ALPS Advisors, Inc. recently announced the acquisition of new stake in Enterprise Products Partners L P (NYSE:EPD). The institutional investor has increased its shareholding in the Energy company by 20.17% to 37.95 million shares with purchase of 6.37 million shares. This fresh investment now brings its stake to 1.75% valued currently at $1.02 billion. In addition, Harvest Fund Advisors LLC raised its holdings by 2.47 million to 23.13 million shares. And Fayez Sarofim & Co. has lifted its position by 5.81% or 0.97 million shares – to 17.6 million shares.
With over 5.28 million Enterprise Products Partners L P (EPD) shares trading Tuesday and a closing price of $26.89 on the day, the dollar volume was approximately $142.09 million. The shares have shown a positive half year performance of 1.59% and its price on 01/09/24 gained nearly 0.41%. Currently, there are 2.17B common shares owned by the public and among those 1.43B shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 23 analysts who have offered their price forecasts for EPD have a consensus price objective of $31.79. The analysts have set the share’s price value over the next 12 months at a high of $35.00 and a low of $28.00. The average price target is 15.41% above its recent price level and an upside to the estimated low will see the stock gain 3.96% over that period. But an upside of 23.17% will see the stock hit the forecast high price target while median target price for the stock is $31.00.
Insiders at the company have transacted a total of 70 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 40 of these insider trades were purchases, accounting for 1,226,952 shares. Insider sales of the common stock occurred on 30 occasions, with total insider shares sold totaling 444,715 shares.
The top 3 mutual fund holders in Enterprise Products Partners L P are Alerian MLP ETF, BlackRock Equity Dividend Fund, and Global X MLP ETF. Alerian MLP ETF owns 38.52 million shares of the company’s stock, all valued at over $1.03 billion. The company sold 5395.0 shares recently to bring their total holdings to about 1.77% of the shares outstanding. BlackRock Equity Dividend Fund sold -0.22 million shares to see its total holdings shrink to 13.22 million shares valued at over $354.12 million and representing 0.61% of the shares outstanding. Global X MLP ETF sold 9380.0 shares to bring its total holdings to over 7.62 million shares at a value of $204.04 million. Global X MLP ETF now owns shares totaling to 0.35% of the shares outstanding.
Shares of Enterprise Products Partners L P (NYSE: EPD) opened at $26.82, up $0.04 from a prior closing price of $26.78. The company’s stock has a 5-day price change of 0.94% and -0.74% over the past three months. EPD shares are trading 2.05% year to date (YTD), with the 12-month market performance up to 7.56% higher. It has a 12-month low price of $24.66 and touched a high of $27.95 over the same period. EPD has an average intraday trading volume of 4.49 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 2.04%, 1.87%, and 1.54% respectively.
Institutional ownership of Enterprise Products Partners L P (NYSE: EPD) shares accounts for 25.02% of the company’s 2.17B shares outstanding. Mutual fund holders own 15.07%, while other institutional holders and individual stakeholders account for 41.45% and 10.04% respectively.
It has a market capitalization of $58.40B and a beta (3y monthly) value of 0.98. The stock’s trailing 12-month PE ratio is 10.97, while the earnings-per-share (ttm) stands at $2.45. The company has a PEG of 1.96 and a Quick Ratio of 0.65 with the debt-to-equity ratio at 1.08. Price movements for the stock have been influenced by the stock’s volatility, which stands at 1.62% over the week and 1.12% over the month.
Analysts forecast that Enterprise Products Partners L P (EPD) will achieve an EPS of $0.68 for the current quarter, $0.64 for the next quarter and $2.65 for 2024. The lowest estimate earnings-per-share for the quarter is $0.63 while analysts give the company a high EPS estimate of $0.71. Comparatively, EPS for the current quarter was $0.65 a year ago. Earnings per share for the fiscal year are expected to decrease by -0.96%, and 6.03% over the next financial year. EPS should shrink at an annualized rate of 5.60% over the next five years, compared to 13.78% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 23 brokerage firm advisors rate Enterprise Products Partners L P (EPD) as a “Strong Buy” at a consensus score of 1.52. Specifically, 15 Wall Street analysts polled rate the stock as a buy, while 4 of the 23 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the EPD, a number of firms have released research notes about the stock. Goldman stated their Neutral rating for the stock in a research note on October 06, 2023, with the firm’s price target at $28.
