Enterprise Products Partners (NYSE:EPD) Trading Down 0.2% on Disappointing Earnings

Enterprise Products Partners L.P. (NYSE:EPD)’s share price traded down 0.2% on Tuesday after the company announced weaker than expected quarterly earnings. The company traded as low as $28.98 and last traded at $29.07. 1,886,950 shares were traded during mid-day trading, a decline of 56% from the average session volume of 4,265,859 shares. The stock had previously closed at $29.14.

The oil and gas producer reported $0.65 earnings per share for the quarter, missing analysts’ consensus estimates of $0.66 by ($0.01). The company had revenue of $13.78 billion for the quarter, compared to the consensus estimate of $13.87 billion. Enterprise Products Partners had a return on equity of 20.13% and a net margin of 10.48%. The business’s quarterly revenue was up 14.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.60 EPS.

Enterprise Products Partners Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Thursday, October 31st will be issued a dividend of $0.525 per share. The ex-dividend date is Thursday, October 31st. This represents a $2.10 dividend on an annualized basis and a dividend yield of 7.33%. Enterprise Products Partners’s dividend payout ratio (DPR) is presently 80.15%.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on EPD. Truist Financial raised their target price on Enterprise Products Partners from $35.00 to $37.00 and gave the stock a “buy” rating in a research report on Wednesday, July 31st. US Capital Advisors upgraded Enterprise Products Partners from a “moderate buy” rating to a “strong-buy” rating in a research report on Monday. StockNews.com cut Enterprise Products Partners from a “strong-buy” rating to a “buy” rating in a report on Monday, August 12th. Bank of America started coverage on shares of Enterprise Products Partners in a report on Thursday, October 17th. They set a “buy” rating and a $35.00 price target for the company. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $36.00 price target on shares of Enterprise Products Partners in a research report on Wednesday. One analyst has rated the stock with a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $33.73.

Hedge Funds Weigh In On Enterprise Products Partners

Several hedge funds have recently modified their holdings of the company. Hantz Financial Services Inc. bought a new stake in Enterprise Products Partners during the second quarter worth $25,000. Palisade Asset Management LLC purchased a new position in shares of Enterprise Products Partners in the 1st quarter worth about $29,000. Mascoma Wealth Management LLC bought a new position in Enterprise Products Partners during the second quarter valued at about $29,000. DiNuzzo Private Wealth Inc. increased its holdings in Enterprise Products Partners by 1,000.0% during the third quarter. DiNuzzo Private Wealth Inc. now owns 1,100 shares of the oil and gas producer’s stock worth $32,000 after buying an additional 1,000 shares during the last quarter. Finally, MFA Wealth Advisors LLC bought a new stake in Enterprise Products Partners in the second quarter worth about $37,000. Institutional investors own 26.07% of the company’s stock.

Enterprise Products Partners Stock Down 2.1 %

The stock’s 50-day moving average price is $29.24 and its two-hundred day moving average price is $28.95. The company has a current ratio of 0.91, a quick ratio of 0.68 and a debt-to-equity ratio of 0.98. The stock has a market capitalization of $62.20 billion, a P/E ratio of 10.97, a P/E/G ratio of 1.32 and a beta of 1.03.

Enterprise Products Partners Company Profile

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.