Enterprise Products Partners (NYSE:EPD) Trading 1.5% Higher After Dividend Announcement

Enterprise Products Partners L.P. (NYSE:EPD)’s share price shot up 1.5% during trading on Thursday after the company announced a dividend. The stock traded as high as $32.45 and last traded at $32.42. 3,726,075 shares traded hands during trading, a decline of 11% from the average session volume of 4,205,669 shares. The stock had previously closed at $31.93.

The newly announced dividend which will be paid on Friday, February 14th. Investors of record on Friday, January 31st will be given a $0.535 dividend. This represents a $2.14 dividend on an annualized basis and a yield of 6.60%. This is a positive change from Enterprise Products Partners’s previous quarterly dividend of $0.53. Enterprise Products Partners’s dividend payout ratio (DPR) is 78.65%.

Analyst Ratings Changes

EPD has been the subject of a number of analyst reports. Royal Bank of Canada restated an “outperform” rating and set a $36.00 price objective on shares of Enterprise Products Partners in a research report on Wednesday, October 30th. Bank of America initiated 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. Wells Fargo & Company downgraded Enterprise Products Partners from an “overweight” rating to an “equal weight” rating and set a $35.00 target price for the company. in a research note on Wednesday, December 18th. Truist Financial upped their price objective on Enterprise Products Partners from $37.00 to $40.00 and gave the stock a “buy” rating in a report on Friday, January 3rd. Finally, US Capital Advisors upgraded shares of Enterprise Products Partners from a “moderate buy” rating to a “strong-buy” rating in a research report on Monday, October 28th. Two equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $34.50.

Enterprise Products Partners Trading Up 1.5 %

The stock has a market cap of $70.27 billion, a PE ratio of 12.14, a PEG ratio of 1.66 and a beta of 1.08. The business has a 50-day moving average of $31.58 and a 200 day moving average of $30.03. 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 released its earnings results on Tuesday, October 29th. The oil and gas producer reported $0.65 EPS for the quarter, missing the consensus estimate of $0.66 by ($0.01). Enterprise Products Partners had a net margin of 10.32% and a return on equity of 20.31%. The business had revenue of $13.78 billion during the quarter, compared to analyst estimates of $13.87 billion. During the same quarter in the previous year, the company posted $0.60 earnings per share. The business’s revenue for the quarter was up 14.8% compared to the same quarter last year. Equities research analysts predict that Enterprise Products Partners L.P. will post 2.69 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp raised its stake in shares of Enterprise Products Partners by 1.3% during the second quarter. Bank of New York Mellon Corp now owns 294,760 shares of the oil and gas producer’s stock valued at $8,542,000 after purchasing an additional 3,770 shares during the period. Natixis Advisors LLC increased its position in Enterprise Products Partners by 48.4% in the second quarter. Natixis Advisors LLC now owns 18,048 shares of the oil and gas producer’s stock worth $523,000 after buying an additional 5,887 shares during the period. Acadian Asset Management LLC boosted its holdings in shares of Enterprise Products Partners by 19.0% during the second quarter. Acadian Asset Management LLC now owns 252,830 shares of the oil and gas producer’s stock valued at $7,322,000 after acquiring an additional 40,280 shares during the period. Choreo LLC increased its holdings in shares of Enterprise Products Partners by 170.9% in the 2nd quarter. Choreo LLC now owns 91,537 shares of the oil and gas producer’s stock worth $2,654,000 after acquiring an additional 57,751 shares during the period. Finally, MGO One Seven LLC lifted its position in Enterprise Products Partners by 18.9% in the 2nd quarter. MGO One Seven LLC now owns 43,098 shares of the oil and gas producer’s stock valued at $1,249,000 after purchasing an additional 6,841 shares during the last quarter. 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.