Enterprise Products Partners (NYSE:EPD) Trading 2.6% Higher – Here’s What Happened

Enterprise Products Partners L.P. (NYSE:EPD)’s stock price shot up 2.6% during trading on Friday . The company traded as high as $34.62 and last traded at $34.54. 1,955,404 shares were traded during mid-day trading, a decline of 55% from the average session volume of 4,298,532 shares. The stock had previously closed at $33.65.

Wall Street Analysts Forecast Growth

EPD has been the topic of a number of analyst reports. Bank of America began coverage on Enterprise Products Partners in a report on Thursday, October 17th. They issued a “buy” rating and a $35.00 price objective on the stock. StockNews.com lowered Enterprise Products Partners from a “strong-buy” rating to a “buy” rating in a report on Monday, August 12th. US Capital Advisors upgraded Enterprise Products Partners from a “moderate buy” rating to a “strong-buy” rating in a research report on Monday, October 28th. Finally, Royal Bank of Canada restated an “outperform” rating and set a $36.00 target price on shares of Enterprise Products Partners in a research report on Wednesday, October 30th. One research analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $34.00.

Enterprise Products Partners Stock Up 2.3 %

The firm’s 50-day moving average is $30.01 and its 200 day moving average is $29.31. The firm has a market capitalization of $74.63 billion, a PE ratio of 12.94, a price-to-earnings-growth ratio of 1.74 and a beta of 1.04. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.83 and a current ratio of 1.07.

Enterprise Products Partners (NYSE:EPD) last issued its quarterly earnings data on Tuesday, October 29th. The oil and gas producer reported $0.65 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.66 by ($0.01). The company had revenue of $13.78 billion for the quarter, compared to analyst estimates of $13.87 billion. Enterprise Products Partners had a return on equity of 20.31% and a net margin of 10.32%. The company’s revenue for the quarter was up 14.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.60 earnings per share. As a group, research analysts forecast that Enterprise Products Partners L.P. will post 2.69 earnings per share for the current fiscal year.

Enterprise Products Partners Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Thursday, October 31st were paid a dividend of $0.525 per share. The ex-dividend date of this dividend was Thursday, October 31st. This represents a $2.10 annualized dividend and a dividend yield of 6.10%. Enterprise Products Partners’s dividend payout ratio is currently 78.65%.

Hedge Funds Weigh In On Enterprise Products Partners

Institutional investors have recently modified their holdings of the company. Tortoise Capital Advisors L.L.C. raised its holdings in Enterprise Products Partners by 4.8% in the 2nd quarter. Tortoise Capital Advisors L.L.C. now owns 16,221,236 shares of the oil and gas producer’s stock valued at $470,091,000 after acquiring an additional 741,237 shares during the last quarter. FMR LLC increased its stake in Enterprise Products Partners by 9.3% in the third quarter. FMR LLC now owns 14,429,298 shares of the oil and gas producer’s stock valued at $420,037,000 after purchasing an additional 1,225,988 shares during the last quarter. Pathway Financial Advisers LLC lifted its position in Enterprise Products Partners by 2,862.8% during the third quarter. Pathway Financial Advisers LLC now owns 7,756,006 shares of the oil and gas producer’s stock worth $225,777,000 after buying an additional 7,494,224 shares during the period. Chickasaw Capital Management LLC boosted its stake in Enterprise Products Partners by 1.6% in the 2nd quarter. Chickasaw Capital Management LLC now owns 5,517,617 shares of the oil and gas producer’s stock worth $159,901,000 after buying an additional 87,930 shares during the last quarter. Finally, Westwood Holdings Group Inc. grew its holdings in Enterprise Products Partners by 9.0% in the 2nd quarter. Westwood Holdings Group Inc. now owns 5,404,012 shares of the oil and gas producer’s stock valued at $156,608,000 after buying an additional 447,768 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.