Enterprise Products Partners L.P. Earns “Neutral” Rating from Zacks (EPD)
Enterprise Products Partners L.P. (NYSE:EPD)‘s stock had its “neutral” rating reissued by Zacks in a report issued on Tuesday. They currently have a $81.00 target price on the stock. Zacks‘s price target would suggest a potential upside of 5.41% from the company’s current price.
Zacks’ analyst wrote, “We are maintaining our Neutral recommendation for Enterprise Products Partners following its second-quarter 2014 earnings results. Going forward, this MLP’s large scale and diverse asset base, robust coverage ratio of 1.6x and multi-billion dollar projects under construction support meaningful distribution growth. Moreover, Enterprise Products Partners hiked its cash distribution by 5.9% in the second quarter and deployed cash in various fee-based development projects. However, the partnership’s earnings and revenues missed the Zacks Consensus Estimate. We remain apprehensive about the lower pricing environment for natural gas liquids (NGL). Enterprise Products Partners also remains vulnerable to macro conditions, and unstable oil and gas prices, which could hurt its margins in NGL, natural gas and other businesses.”
Shares of Enterprise Products Partners L.P. (NYSE:EPD) traded up 1.37% during mid-day trading on Tuesday, hitting $77.89. 578,524 shares of the company’s stock traded hands. Enterprise Products Partners L.P. has a 1-year low of $57.65 and a 1-year high of $79.70. The stock’s 50-day moving average is $76.88 and its 200-day moving average is $72.5. The company has a market cap of $72.964 billion and a price-to-earnings ratio of 26.31. Shares of Enterprise Products Partners L.P. are scheduled to split on Friday, August 22nd. The 2-1 split was announced on Tuesday, July 15th. The newly issued shares will be issued to shareholders after the market closes on Thursday, August 21st.
Enterprise Products Partners L.P. (NYSE:EPD) last announced its earnings results on Thursday, July 31st. The company reported $0.68 EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.74 by $0.06. The company had revenue of $12.52 billion for the quarter, compared to the consensus estimate of $12.88 billion. During the same quarter in the prior year, the company posted $0.65 earnings per share. The company’s quarterly revenue was up 12.3% on a year-over-year basis. Analysts expect that Enterprise Products Partners L.P. will post $3.14 EPS for the current fiscal year.
A number of other firms have also recently commented on EPD. Analysts at Raymond James reiterated a “strong-buy” rating on shares of Enterprise Products Partners L.P. in a research note on Friday, August 1st. They now have a $83.00 price target on the stock, up previously from $81.00. Separately, analysts at Stifel Nicolaus raised their price target on shares of Enterprise Products Partners L.P. from $78.00 to $80.00 in a research note on Friday, August 1st. Finally, analysts at RBC Capital raised their price target on shares of Enterprise Products Partners L.P. from $80.00 to $82.00 in a research note on Friday, August 1st. Two analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Enterprise Products Partners L.P. presently has an average rating of “Buy” and a consensus price target of $82.45.
Enterprise Products Partners L.P. (NYSE:EPD) owns and operates natural gas liquids (NGLs) related businesses of Enterprise Products Company (EPCO).
To view Zacks’ full report, visit Zacks’ official website.
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