Scotiabank Initiates Coverage on Enterprise Products Partners (NYSE:EPD)

Stock analysts at Scotiabank initiated coverage on shares of Enterprise Products Partners (NYSE:EPD) in a report released on Friday, MarketBeat Ratings reports. The firm set a “sector perform” rating and a $33.00 price target on the oil and gas producer’s stock. Scotiabank’s price objective points to a potential upside of 2.45% from the company’s previous close.

Other research analysts have also recently issued research reports about the company. US Capital Advisors upgraded Enterprise Products Partners from a “moderate buy” rating to a “strong-buy” rating in a research report on Monday, October 28th. Truist Financial lifted their target price on Enterprise Products Partners from $37.00 to $40.00 and gave the company a “buy” rating in a research report on Friday, January 3rd. Wells Fargo & Company cut Enterprise Products Partners from an “overweight” rating to an “equal weight” rating and set a $35.00 target price on the stock. in a research report on Wednesday, December 18th. Royal Bank of Canada reiterated an “outperform” rating and issued a $36.00 target price on shares of Enterprise Products Partners in a research report on Wednesday, October 30th. Finally, Bank of America started coverage on Enterprise Products Partners in a report on Thursday, October 17th. They set a “buy” rating and a $35.00 price target on the stock. Four research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $34.60.

Enterprise Products Partners Stock Down 0.7 %

Shares of NYSE EPD opened at $32.21 on Friday. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.83 and a current ratio of 1.07. Enterprise Products Partners has a 52 week low of $26.12 and a 52 week high of $34.63. The stock has a market capitalization of $69.82 billion, a P/E ratio of 12.06, a PEG ratio of 1.66 and a beta of 1.09. The stock’s fifty day moving average is $31.72 and its 200 day moving average is $30.08.

Enterprise Products Partners (NYSE:EPD) last released its earnings results on Tuesday, October 29th. The oil and gas producer reported $0.65 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $13.87 billion. During the same quarter in the prior year, the firm earned $0.60 EPS. The business’s revenue was up 14.8% on a year-over-year basis. Sell-side analysts forecast that Enterprise Products Partners will post 2.69 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Enterprise Products Partners

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Paragon Advisors LLC acquired a new position in shares of Enterprise Products Partners in the third quarter worth approximately $2,628,000. FMR LLC lifted its stake in Enterprise Products Partners by 9.3% in the third quarter. FMR LLC now owns 14,429,298 shares of the oil and gas producer’s stock valued at $420,037,000 after buying an additional 1,225,988 shares during the period. Peapack Gladstone Financial Corp lifted its stake in Enterprise Products Partners by 61.7% in the third quarter. Peapack Gladstone Financial Corp now owns 135,836 shares of the oil and gas producer’s stock valued at $3,954,000 after buying an additional 51,809 shares during the period. Thrivent Financial for Lutherans lifted its stake in Enterprise Products Partners by 5.2% in the third 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 buying an additional 200,625 shares during the period. Finally, Brookfield Corp ON lifted its stake in Enterprise Products Partners by 6.2% in the third quarter. Brookfield Corp ON now owns 4,762,585 shares of the oil and gas producer’s stock valued at $138,639,000 after buying an additional 278,892 shares during the period. 26.07% of the stock is 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. It operates in four segments: NGL Pipelines & Services, Crude Oil Pipelines & Services, Natural Gas Pipelines & Services, and Petrochemical & Refined Products Services.