners by 1.8% in the 2nd quarter. Ellsworth Advisors LLC now owns 21,959 shares of the oil and gas producer’s stock valued at $636,000 after buying an additional 383 shares during the last quarter. Finally, Stokes Family Office LLC lifted its position in Enterprise Products Partners by 2.5% during the 2nd quarter. Stokes Family Office LLC now owns 16,139 shares of the oil and gas producer’s stock worth $468,000 after buying an additional 399 shares in the last quarter. 26.07% of the stock is currently owned by institutional investors.

Enterprise Products Partners Stock Performance

The company has a market capitalization of $62.87 billion, a price-to-earnings ratio of 11.38, a P/E/G ratio of 1.39 and a beta of 1.04. The stock’s 50 day moving average price is $28.90 and its 200 day moving average price is $28.37. The company has a current ratio of 0.93, a quick ratio of 0.68 and a debt-to-equity ratio of 0.99.

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.