Enterprise Products Partners (NYSE:EPD) Coverage Initiated at Bank of America

by · The Markets Daily

Bank of America started coverage on shares of Enterprise Products Partners (NYSE:EPD – Free Report) in a research note issued to investors on Thursday, Marketbeat reports. The brokerage issued a buy rating and a $35.00 target price on the oil and gas producer’s stock.

Several other equities research analysts have also recently commented on EPD. Truist Financial boosted their price target on shares of Enterprise Products Partners from $35.00 to $37.00 and gave the stock a “buy” rating in a research report on Wednesday, July 31st. StockNews.com downgraded shares of Enterprise Products Partners from a “strong-buy” rating to a “buy” rating in a report on Monday, August 12th. Finally, Royal Bank of Canada raised their target price on shares of Enterprise Products Partners from $35.00 to $36.00 and gave the stock an “outperform” rating in a report on Wednesday. One equities research analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Buy” and an average price target of $33.73.

Check Out Our Latest Report on Enterprise Products Partners

Enterprise Products Partners Trading Down 0.2 %

Enterprise Products Partners stock opened at $29.14 on Thursday. Enterprise Products Partners has a 12-month low of $25.61 and a 12-month high of $30.05. The company has a debt-to-equity ratio of 0.98, a current ratio of 0.91 and a quick ratio of 0.68. The stock has a market capitalization of $63.27 billion, a PE ratio of 11.43, a price-to-earnings-growth ratio of 1.49 and a beta of 1.03. The firm has a 50 day simple moving average of $29.21 and a 200-day simple moving average of $28.97.

Enterprise Products Partners (NYSE:EPD – Get Free Report) last issued its quarterly earnings results on Tuesday, July 30th. The oil and gas producer reported $0.64 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.66 by ($0.02). Enterprise Products Partners had a net margin of 10.48% and a return on equity of 20.13%. The firm had revenue of $13.48 billion for the quarter, compared to the consensus estimate of $14.23 billion. During the same period in the previous year, the business posted $0.57 earnings per share. The business’s revenue for the quarter was up 26.6% compared to the same quarter last year. As a group, equities research analysts expect that Enterprise Products Partners will post 2.71 EPS for the current fiscal year.

Enterprise Products Partners Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Thursday, October 31st will be issued a $0.525 dividend. The ex-dividend date of this dividend is Thursday, October 31st. This represents a $2.10 dividend on an annualized basis and a dividend yield of 7.21%. Enterprise Products Partners’s payout ratio is currently 82.35%.

Institutional Investors Weigh In On Enterprise Products Partners

Several hedge funds have recently bought and sold shares of EPD. O Shaughnessy Asset Management LLC lifted its position in shares of Enterprise Products Partners by 19.1% in the first quarter. O Shaughnessy Asset Management LLC now owns 23,469 shares of the oil and gas producer’s stock worth $685,000 after purchasing an additional 3,770 shares in the last quarter. Sanders Morris Harris LLC boosted its stake in shares of Enterprise Products Partners by 28.1% during the 3rd quarter. Sanders Morris Harris LLC now owns 705,804 shares of the oil and gas producer’s stock valued at $20,546,000 after buying an additional 154,822 shares during the period. Nwam LLC grew its holdings in shares of Enterprise Products Partners by 25.1% during the 1st quarter. Nwam LLC now owns 20,822 shares of the oil and gas producer’s stock valued at $591,000 after acquiring an additional 4,184 shares in the last quarter. J.W. Cole Advisors Inc. increased its stake in shares of Enterprise Products Partners by 10.8% in the first quarter. J.W. Cole Advisors Inc. now owns 48,832 shares of the oil and gas producer’s stock worth $1,425,000 after acquiring an additional 4,757 shares during the last quarter. Finally, Natixis raised its holdings in shares of Enterprise Products Partners by 144.9% during the first quarter. Natixis now owns 74,872 shares of the oil and gas producer’s stock worth $2,185,000 after acquiring an additional 44,300 shares in the last quarter. 26.07% of the stock is owned by hedge funds and other institutional investors.

About Enterprise Products Partners

(Get Free Report)

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.

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