Citigroup Cuts Enterprise Products Partners (NYSE:EPD) Price Target to $35.00

Enterprise Products Partners (NYSE:EPD) had its price target decreased by Citigroup from $37.00 to $35.00 in a research report sent to investors on Tuesday morning,Benzinga reports. Citigroup currently has a buy rating on the oil and gas producer’s stock.

Several other research firms have also issued reports on EPD. Barclays increased their price target on shares of Enterprise Products Partners from $35.00 to $37.00 and gave the stock an “overweight” rating in a research report on Friday, March 14th. Argus upgraded shares of Enterprise Products Partners to a “strong-buy” rating in a research report on Monday, May 5th. Morgan Stanley increased their price target on shares of Enterprise Products Partners from $36.00 to $38.00 and gave the stock an “equal weight” rating in a research report on Tuesday, March 11th. Scotiabank raised their target price on shares of Enterprise Products Partners from $33.00 to $35.00 and gave the company a “sector perform” rating in a research report on Thursday, March 6th. Finally, StockNews.com upgraded shares of Enterprise Products Partners from a “hold” rating to a “buy” rating in a research report on Thursday, May 8th. Four research analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $36.67.

Enterprise Products Partners Stock Performance

NYSE EPD opened at $32.24 on Tuesday. 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 firm has a market capitalization of $69.93 billion, a price-to-earnings ratio of 11.99, a P/E/G ratio of 1.37 and a beta of 0.67. The firm’s 50 day simple moving average is $31.65 and its 200 day simple moving average is $32.09. Enterprise Products Partners has a 1 year low of $27.37 and a 1 year high of $34.63.

Enterprise Products Partners (NYSE:EPD) last posted its quarterly earnings results on Tuesday, April 29th. The oil and gas producer reported $0.64 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.69 by ($0.05). The firm had revenue of $15.42 billion for the quarter, compared to analyst estimates of $14.14 billion. Enterprise Products Partners had a return on equity of 20.48% and a net margin of 10.49%. The business’s revenue was up 4.5% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.66 EPS. As a group, research analysts expect that Enterprise Products Partners will post 2.9 earnings per share for the current fiscal year.

Enterprise Products Partners Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, May 14th. Stockholders of record on Wednesday, April 30th were paid a dividend of $0.535 per share. This represents a $2.14 annualized dividend and a dividend yield of 6.64%. The ex-dividend date was Wednesday, April 30th. Enterprise Products Partners’s payout ratio is currently 80.15%.

Hedge Funds Weigh In On Enterprise Products Partners

Several large investors have recently modified their holdings of EPD. ING Groep NV bought a new position in shares of Enterprise Products Partners during the first quarter valued at $71,052,000. Alps Advisors Inc. raised its stake in shares of Enterprise Products Partners by 5.0% during the first quarter. Alps Advisors Inc. now owns 41,326,613 shares of the oil and gas producer’s stock valued at $1,410,891,000 after acquiring an additional 1,967,188 shares during the last quarter. Kayne Anderson Capital Advisors LP raised its stake in shares of Enterprise Products Partners by 16.7% during the fourth quarter. Kayne Anderson Capital Advisors LP now owns 13,588,164 shares of the oil and gas producer’s stock valued at $426,125,000 after acquiring an additional 1,947,017 shares during the last quarter. JPMorgan Chase & Co. raised its stake in shares of Enterprise Products Partners by 65.3% during the first quarter. JPMorgan Chase & Co. now owns 4,347,247 shares of the oil and gas producer’s stock valued at $148,415,000 after acquiring an additional 1,717,768 shares during the last quarter. Finally, Truist Financial Corp raised its stake in shares of Enterprise Products Partners by 293.6% during the first quarter. Truist Financial Corp now owns 2,018,964 shares of the oil and gas producer’s stock valued at $68,927,000 after acquiring an additional 1,506,055 shares during the last quarter. 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.