Enterprise Products Partners (NYSE:EPD) Shares Down 2.2% – Here’s Why

Enterprise Products Partners L.P. (NYSE:EPD) was down 2.2% during mid-day trading on Wednesday . The stock traded as low as $36.09 and last traded at $36.3230. 2,635,302 shares were traded during trading, a decline of 40% from the average session volume of 4,410,989 shares. The stock had previously closed at $37.13.

Analyst Ratings Changes

EPD has been the subject of a number of research reports. TD Cowen reissued a “hold” rating and issued a $38.00 price target (up from $34.00) on shares of Enterprise Products Partners in a research note on Thursday, April 16th. Barclays upped their target price on Enterprise Products Partners from $38.00 to $39.00 and gave the stock an “overweight” rating in a report on Thursday, March 5th. Weiss Ratings upgraded Enterprise Products Partners from a “buy (b)” rating to a “buy (b+)” rating in a research note on Monday, June 15th. The Goldman Sachs Group restated a “neutral” rating and set a $38.00 price target on shares of Enterprise Products Partners in a research report on Wednesday, June 17th. Finally, Wells Fargo & Company raised Enterprise Products Partners from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $40.00 to $42.00 in a research note on Wednesday, March 25th. Nine equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Enterprise Products Partners has an average rating of “Hold” and a consensus target price of $39.94.

Enterprise Products Partners Stock Down 2.2%

The stock’s 50 day simple moving average is $37.84 and its two-hundred day simple moving average is $35.90. The firm has a market cap of $78.52 billion, a P/E ratio of 13.45, a P/E/G ratio of 1.30 and a beta of 0.49. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.91 and a quick ratio of 0.61.

Enterprise Products Partners (NYSE:EPD) last issued its quarterly earnings results 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 during the quarter, compared to the consensus estimate of $13.62 billion. During the same period in the prior year, the firm earned $0.64 earnings per share. The business’s revenue for the quarter was down 6.7% compared to the same quarter last year. As a group, research analysts forecast that Enterprise Products Partners L.P. will post 2.98 earnings per share for the current year.

Enterprise Products Partners Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, May 14th. Stockholders of record on Thursday, April 30th were issued a dividend of $0.55 per share. The ex-dividend date was Thursday, April 30th. This represents a $2.20 annualized dividend and a dividend yield of 6.1%. Enterprise Products Partners’s dividend payout ratio (DPR) is presently 81.48%.

Institutional Trading of Enterprise Products Partners

Several institutional investors have recently bought and sold shares of the company. Auto Owners Insurance Co boosted its stake in Enterprise Products Partners by 3,106.0% during the 4th quarter. Auto Owners Insurance Co now owns 32,060,000 shares of the oil and gas producer’s stock valued at $102,784,000 after purchasing an additional 31,060,000 shares during the last quarter. CIBC Bancorp USA Inc. purchased a new position in shares of Enterprise Products Partners in the third quarter worth $292,194,000. Goldman Sachs Group Inc. lifted its holdings in shares of Enterprise Products Partners by 12.0% during the fourth quarter. Goldman Sachs Group Inc. now owns 18,163,343 shares of the oil and gas producer’s stock valued at $582,317,000 after purchasing an additional 1,940,583 shares in the last quarter. Corient Private Wealth LLC boosted its position in shares of Enterprise Products Partners by 119.4% during the second quarter. Corient Private Wealth LLC now owns 2,414,035 shares of the oil and gas producer’s stock valued at $74,859,000 after buying an additional 1,313,976 shares during the last quarter. Finally, Barclays PLC boosted its position in shares of Enterprise Products Partners by 57.5% during the fourth quarter. Barclays PLC now owns 2,928,068 shares of the oil and gas producer’s stock valued at $93,874,000 after buying an additional 1,069,304 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.