Enterprise Products Partners (NYSE:EPD) Stock Price Up 2.8% – Still a Buy?

Shares of Enterprise Products Partners L.P. (NYSE:EPD) traded up 2.8% during mid-day trading on Monday . The stock traded as high as $38.41 and last traded at $38.3050. Approximately 3,585,764 shares traded hands during mid-day trading, a decline of 16% from the average daily volume of 4,244,149 shares. The stock had previously closed at $37.27.

Analyst Upgrades and Downgrades

EPD has been the topic of a number of recent research reports. Wells Fargo & Company raised Enterprise Products Partners from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $40.00 to $42.00 in a report on Wednesday, March 25th. TD Cowen reiterated a “hold” rating and issued a $38.00 price objective (up from $34.00) on shares of Enterprise Products Partners in a research report on Thursday, April 16th. Scotiabank restated a “sector perform” rating and set a $40.00 price objective (up from $39.00) on shares of Enterprise Products Partners in a research report on Tuesday, May 12th. Citigroup reiterated a “buy” rating and set a $44.00 price target (up from $39.00) on shares of Enterprise Products Partners in a research note on Friday, May 1st. Finally, Truist Financial raised their price objective on shares of Enterprise Products Partners from $36.00 to $40.00 and gave the company a “hold” rating in a research report on Monday, May 4th. Eight investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $40.13.

Enterprise Products Partners Price Performance

The stock’s fifty day moving average price is $37.65 and its 200-day moving average price is $36.33. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.61 and a current ratio of 0.91. The firm has a market cap of $82.81 billion, a PE ratio of 14.19, a P/E/G ratio of 1.32 and a beta of 0.49.

Enterprise Products Partners (NYSE:EPD) last released its quarterly earnings data on Monday, April 27th. The oil and gas producer reported $0.68 EPS for the quarter, missing analysts’ consensus estimates of $0.71 by ($0.03). Enterprise Products Partners had a return on equity of 19.53% and a net margin of 11.45%.The company had revenue of $14.39 billion for the quarter, compared to analysts’ expectations of $13.62 billion. During the same period in the prior year, the firm posted $0.64 EPS. The firm’s quarterly revenue was down 6.7% on a year-over-year basis. As a group, equities analysts forecast that Enterprise Products Partners L.P. will post 3.01 EPS for the current fiscal year.

Enterprise Products Partners Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Friday, July 31st will be paid a dividend of $0.56 per share. This is a positive change from Enterprise Products Partners’s previous quarterly dividend of $0.55. The ex-dividend date of this dividend is Friday, July 31st. This represents a $2.24 annualized dividend and a dividend yield of 5.8%. Enterprise Products Partners’s dividend payout ratio is presently 82.96%.

Hedge Funds Weigh In On Enterprise Products Partners

Hedge funds have recently bought and sold shares of the company. Brighton Jones LLC grew its holdings in Enterprise Products Partners by 19.9% in the fourth quarter. Brighton Jones LLC now owns 32,620 shares of the oil and gas producer’s stock valued at $1,023,000 after purchasing an additional 5,425 shares during the last quarter. Schnieders Capital Management LLC. raised its stake in shares of Enterprise Products Partners by 9.3% during the 2nd quarter. Schnieders Capital Management LLC. now owns 58,918 shares of the oil and gas producer’s stock worth $1,827,000 after buying an additional 5,000 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Enterprise Products Partners by 6.2% during the 2nd quarter. Geode Capital Management LLC now owns 63,702 shares of the oil and gas producer’s stock worth $1,975,000 after buying an additional 3,742 shares during the last quarter. Guggenheim Capital LLC boosted its position in shares of Enterprise Products Partners by 6.1% in the 2nd quarter. Guggenheim Capital LLC now owns 27,301 shares of the oil and gas producer’s stock worth $847,000 after buying an additional 1,578 shares in the last quarter. Finally, Glenview Trust co grew its stake in Enterprise Products Partners by 315.8% in the 2nd quarter. Glenview Trust co now owns 33,648 shares of the oil and gas producer’s stock valued at $1,043,000 after acquiring an additional 25,555 shares during the last quarter. 26.07% of the stock is owned by hedge funds and other institutional investors.

About Enterprise Products Partners

Enterprise Products Partners L.P. (NYSE: EPD) is a Houston-based master limited partnership that provides midstream energy services across North America. The company owns and operates an extensive network of pipelines, storage facilities, processing plants and export terminals that transport and handle natural gas, natural gas liquids (NGLs), crude oil and refined and petrochemical products. Its core activities include gathering and transportation, fractionation of NGLs, natural gas processing, crude oil and condensate pipelines, and marine and terminal services that enable domestic distribution and exports.

Enterprise serves a diverse set of customers including producers, refiners, petrochemical companies, marketers and end users.