Enterprise Products Partners (NYSE:EPD) Shares Down 1.8% – Here’s Why

Enterprise Products Partners L.P. (NYSE:EPD) dropped 1.8% during mid-day trading on Wednesday . The stock traded as low as $37.96 and last traded at $38.1050. Approximately 2,411,812 shares traded hands during trading, a decline of 38% from the average daily volume of 3,907,845 shares. The stock had previously closed at $38.81.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Weiss Ratings raised shares of Enterprise Products Partners from a “buy (b)” rating to a “buy (a-)” rating in a research note on Tuesday, August 11th. The Goldman Sachs Group restated a “neutral” rating and issued a $38.00 price target on shares of Enterprise Products Partners in a research report on Wednesday, June 17th. Wall Street Zen raised Enterprise Products Partners from a “buy” rating to a “strong-buy” rating in a report on Sunday, September 6th. Stifel Nicolaus began coverage on Enterprise Products Partners in a research report on Thursday, September 10th. They set a “hold” rating and a $40.00 price objective on the stock. Finally, UBS Group reissued a “buy” rating and set a $45.00 price objective on shares of Enterprise Products Partners in a research note on Wednesday, June 17th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $39.87.

Enterprise Products Partners Trading Down 1.8%

The company has a quick ratio of 0.66, a current ratio of 0.93 and a debt-to-equity ratio of 1.00. The company’s 50-day moving average is $38.45 and its 200-day moving average is $37.92. The stock has a market capitalization of $82.29 billion, a price-to-earnings ratio of 13.23, a PEG ratio of 1.42 and a beta of 0.50.

Enterprise Products Partners (NYSE:EPD) last posted its earnings results on Wednesday, July 29th. The oil and gas producer reported $0.84 earnings per share for the quarter, beating the consensus estimate of $0.75 by $0.09. Enterprise Products Partners had a net margin of 10.79% and a return on equity of 20.67%. The company had revenue of $18.27 billion for the quarter, compared to analyst estimates of $13.69 billion. During the same period in the previous year, the business posted $0.66 EPS. Enterprise Products Partners’s revenue was up 60.8% on a year-over-year basis. Research analysts anticipate that Enterprise Products Partners L.P. will post 3.03 earnings per share for the current fiscal year.

Enterprise Products Partners Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, July 31st were given a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a dividend yield of 5.9%. The ex-dividend date of this dividend was Friday, July 31st. This is a boost from Enterprise Products Partners’s previous quarterly dividend of $0.55. Enterprise Products Partners’s dividend payout ratio is presently 77.78%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Anchor Investment Management LLC raised its position in Enterprise Products Partners by 13.5% in the second quarter. Anchor Investment Management LLC now owns 42,150 shares of the oil and gas producer’s stock valued at $1,549,000 after purchasing an additional 5,004 shares during the period. Core Capital Management & Research inc. purchased a new position in shares of Enterprise Products Partners during the 2nd quarter worth $4,393,000. Sequoia Financial Advisors LLC increased its position in shares of Enterprise Products Partners by 1.9% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 66,928 shares of the oil and gas producer’s stock worth $2,460,000 after purchasing an additional 1,228 shares during the last quarter. Tidal Investments LLC raised its holdings in Enterprise Products Partners by 95.7% in the 2nd quarter. Tidal Investments LLC now owns 118,324 shares of the oil and gas producer’s stock valued at $4,350,000 after buying an additional 57,860 shares during the period. Finally, MCF Advisors LLC raised its holdings in Enterprise Products Partners by 2.9% in the 2nd quarter. MCF Advisors LLC now owns 31,648 shares of the oil and gas producer’s stock valued at $1,163,000 after buying an additional 898 shares during the period. 26.07% of the stock is currently owned by hedge funds and other institutional investors.

About Enterprise Products Partners

Enterprise Products Partners L.P. (NYSE: EPD) is a publicly traded midstream energy partnership that provides transportation, storage, processing and export services for crude oil, natural gas, natural gas liquids (NGLs), petrochemicals and refined products. The company operates an integrated network of pipelines, processing plants, fractionation facilities, storage assets and marine terminals.

Enterprise’s NGL operations include natural gas processing, NGL fractionation and the production and distribution of ethane, propane, butanes and natural gasoline.