Scotiabank Forecasts Strong Price Appreciation for Enterprise Products Partners (NYSE:EPD) Stock

Enterprise Products Partners (NYSE:EPD) had its price objective increased by equities research analysts at Scotiabank from $33.00 to $35.00 in a report issued on Thursday,Benzinga reports. The firm currently has a “sector perform” rating on the oil and gas producer’s stock. Scotiabank’s price target indicates a potential upside of 4.70% from the company’s previous close.

EPD has been the subject of a number of other reports. Citigroup reiterated a “buy” rating on shares of Enterprise Products Partners in a report on Tuesday, February 18th. Wolfe Research cut Enterprise Products Partners from an “outperform” rating to a “peer perform” rating in a research note on Friday, January 10th. Wells Fargo & Company cut Enterprise Products Partners from an “overweight” rating to an “equal weight” rating and set a $35.00 price objective for the company. in a research note on Wednesday, December 18th. Finally, Truist Financial raised their price objective on Enterprise Products Partners from $37.00 to $40.00 and gave the company a “buy” rating in a research note on Friday, January 3rd. Four research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $34.90.

Enterprise Products Partners Price Performance

Shares of EPD opened at $33.43 on Thursday. Enterprise Products Partners has a 1 year low of $27.37 and a 1 year high of $34.63. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.07 and a quick ratio of 0.83. The company has a market capitalization of $72.40 billion, a price-to-earnings ratio of 12.43, a price-to-earnings-growth ratio of 1.37 and a beta of 1.08. The business has a 50-day moving average of $33.06 and a 200-day moving average of $31.24.

Enterprise Products Partners (NYSE:EPD) last issued its earnings results on Tuesday, February 4th. The oil and gas producer reported $0.74 earnings per share for the quarter, topping analysts’ consensus estimates of $0.69 by $0.05. The business had revenue of $14.20 billion during the quarter, compared to the consensus estimate of $14.07 billion. Enterprise Products Partners had a return on equity of 20.48% and a net margin of 10.49%. The firm’s revenue for the quarter was down 2.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.72 earnings per share. As a group, equities research analysts anticipate that Enterprise Products Partners will post 2.9 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of EPD. Farther Finance Advisors LLC boosted its position in Enterprise Products Partners by 56.1% in the third quarter. Farther Finance Advisors LLC now owns 10,037 shares of the oil and gas producer’s stock worth $292,000 after purchasing an additional 3,607 shares during the last quarter. Van ECK Associates Corp raised its stake in shares of Enterprise Products Partners by 12.2% in the third quarter. Van ECK Associates Corp now owns 84,939 shares of the oil and gas producer’s stock valued at $2,461,000 after buying an additional 9,209 shares during the period. Concurrent Investment Advisors LLC raised its stake in shares of Enterprise Products Partners by 4.4% in the third quarter. Concurrent Investment Advisors LLC now owns 117,515 shares of the oil and gas producer’s stock valued at $3,421,000 after buying an additional 4,913 shares during the period. Graypoint LLC bought a new stake in shares of Enterprise Products Partners in the third quarter valued at $307,000. Finally, Keudell Morrison Wealth Management raised its stake in shares of Enterprise Products Partners by 19.1% during the 3rd quarter. Keudell Morrison Wealth Management now owns 13,809 shares of the oil and gas producer’s stock valued at $402,000 after purchasing an additional 2,218 shares during the period. 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.