Enterprise Products Partners (NYSE:EPD) Downgraded by Wells Fargo & Company to “Equal Weight”

Wells Fargo & Company downgraded shares of Enterprise Products Partners (NYSE:EPD) from an overweight rating to an equal weight rating in a research note issued to investors on Wednesday, MarketBeat Ratings reports. They currently have $35.00 price objective on the oil and gas producer’s stock.

Several other equities analysts also recently issued reports on the stock. Bank of America assumed coverage on shares of Enterprise Products Partners in a report on Thursday, October 17th. They set a “buy” rating and a $35.00 price objective on the stock. Royal Bank of Canada restated an “outperform” rating and set a $36.00 price target on shares of Enterprise Products Partners in a research note on Wednesday, October 30th. Finally, US Capital Advisors upgraded shares of Enterprise Products Partners from a “moderate buy” rating to a “strong-buy” rating in a research note on Monday, October 28th. Two equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Enterprise Products Partners has a consensus rating of “Moderate Buy” and an average target price of $34.20.

Enterprise Products Partners Trading Up 1.5 %

NYSE EPD opened at $30.99 on Wednesday. Enterprise Products Partners has a 52 week low of $26.03 and a 52 week high of $34.63. The company has a 50 day moving average price of $30.95 and a 200 day moving average price of $29.74. The company has a quick ratio of 0.83, a current ratio of 1.07 and a debt-to-equity ratio of 1.05. The firm has a market cap of $67.17 billion, a PE ratio of 11.61, a price-to-earnings-growth ratio of 1.67 and a beta of 1.08.

Enterprise Products Partners (NYSE:EPD) last issued its quarterly earnings data on Tuesday, October 29th. The oil and gas producer reported $0.65 EPS for the quarter, missing the consensus estimate of $0.66 by ($0.01). Enterprise Products Partners had a net margin of 10.32% and a return on equity of 20.31%. The business had revenue of $13.78 billion for the quarter, compared to analysts’ expectations of $13.87 billion. During the same quarter in the prior year, the company posted $0.60 EPS. The business’s revenue for the quarter was up 14.8% on a year-over-year basis. As a group, sell-side analysts forecast that Enterprise Products Partners will post 2.69 EPS for the current fiscal year.

Enterprise Products Partners Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Thursday, October 31st were paid a dividend of $0.525 per share. The ex-dividend date was Thursday, October 31st. This represents a $2.10 dividend on an annualized basis and a dividend yield of 6.78%. Enterprise Products Partners’s payout ratio is currently 78.65%.

Institutional Investors Weigh In On Enterprise Products Partners

Several hedge funds have recently bought and sold shares of EPD. Paragon Advisors LLC acquired a new position in shares of Enterprise Products Partners in the 3rd quarter valued at $2,628,000. FMR LLC boosted its stake in shares of Enterprise Products Partners by 9.3% during the 3rd quarter. FMR LLC now owns 14,429,298 shares of the oil and gas producer’s stock worth $420,037,000 after acquiring an additional 1,225,988 shares in the last quarter. Peapack Gladstone Financial Corp grew its position in shares of Enterprise Products Partners by 61.7% during the 3rd quarter. Peapack Gladstone Financial Corp now owns 135,836 shares of the oil and gas producer’s stock valued at $3,954,000 after acquiring an additional 51,809 shares during the period. Thrivent Financial for Lutherans increased its stake in shares of Enterprise Products Partners by 5.2% in the 3rd quarter. Thrivent Financial for Lutherans now owns 4,072,866 shares of the oil and gas producer’s stock valued at $118,561,000 after purchasing an additional 200,625 shares in the last quarter. Finally, Brookfield Corp ON boosted its position in Enterprise Products Partners by 6.2% during the third quarter. Brookfield Corp ON now owns 4,762,585 shares of the oil and gas producer’s stock worth $138,639,000 after purchasing an additional 278,892 shares in the last quarter. Hedge funds and other institutional investors own 26.07% of the company’s stock.

About Enterprise Products Partners

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.