Spectra Energy Partners, (SEP) Announces Quarterly Earnings, Misses Expectations By $0.02 EPS
Spectra Energy Partners, (NYSE:SEP) issued its quarterly earnings data on Wednesday. The company reported $0.59 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.61 by $0.02, AmericanBankingNews.com reports. The company had revenue of $531.00 million for the quarter, compared to the consensus estimate of $560.12 million.
SEP has been the subject of a number of recent research reports. Analysts at Zacks downgraded shares of Spectra Energy Partners, from a “neutral” rating to an “underperform” rating in a research note on Wednesday, July 23rd. They now have a $52.50 price target on the stock. On a related note, analysts at Jefferies Group raised their price target on shares of Spectra Energy Partners, from $48.00 to $50.00 in a research note on Thursday, June 5th. They now have a “hold” rating on the stock. Finally, analysts at Citigroup Inc. reiterated a “hold” rating on shares of Spectra Energy Partners, in a research note on Wednesday, May 14th. They now have a $56.00 price target on the stock, up previously from $47.00. One analyst has rated the stock with a sell rating, seven have given a hold rating and three have given a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $51.06.
Spectra Energy Partners, (NYSE:SEP) opened at 52.01 on Wednesday. Spectra Energy Partners, has a 52-week low of $40.00 and a 52-week high of $57.56. The stock’s 50-day moving average is $52.90 and its 200-day moving average is $50.54. The company has a market cap of $14.831 billion and a price-to-earnings ratio of 9.45.
The company also recently announced a quarterly dividend, which is scheduled for Friday, August 29th. Shareholders of record on Monday, August 18th will be paid a dividend of $0.5663 per share. This represents a $2.27 annualized dividend and a dividend yield of 4.35%.
Spectra Energy Partners, LP, through its subsidiaries, is engaged in the transportation and gathering of natural gas through interstate pipeline systems with over 3,200 miles of pipelines that serve the southeastern quadrant of the United States and the storage of natural gas in underground facilities with aggregate working gas storage capacity of approximately 57 billion cubic feet that are located in southeast Texas, south central Louisiana and southwest Virginia.
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