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

Shares of Enterprise Products Partners L.P. (NYSE:EPD) rose 1% during mid-day trading on Wednesday following a dividend announcement from the company. The company traded as high as $32.39 and last traded at $32.24. Approximately 1,159,455 shares changed hands during mid-day trading, a decline of 58% from the average daily 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. Shareholders of record on Friday, January 31st will be issued a dividend of $0.535 per share. The ex-dividend date of this dividend is Friday, January 31st. 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 is currently 80.15%.

Analyst Ratings Changes

A number of research firms have recently weighed in on EPD. US Capital Advisors raised Enterprise Products Partners from a “moderate buy” rating to a “strong-buy” rating in a research report on Monday, October 28th. Truist Financial boosted their price objective on Enterprise Products Partners from $37.00 to $40.00 and gave the company a “buy” rating in a report on Friday, January 3rd. Royal Bank of Canada reaffirmed an “outperform” rating and set a $36.00 target price on shares of Enterprise Products Partners in a research note on Wednesday, October 30th. Wells Fargo & Company lowered 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. Finally, Bank of America started coverage on shares of Enterprise Products Partners in a research report on Thursday, October 17th. They issued a “buy” rating and a $35.00 target price for the company. Two equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $34.50.

Enterprise Products Partners Trading Up 1.5 %

The business has a 50-day moving average of $31.65 and a 200 day moving average of $30.05. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.83 and a current ratio of 1.07. 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 1.09.

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

Institutional Trading of Enterprise Products Partners

A number of institutional investors have recently made changes to their positions in EPD. DiNuzzo Private Wealth Inc. boosted its position in Enterprise Products Partners by 1,000.0% during the 3rd quarter. DiNuzzo Private Wealth Inc. now owns 1,100 shares of the oil and gas producer’s stock worth $32,000 after acquiring an additional 1,000 shares during the period. Assetmark Inc. raised its position in shares of Enterprise Products Partners by 19,800.0% during the third quarter. Assetmark Inc. now owns 1,194 shares of the oil and gas producer’s stock valued at $35,000 after buying an additional 1,188 shares during the last quarter. Sanctuary Wealth Management L.L.C. bought a new position in Enterprise Products Partners in the third quarter worth $36,000. Bangor Savings Bank boosted its holdings in Enterprise Products Partners by 558.3% during the fourth quarter. Bangor Savings Bank now owns 1,264 shares of the oil and gas producer’s stock valued at $40,000 after purchasing an additional 1,072 shares in the last quarter. Finally, Truvestments Capital LLC bought a new position in Enterprise Products Partners during the 3rd quarter valued at about $49,000. 26.07% of the stock is owned by institutional investors and hedge funds.

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.