Enterprise Products Partners (NYSE:EPD) Shares Up 2.1% - Here's What Happened

Key Points

• Enterprise Products Partners shares rose 2.1% to about $39.09, while trading volume fell 36% below the average session volume.
• The company posted stronger-than-expected quarterly results, with EPS of $0.84 versus $0.75 expected and revenue up 60.8% year over year to $18.27 billion.
• Enterprise increased its quarterly dividend to $0.56 per share, equating to a 5.7% annualized yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $40.00.

Enterprise Products Partners L.P. (NYSE:EPD - Get Free Report) shares shot up 2.1% on Wednesday . The company traded as high as $39.16 and last traded at $39.09. Approximately 2,585,902 shares were traded during trading, a decline of 36% from the average session volume of 4,051,037 shares. The stock had previously closed at $38.27.

Analyst Ratings Changes

Several equities analysts recently weighed in on EPD shares. TD Cowen restated a "hold" rating and issued a $38.00 price objective (down from $39.00) on shares of Enterprise Products Partners in a report on Monday, August 3rd. Truist Financial upped their target price on shares of Enterprise Products Partners from $36.00 to $40.00 and gave the company a "hold" rating in a research report on Monday, May 4th. Morgan Stanley restated an "underweight" rating and set a $41.00 target price (up from $40.00) on shares of Enterprise Products Partners in a report on Tuesday, August 18th. The Goldman Sachs Group reiterated a "neutral" rating and issued a $38.00 price target on shares of Enterprise Products Partners in a research report on Wednesday, June 17th. Finally, Wall Street Zen upgraded shares of Enterprise Products Partners from a "buy" rating to a "strong-buy" rating in a report on Sunday, August 16th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, Enterprise Products Partners currently has a consensus rating of "Moderate Buy" and an average price target of $40.00.

Enterprise Products Partners Stock Up 2.1%

The company has a debt-to-equity ratio of 1.00, a current ratio of 0.93 and a quick ratio of 0.66. The company has a market capitalization of $84.41 billion, a price-to-earnings ratio of 13.57, a PEG ratio of 1.26 and a beta of 0.49. The firm has a 50-day moving average price of $37.74 and a two-hundred day moving average price of $37.59.

Enterprise Products Partners (NYSE:EPD - Get Free Report) last announced its earnings results on Wednesday, July 29th. The oil and gas producer reported $0.84 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.75 by $0.09. Enterprise Products Partners had a return on equity of 20.67% and a net margin of 10.79%.The business had revenue of $18.27 billion for the quarter, compared to analyst estimates of $13.69 billion. During the same quarter last year, the firm earned $0.66 EPS. Enterprise Products Partners's revenue for the quarter was up 60.8% compared to the same quarter last year. As a group, sell-side 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 firm also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, July 31st were issued a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a dividend yield of 5.7%. This is a boost from Enterprise Products Partners's previous quarterly dividend of $0.55. The ex-dividend date was Friday, July 31st. Enterprise Products Partners's dividend payout ratio is 77.78%.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the business. Advus Financial Partners LLC increased its stake in Enterprise Products Partners by 2.2% in the 2nd quarter. Advus Financial Partners LLC now owns 26,248 shares of the oil and gas producer's stock valued at $965,000 after buying an additional 556 shares during the last quarter. First Eagle Investment Management LLC lifted its position in Enterprise Products Partners by 0.9% during the 2nd quarter. First Eagle Investment Management LLC now owns 1,958,036 shares of the oil and gas producer's stock worth $71,977,000 after buying an additional 16,555 shares in the last quarter. Readystate Asset Management LP acquired a new position in shares of Enterprise Products Partners during the 2nd quarter worth about $353,000. Ameritas Advisory Services LLC boosted its stake in shares of Enterprise Products Partners by 122.9% during the 2nd quarter. Ameritas Advisory Services LLC now owns 35,349 shares of the oil and gas producer's stock worth $1,299,000 after buying an additional 19,490 shares during the last quarter. Finally, Wedmont Private Capital grew its holdings in shares of Enterprise Products Partners by 19.0% in the 2nd quarter. Wedmont Private Capital now owns 27,771 shares of the oil and gas producer's stock valued at $1,035,000 after acquiring an additional 4,432 shares in the last quarter. Institutional investors and hedge funds own 26.07% of the company's stock.

Enterprise Products Partners Company Profile

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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