FY2023 EPS Estimates for Enterprise Products Partners L.P. (NYSE:EPD) Lifted by Zacks Research

Posted by Defense World Staff on Sep 8th, 2023

Enterprise Products Partners L.P. (NYSE:EPD – Free Report) – Analysts at Zacks Research increased their FY2023 earnings per share (EPS) estimates for shares of Enterprise Products Partners in a research note issued to investors on Tuesday, September 5th. Zacks Research analyst N. Banerjee now expects that the oil and gas producer will earn $2.50 per share for the year, up from their previous forecast of $2.48. The consensus estimate for Enterprise Products Partners’ current full-year earnings is $2.52 per share. Zacks Research also issued estimates for Enterprise Products Partners’ Q4 2023 earnings at $0.67 EPS, Q2 2024 earnings at $0.62 EPS and Q2 2025 earnings at $0.64 EPS.

Enterprise Products Partners (NYSE:EPD – Get Free Report) last released its quarterly earnings results on Tuesday, August 1st. The oil and gas producer reported $0.57 earnings per share for the quarter, missing the consensus estimate of $0.59 by ($0.02). Enterprise Products Partners had a net margin of 10.39% and a return on equity of 19.71%. The company had revenue of $10.65 billion for the quarter, compared to analysts’ expectations of $12.34 billion. During the same quarter in the previous year, the company posted $0.64 EPS. The business’s quarterly revenue was down 33.7% on a year-over-year basis.

Several other equities research analysts also recently weighed in on the company. TD Securities lowered their price target on Enterprise Products Partners from $32.00 to $31.00 and set a “buy” rating for the company in a report on Wednesday, August 2nd. Mizuho lifted their price target on Enterprise Products Partners from $32.00 to $33.00 in a research note on Wednesday, July 19th. StockNews.com assumed coverage on Enterprise Products Partners in a research note on Thursday, August 17th. They set a “buy” rating on the stock. Finally, Morgan Stanley restated an “equal weight” rating and issued a $33.00 target price on shares of Enterprise Products Partners in a research report on Thursday, July 20th. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Enterprise Products Partners currently has an average rating of “Moderate Buy” and an average target price of $30.70.

Check Out Our Latest Stock Report on EPD

Enterprise Products Partners Price Performance

EPD opened at $26.58 on Thursday. Enterprise Products Partners has a 12-month low of $22.90 and a 12-month high of $27.28. The business’s fifty day simple moving average is $26.61 and its 200-day simple moving average is $26.19. The company has a market capitalization of $57.73 billion, a price-to-earnings ratio of 10.76 and a beta of 1.08. The company has a current ratio of 0.91, a quick ratio of 0.67 and a debt-to-equity ratio of 0.98.

Enterprise Products Partners Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 14th. Investors of record on Monday, July 31st were issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 7.52%. This is a positive change from Enterprise Products Partners’s previous quarterly dividend of $0.49. The ex-dividend date was Friday, July 28th. Enterprise Products Partners’s dividend payout ratio is 80.97%.

Insider Buying and Selling

In other news, Director William C. Montgomery bought 50,000 shares of the business’s stock in a transaction on Friday, August 4th. The stock was purchased at an average cost of $26.60 per share, for a total transaction of $1,330,000.00. Following the completion of the transaction, the director now directly owns 114,758 shares of the company’s stock, valued at approximately $3,052,562.80. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 32.60% of the company’s stock.

Hedge Funds Weigh In On Enterprise Products Partners

A number of hedge funds have recently modified their holdings of EPD. Ellsworth Advisors LLC increased its position in Enterprise Products Partners by 1.9% during the second quarter. Ellsworth Advisors LLC now owns 20,400 shares of the oil and gas producer’s stock worth $538,000 after buying an additional 378 shares during the last quarter. Clear Creek Financial Management LLC lifted its stake in shares of Enterprise Products Partners by 3.4% in the first quarter. Clear Creek Financial Management LLC now owns 11,697 shares of the oil and gas producer’s stock valued at $303,000 after buying an additional 380 shares during the period. Day & Ennis LLC lifted its stake in Enterprise Products Partners by 3.2% during the second quarter. Day & Ennis LLC now owns 12,234 shares of the oil and gas producer’s stock worth $322,000 after purchasing an additional 383 shares during the period. PSI Advisors LLC lifted its stake in Enterprise Products Partners by 2.0% during the first quarter. PSI Advisors LLC now owns 20,131 shares of the oil and gas producer’s stock worth $521,000 after purchasing an additional 386 shares during the period. Finally, Whitener Capital Management Inc. lifted its stake in Enterprise Products Partners by 1.1% during the first quarter. Whitener Capital Management Inc. now owns 35,830 shares of the oil and gas producer’s stock worth $928,000 after purchasing an additional 391 shares during the period. 26.54% of the stock is owned by institutional investors and hedge funds.

About Enterprise Products Partners

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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.