Wells Fargo & Company Downgrades Enterprise Products Partners (NYSE:EPD) to Equal Weight

Enterprise Products Partners (NYSE:EPD) was downgraded by equities research analysts at Wells Fargo & Company from an “overweight” rating to an “equal weight” rating in a report issued on Wednesday, Marketbeat.com reports. They currently have a $35.00 price target on the oil and gas producer’s stock. Wells Fargo & Company‘s price target suggests a potential upside of 14.64% from the stock’s previous close.

A number of other equities analysts also recently issued reports on the stock. US Capital Advisors raised shares of Enterprise Products Partners from a “moderate buy” rating to a “strong-buy” rating in a report on Monday, October 28th. Bank of America assumed coverage on shares of Enterprise Products Partners in a research report on Thursday, October 17th. They issued a “buy” rating and a $35.00 price objective for the company. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $36.00 target price on shares of Enterprise Products Partners in a research report on Wednesday, October 30th. Two research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $34.20.

Enterprise Products Partners Stock Performance

EPD opened at $30.53 on Wednesday. The company has a current ratio of 1.07, a quick ratio of 0.83 and a debt-to-equity ratio of 1.05. The company’s fifty day moving average price is $30.92 and its two-hundred day moving average price is $29.72. The company has a market cap of $66.18 billion, a price-to-earnings ratio of 11.43, a PEG ratio of 1.67 and a beta of 1.08. Enterprise Products Partners has a 1-year low of $26.02 and a 1-year high of $34.63.

Enterprise Products Partners (NYSE:EPD) last released its quarterly 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 company had revenue of $13.78 billion for the quarter, compared to analyst estimates of $13.87 billion. During the same quarter last year, the firm posted $0.60 EPS. Enterprise Products Partners’s revenue for the quarter was up 14.8% on a year-over-year basis. On average, analysts expect that Enterprise Products Partners will post 2.69 EPS for the current fiscal year.

Institutional Trading of Enterprise Products Partners

A number of hedge funds and other institutional investors have recently made changes to their positions in EPD. Tortoise Capital Advisors L.L.C. lifted its holdings in shares of Enterprise Products Partners by 4.8% in the second quarter. Tortoise Capital Advisors L.L.C. now owns 16,221,236 shares of the oil and gas producer’s stock worth $470,091,000 after buying an additional 741,237 shares in the last quarter. FMR LLC lifted its stake in Enterprise Products Partners by 9.3% in the 3rd quarter. FMR LLC now owns 14,429,298 shares of the oil and gas producer’s stock worth $420,037,000 after purchasing an additional 1,225,988 shares in the last quarter. Pathway Financial Advisers LLC boosted its holdings in Enterprise Products Partners by 2,862.8% in the 3rd quarter. Pathway Financial Advisers LLC now owns 7,756,006 shares of the oil and gas producer’s stock valued at $225,777,000 after purchasing an additional 7,494,224 shares during the period. Westwood Holdings Group Inc. grew its position in shares of Enterprise Products Partners by 9.0% during the 2nd quarter. Westwood Holdings Group Inc. now owns 5,404,012 shares of the oil and gas producer’s stock valued at $156,608,000 after purchasing an additional 447,768 shares in the last quarter. Finally, Hamlin Capital Management LLC increased its holdings in shares of Enterprise Products Partners by 0.5% in the third quarter. Hamlin Capital Management LLC now owns 4,923,948 shares of the oil and gas producer’s stock worth $143,336,000 after purchasing an additional 24,335 shares during the period. 26.07% of the stock is currently owned by institutional investors.

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.