Enterprise Products Partners (NYSE:EPD) Trading 1.4% Higher After Analyst Upgrade

Enterprise Products Partners L.P. (NYSE:EPD) shares traded up 1.4% during mid-day trading on Tuesday after Wall Street Zen upgraded the stock from a hold rating to a buy rating. The stock traded as high as $38.59 and last traded at $38.3450. 2,709,055 shares were traded during mid-day trading, a decline of 42% from the average session volume of 4,630,885 shares. The stock had previously closed at $37.83.

Several other equities analysts have also issued reports on the company. Wells Fargo & Company upgraded Enterprise Products Partners from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $40.00 to $42.00 in a research report on Wednesday, March 25th. Scotiabank boosted their price objective on Enterprise Products Partners from $37.00 to $39.00 and gave the company a “sector perform” rating in a research report on Tuesday, March 17th. Truist Financial assumed coverage on Enterprise Products Partners in a research report on Tuesday, March 24th. They issued a “hold” rating and a $36.00 price objective for the company. Weiss Ratings reiterated a “buy (b)” rating on shares of Enterprise Products Partners in a research report on Thursday, January 22nd. Finally, Morgan Stanley upped their price target on Enterprise Products Partners from $34.00 to $38.00 and gave the stock an “underweight” rating in a research report on Wednesday, March 18th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, six have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, Enterprise Products Partners presently has an average rating of “Moderate Buy” and a consensus target price of $37.73.

Insider Activity

In related news, CEO Aj Teague acquired 2,665 shares of the company’s stock in a transaction dated Friday, March 20th. The shares were bought at an average price of $37.55 per share, for a total transaction of $100,070.75. Following the purchase, the chief executive officer directly owned 77,576 shares in the company, valued at approximately $2,912,978.80. This trade represents a 3.56% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 32.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Enterprise Products Partners

Institutional investors and hedge funds have recently made changes to their positions in the stock. PMV Capital Advisers LLC bought a new stake in shares of Enterprise Products Partners during the 4th quarter worth approximately $25,000. Palisade Asset Management LLC bought a new stake in shares of Enterprise Products Partners during the 3rd quarter worth approximately $31,000. Texas Capital Bancshares Inc TX bought a new stake in shares of Enterprise Products Partners during the 3rd quarter worth approximately $32,000. Abich Financial Wealth Management LLC bought a new stake in shares of Enterprise Products Partners during the 3rd quarter worth approximately $32,000. Finally, Financial Consulate Inc. bought a new stake in shares of Enterprise Products Partners during the 3rd quarter worth approximately $33,000. Institutional investors own 26.07% of the company’s stock.

Enterprise Products Partners Trading Up 1.4%

The company has a market cap of $82.89 billion, a P/E ratio of 14.42, a PEG ratio of 1.50 and a beta of 0.55. The company has a current ratio of 1.04, a quick ratio of 0.74 and a debt-to-equity ratio of 1.07. The business has a 50 day moving average price of $36.66 and a 200-day moving average price of $33.51.

Enterprise Products Partners (NYSE:EPD) last announced its quarterly earnings data on Monday, February 2nd. The oil and gas producer reported $0.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.69 by $0.06. Enterprise Products Partners had a return on equity of 19.33% and a net margin of 11.05%.The company had revenue of $13.79 billion for the quarter, compared to analysts’ expectations of $12.44 billion. During the same quarter in the prior year, the business posted $0.74 EPS. The business’s revenue was down 2.9% compared to the same quarter last year. Analysts forecast that Enterprise Products Partners L.P. will post 2.9 earnings per share for the current fiscal year.

Enterprise Products Partners Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 13th. Shareholders of record on Friday, January 30th were issued a dividend of $0.55 per share. The ex-dividend date of this dividend was Friday, January 30th. This represents a $2.20 annualized dividend and a yield of 5.7%. This is a positive change from Enterprise Products Partners’s previous quarterly dividend of $0.55. Enterprise Products Partners’s payout ratio is 82.71%.

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.