Enterprise Products Partners (NYSE:EPD) Shares Down 1.7%

Enterprise Products Partners L.P. (NYSE:EPD)’s stock price was down 1.7% on Tuesday . The company traded as low as $28.81 and last traded at $28.83. Approximately 826,504 shares traded hands during mid-day trading, a decline of 82% from the average daily volume of 4,533,372 shares. The stock had previously closed at $29.34.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on EPD shares. JPMorgan Chase & Co. cut their price target on shares of Enterprise Products Partners from $33.00 to $32.00 and set an “overweight” rating on the stock in a research report on Thursday, May 16th. Truist Financial increased their target price on Enterprise Products Partners from $35.00 to $37.00 and gave the stock a “buy” rating in a research note on Wednesday, July 31st. StockNews.com cut Enterprise Products Partners from a “strong-buy” rating to a “buy” rating in a research note on Monday, August 12th. Finally, Morgan Stanley lowered their target price on Enterprise Products Partners from $35.00 to $34.00 and set an “equal weight” rating for the company in a research note on Monday, June 10th. Two research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $33.08.

Enterprise Products Partners Stock Performance

The company has a market cap of $63.05 billion, a price-to-earnings ratio of 11.42, a P/E/G ratio of 1.50 and a beta of 1.03. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.68 and a current ratio of 0.91. The firm has a fifty day moving average price of $29.18 and a 200 day moving average price of $28.75.

Enterprise Products Partners (NYSE:EPD) last released its quarterly earnings data on Tuesday, July 30th. The oil and gas producer reported $0.64 EPS for the quarter, missing the consensus estimate of $0.66 by ($0.02). The company had revenue of $13.48 billion during the quarter, compared to analyst estimates of $14.23 billion. Enterprise Products Partners had a net margin of 10.48% and a return on equity of 20.13%. The company’s quarterly revenue was up 26.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.57 EPS. As a group, equities analysts predict that Enterprise Products Partners L.P. will post 2.72 EPS for the current fiscal year.

Enterprise Products Partners Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 14th. Shareholders of record on Wednesday, July 31st were issued a dividend of $0.525 per share. This is an increase from Enterprise Products Partners’s previous quarterly dividend of $0.52. The ex-dividend date was Wednesday, July 31st. This represents a $2.10 annualized dividend and a yield of 7.23%. Enterprise Products Partners’s dividend payout ratio (DPR) is currently 82.35%.

Institutional Investors Weigh In On Enterprise Products Partners

A number of hedge funds and other institutional investors have recently modified their holdings of EPD. Blackstone Inc. lifted its holdings in shares of Enterprise Products Partners by 6.3% during the first quarter. Blackstone Inc. now owns 23,533,643 shares of the oil and gas producer’s stock worth $686,712,000 after buying an additional 1,391,370 shares in the last quarter. Reaves W H & Co. Inc. lifted its holdings in shares of Enterprise Products Partners by 1,368.4% during the first quarter. Reaves W H & Co. Inc. now owns 1,468,440 shares of the oil and gas producer’s stock worth $42,849,000 after buying an additional 1,368,440 shares in the last quarter. Berkley W R Corp increased its position in shares of Enterprise Products Partners by 24.5% in the first quarter. Berkley W R Corp now owns 5,089,794 shares of the oil and gas producer’s stock worth $148,520,000 after purchasing an additional 1,000,000 shares during the period. Distillate Capital Partners LLC increased its position in shares of Enterprise Products Partners by 160,136.7% in the second quarter. Distillate Capital Partners LLC now owns 767,534 shares of the oil and gas producer’s stock worth $22,243,000 after purchasing an additional 767,055 shares during the period. Finally, Tortoise Capital Advisors L.L.C. increased its position in shares of Enterprise Products Partners by 4.8% in the second quarter. Tortoise Capital Advisors L.L.C. now owns 16,221,236 shares of the oil and gas producer’s stock worth $470,091,000 after purchasing an additional 741,237 shares during the period. 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.