Enterprise Products Partners (NYSE:EPD) Shares Up 1% After Dividend Announcement

Enterprise Products Partners L.P. (NYSE:EPD)’s share price shot up 1% during trading on Wednesday after the company announced a dividend. The stock traded as high as $32.39 and last traded at $32.24. 1,159,455 shares were traded during trading, a decline of 58% from the average session volume of 2,780,008 shares. The stock had previously closed at $31.93.

The newly announced dividend which will be paid on Friday, February 14th. Stockholders of record on Friday, January 31st will be given a dividend of $0.535 per share. This is an increase from Enterprise Products Partners’s previous quarterly dividend of $0.53. This represents a $2.14 annualized dividend and a dividend yield of 6.64%. Enterprise Products Partners’s dividend payout ratio (DPR) is 78.65%.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. US Capital Advisors raised shares of Enterprise Products Partners from a “moderate buy” rating to a “strong-buy” rating in a research note on Monday, October 28th. Royal Bank of Canada restated an “outperform” rating and issued a $36.00 target price on shares of Enterprise Products Partners in a research note on Wednesday, October 30th. Wells Fargo & Company cut Enterprise Products Partners from an “overweight” rating to an “equal weight” rating and set a $35.00 price objective for the company. in a research note on Wednesday, December 18th. Truist Financial upped their target price on Enterprise Products Partners from $37.00 to $40.00 and gave the stock a “buy” rating in a research report on Friday, January 3rd. Finally, Bank of America began coverage on shares of Enterprise Products Partners in a research report on Thursday, October 17th. They issued a “buy” rating and a $35.00 price target for the company. Two investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $34.50.

Enterprise Products Partners Stock Up 1.0 %

The stock’s fifty day moving average is $31.52 and its two-hundred day moving average is $30.02. The company has a current ratio of 1.07, a quick ratio of 0.83 and a debt-to-equity ratio of 1.05. The company has a market capitalization of $69.88 billion, a PE ratio of 12.07, a P/E/G ratio of 1.67 and a beta of 1.09.

Enterprise Products Partners (NYSE:EPD) last announced its quarterly earnings results on Tuesday, October 29th. The oil and gas producer reported $0.65 EPS for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $13.87 billion. During the same quarter in the previous year, the company posted $0.60 earnings per share. The business’s quarterly revenue was up 14.8% compared to the same quarter last year. As a group, analysts predict that Enterprise Products Partners L.P. will post 2.69 EPS for the current year.

Institutional Investors Weigh In On Enterprise Products Partners

Large investors have recently added to or reduced their stakes in the company. Paragon Advisors LLC purchased a new position in shares of Enterprise Products Partners during the third quarter worth approximately $2,628,000. FMR LLC raised its stake in shares of Enterprise Products Partners by 9.3% during 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 acquiring an additional 1,225,988 shares during the last quarter. Peapack Gladstone Financial Corp boosted its holdings in shares of Enterprise Products Partners by 61.7% during the third quarter. Peapack Gladstone Financial Corp now owns 135,836 shares of the oil and gas producer’s stock worth $3,954,000 after purchasing an additional 51,809 shares during the period. Thrivent Financial for Lutherans grew its stake in shares of Enterprise Products Partners by 5.2% in the third quarter. Thrivent Financial for Lutherans now owns 4,072,866 shares of the oil and gas producer’s stock worth $118,561,000 after purchasing an additional 200,625 shares during the last quarter. Finally, Brookfield Corp ON raised its position in Enterprise Products Partners by 6.2% during the 3rd quarter. Brookfield Corp ON now owns 4,762,585 shares of the oil and gas producer’s stock valued at $138,639,000 after purchasing an additional 278,892 shares during the last quarter. Hedge funds and other institutional investors 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.