Enterprise Products Partners (NYSE:EPD) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Thursday. The firm currently has a $33.00 price objective on the oil and gas producer’s stock. Zacks Investment Research‘s price objective indicates a potential upside of 14.38% from the stock’s current price.
According to Zacks, “Enterprise Products Partners rallied 11.4% over the past year, outperforming the 1.8% collective growth of the stocks belonging to the industry. The partnership boasts of an extensive network of pipeline that spreads across 50,000 miles. Importantly, the pipeline network is connected to every major U.S. shale play and provides services to producers and users of commodities by transporting gas, liquids and refined products. Enterprise’s $5.7 billion pipeline of fee-oriented expansion projects at present positions it to enjoy an above-average growth pace in distributable cash flows (DCF) over the next two years, further expanding its already comfortable distribution coverage ratio (currently 1.5X). Notably, over the past 56 quarters in row, the partnership increased its distribution. “
EPD has been the subject of several other reports. Bank of America lifted their price target on Enterprise Products Partners from $29.00 to $31.00 and gave the company a “buy” rating in a report on Thursday, August 2nd. Barclays lifted their price target on Enterprise Products Partners from $33.00 to $34.00 and gave the company a “buy” rating in a report on Wednesday, August 1st. Scotiabank set a $33.00 price target on Enterprise Products Partners and gave the company a “buy” rating in a report on Monday, August 20th. ValuEngine upgraded Enterprise Products Partners from a “sell” rating to a “hold” rating in a report on Wednesday, May 16th. Finally, US Capital Advisors reiterated a “buy” rating on shares of Enterprise Products Partners in a report on Tuesday, July 17th. Two equities research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $32.38.
Shares of Enterprise Products Partners stock opened at $28.85 on Thursday. The stock has a market cap of $63.28 billion, a PE ratio of 21.82, a PEG ratio of 5.82 and a beta of 0.91. The company has a debt-to-equity ratio of 1.00, a current ratio of 0.74 and a quick ratio of 0.56. Enterprise Products Partners has a 52-week low of $23.10 and a 52-week high of $30.05.
Enterprise Products Partners (NYSE:EPD) last announced its quarterly earnings results on Wednesday, August 1st. The oil and gas producer reported $0.46 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.39 by $0.07. The business had revenue of $8.47 billion during the quarter, compared to analyst estimates of $8.55 billion. Enterprise Products Partners had a return on equity of 14.42% and a net margin of 8.95%. The firm’s revenue was up 28.1% on a year-over-year basis. During the same period in the previous year, the company earned $0.30 EPS. equities analysts expect that Enterprise Products Partners will post 1.68 earnings per share for the current fiscal year.
In related news, CEO Aj Teague acquired 3,390 shares of the business’s stock in a transaction that occurred on Thursday, August 2nd. The shares were acquired at an average cost of $29.48 per share, with a total value of $99,937.20. Following the purchase, the chief executive officer now owns 1,616,790 shares of the company’s stock, valued at $47,662,969.20. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 37.50% of the stock is currently owned by company insiders.
Several hedge funds have recently modified their holdings of EPD. Alps Advisors Inc. increased its position in Enterprise Products Partners by 13.2% in the 2nd quarter. Alps Advisors Inc. now owns 40,898,736 shares of the oil and gas producer’s stock worth $1,084,226,000 after buying an additional 4,777,192 shares during the period. Neuberger Berman Group LLC increased its position in Enterprise Products Partners by 1.6% in the 1st quarter. Neuberger Berman Group LLC now owns 20,331,405 shares of the oil and gas producer’s stock worth $497,713,000 after buying an additional 315,368 shares during the period. Massachusetts Financial Services Co. MA increased its position in Enterprise Products Partners by 1.1% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 15,202,934 shares of the oil and gas producer’s stock worth $372,168,000 after buying an additional 169,660 shares during the period. BlackRock Inc. increased its position in Enterprise Products Partners by 321.0% in the 2nd quarter. BlackRock Inc. now owns 13,588,906 shares of the oil and gas producer’s stock worth $376,005,000 after buying an additional 10,360,904 shares during the period. Finally, Brookfield Asset Management Inc. increased its position in Enterprise Products Partners by 215.4% in the 1st quarter. Brookfield Asset Management Inc. now owns 12,347,075 shares of the oil and gas producer’s stock worth $302,256,000 after buying an additional 8,432,139 shares during the period. 36.51% of the stock is currently owned by institutional investors and hedge funds.
Enterprise Products Partners Company Profile
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. The company operates through four segments: NGL Pipelines & Services, Crude Oil Pipelines & Services, Natural Gas Pipelines & Services, and Petrochemical & Refined Products Services.
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