Enterprise Products Partners (NYSE:EPD) Trading 1.4% Higher – Here’s Why

Enterprise Products Partners L.P. (NYSE:EPD) shares were up 1.4% during trading on Friday . The stock traded as high as $32.49 and last traded at $32.20. Approximately 8,706,406 shares traded hands during mid-day trading, an increase of 91% from the average daily volume of 4,551,005 shares. The stock had previously closed at $31.76.

Wall Street Analyst Weigh In

A number of research firms have issued reports on EPD. Stifel Nicolaus upped their price target on shares of Enterprise Products Partners from $35.00 to $38.00 and gave the company a “buy” rating in a report on Friday, October 31st. Morgan Stanley decreased their target price on Enterprise Products Partners from $35.00 to $33.00 and set an “equal weight” rating for the company in a research note on Tuesday, August 26th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Enterprise Products Partners in a report on Wednesday, October 8th. Finally, Scotiabank dropped their price target on Enterprise Products Partners from $35.00 to $34.00 and set a “sector perform” rating on the stock in a research report on Tuesday, November 4th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $36.00.

Enterprise Products Partners Stock Performance

The firm has a fifty day simple moving average of $31.28 and a 200 day simple moving average of $31.36. The company has a current ratio of 0.96, a quick ratio of 0.69 and a debt-to-equity ratio of 1.04. The stock has a market cap of $69.66 billion, a price-to-earnings ratio of 11.97, a PEG ratio of 2.22 and a beta of 0.67.

Enterprise Products Partners (NYSE:EPD) last released its quarterly earnings data on Wednesday, October 29th. The oil and gas producer reported $0.61 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.68 by ($0.07). The firm had revenue of $12.02 billion for the quarter, compared to the consensus estimate of $11.83 billion. Enterprise Products Partners had a net margin of 10.71% and a return on equity of 19.81%. The business’s revenue for the quarter was down 12.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.65 earnings per share. As a group, sell-side analysts expect that Enterprise Products Partners L.P. will post 2.9 earnings per share for the current year.

Enterprise Products Partners Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, November 14th. Shareholders of record on Friday, October 31st were issued a $0.545 dividend. This represents a $2.18 annualized dividend and a yield of 6.8%. The ex-dividend date of this dividend was Friday, October 31st. Enterprise Products Partners’s payout ratio is 82.26%.

Enterprise Products Partners declared that its Board of Directors has initiated a share repurchase plan on Thursday, October 30th that allows the company to repurchase $5.00 billion in shares. This repurchase authorization allows the oil and gas producer to reacquire up to 7.4% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

Institutional Trading of Enterprise Products Partners

A number of institutional investors and hedge funds have recently added to or reduced their stakes in EPD. Brooklyn Investment Group bought a new position in Enterprise Products Partners during the first quarter worth about $27,000. Wealth Preservation Advisors LLC acquired a new position in shares of Enterprise Products Partners in the 1st quarter worth approximately $28,000. Winnow Wealth LLC acquired a new position in shares of Enterprise Products Partners in the 2nd quarter worth approximately $28,000. Crowley Wealth Management Inc. bought a new position in shares of Enterprise Products Partners during the 2nd quarter worth approximately $29,000. Finally, N.E.W. Advisory Services LLC acquired a new stake in Enterprise Products Partners in the 1st quarter valued at $34,000. 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.