Enterprise Products Partners (NYSE:EPD) Trading Down 1.3% - Here's Why

Key Points

• Shares of Enterprise Products Partners fell about 1.3% midday to roughly $37.53 on light volume (3.5M shares, ~24% below average).
• Several brokerages updated their views and targets, leaving a MarketBeat consensus of “Moderate Buy” with an average price target of $37.73; notably, Wells Fargo upgraded to Overweight with a $42 target.
• The firm beat quarterly estimates (EPS $0.75 vs. $0.69) and announced a quarterly dividend of $0.55 (annualized $2.20, ~5.9% yield), while CEO Aj Teague purchased an additional 2,665 shares.

Enterprise Products Partners L.P. (NYSE:EPD - Get Free Report)'s share price traded down 1.3% during mid-day trading on Thursday . The stock traded as low as $37.37 and last traded at $37.5260. 3,503,443 shares were traded during trading, a decline of 24% from the average session volume of 4,606,019 shares. The stock had previously closed at $38.03.

Analysts Set New Price Targets

Several brokerages recently weighed in on EPD. Truist Financial began coverage on shares of Enterprise Products Partners in a research report on Tuesday, March 24th. They issued a "hold" rating and a $36.00 price target on the stock. Scotiabank boosted their price target on shares of Enterprise Products Partners from $37.00 to $39.00 and gave the stock a "sector perform" rating in a research report on Tuesday, March 17th. TD Cowen boosted their price target on shares of Enterprise Products Partners from $33.00 to $34.00 and gave the stock a "hold" rating in a research report on Wednesday, February 4th. Wells Fargo & Company upgraded shares of Enterprise Products Partners from an "equal weight" rating to an "overweight" rating and boosted their price target for the stock from $40.00 to $42.00 in a research report on Wednesday, March 25th. Finally, Morgan Stanley boosted their price target on shares of 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 analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, six have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, Enterprise Products Partners presently has a consensus rating of "Moderate Buy" and an average price target of $37.73.

Enterprise Products Partners Price Performance

The company has a quick ratio of 0.74, a current ratio of 1.04 and a debt-to-equity ratio of 1.07. The firm's 50 day simple moving average is $36.75 and its 200 day simple moving average is $33.54. The company has a market capitalization of $81.12 billion, a PE ratio of 14.11, a price-to-earnings-growth ratio of 1.50 and a beta of 0.55.

Enterprise Products Partners (NYSE:EPD - Get Free Report) last posted its quarterly earnings data on Monday, February 2nd. The oil and gas producer reported $0.75 EPS for the quarter, topping the consensus estimate of $0.69 by $0.06. The company had revenue of $13.79 billion during the quarter, compared to analyst estimates of $12.44 billion. Enterprise Products Partners had a net margin of 11.05% and a return on equity of 19.33%. Enterprise Products Partners's quarterly revenue was down 2.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.74 earnings per share. As a group, research analysts anticipate that Enterprise Products Partners L.P. will post 2.9 EPS for the current fiscal year.

Enterprise Products Partners Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 14th. Stockholders of record on Thursday, April 30th will be paid a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a dividend yield of 5.9%. The ex-dividend date of this dividend is Thursday, April 30th. Enterprise Products Partners's payout ratio is currently 82.71%.

Insider Activity

In related news, CEO Aj Teague bought 2,665 shares of the stock in a transaction dated Friday, March 20th. The stock was purchased at an average cost of $37.55 per share, with a total value of $100,070.75. Following the completion of the purchase, the chief executive officer owned 77,576 shares of the company's stock, valued at $2,912,978.80. This trade represents a 3.56% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 32.60% of the company's stock.

Institutional Trading of Enterprise Products Partners

Large investors have recently made changes to their positions in the stock. Tred Avon Family Wealth LLC acquired a new stake in shares of Enterprise Products Partners during the 3rd quarter worth approximately $1,015,000. Tectonic Advisors LLC grew its stake in shares of Enterprise Products Partners by 10.0% during the 3rd quarter. Tectonic Advisors LLC now owns 678,769 shares of the oil and gas producer's stock worth $21,225,000 after purchasing an additional 61,669 shares during the period. PNC Financial Services Group Inc. grew its stake in shares of Enterprise Products Partners by 3.0% during the 3rd quarter. PNC Financial Services Group Inc. now owns 1,252,088 shares of the oil and gas producer's stock worth $39,153,000 after purchasing an additional 36,339 shares during the period. Advisors Asset Management Inc. grew its stake in shares of Enterprise Products Partners by 20.2% during the 3rd quarter. Advisors Asset Management Inc. now owns 229,911 shares of the oil and gas producer's stock worth $7,189,000 after purchasing an additional 38,660 shares during the period. Finally, Corient Private Wealth LLC grew its stake in shares of Enterprise Products Partners by 118.9% during the 2nd quarter. Corient Private Wealth LLC now owns 2,407,544 shares of the oil and gas producer's stock worth $74,658,000 after purchasing an additional 1,307,485 shares during the period. 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.

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