Enbridge Energy Partners, L.P. Receives “Neutral” Rating from Zacks (EEP)
Enbridge Energy Partners, L.P. (NYSE:EEP)‘s stock had its “neutral” rating restated by Zacks in a report issued on Monday. They currently have a $38.00 target price on the stock. Zacks‘s price target would indicate a potential upside of 6.06% from the stock’s previous close.
Zacks’ analyst wrote, “We are maintaining our Neutral recommendation on Enbridge Energy units. The partnership’s second quarter earnings and revenues missed estimates, mainly due to soft natural gas liquids price realization and throughput. However, we like the partnership’s diversified business portfolio, stable fee-based operating income and strong liquidity position. A focus on fee-based and diversified businesses has enabled Enbridge Energy Partners to dilute its business risks, as well as provide a stable earnings profile. We also remain positive on Enbridge given its exposure to the Bakken Shale, the Haynesville Shale and Granite Wash. Enbridge’s organic growth program is also impressive, and its commitment to returning value to unitholders is reflected through its 2-5% distribution growth guidance going forward. “
Shares of Enbridge Energy Partners, L.P. (NYSE:EEP) traded up 1.67% on Monday, hitting $36.43. The stock had a trading volume of 230,875 shares. Enbridge Energy Partners, L.P. has a 1-year low of $26.00 and a 1-year high of $37.15. The stock’s 50-day moving average is $34.81 and its 200-day moving average is $30.98. The company’s market cap is $11.957 billion.
Enbridge Energy Partners, L.P. (NYSE:EEP) last released its earnings data on Thursday, July 31st. The company reported $0.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.24 by $0.03. The company had revenue of $1.87 billion for the quarter, compared to the consensus estimate of $1.99 billion. During the same quarter in the previous year, the company posted $0.18 earnings per share. The company’s quarterly revenue was up 11.9% on a year-over-year basis. On average, analysts predict that Enbridge Energy Partners, L.P. will post $0.94 earnings per share for the current fiscal year.
Several other analysts have also recently commented on the stock. Analysts at Citigroup Inc. reiterated a “neutral” rating on shares of Enbridge Energy Partners, L.P. in a research note on Wednesday, August 13th. They now have a $34.50 price target on the stock, up previously from $28.00. Separately, analysts at RBC Capital raised their price target on shares of Enbridge Energy Partners, L.P. from $32.00 to $34.00 in a research note on Friday, August 1st. Finally, analysts at JPMorgan Chase & Co. reiterated a “neutral” rating on shares of Enbridge Energy Partners, L.P. in a research note on Friday, July 18th. They now have a $36.00 price target on the stock, up previously from $33.00. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the company. Enbridge Energy Partners, L.P. currently has an average rating of “Hold” and an average price target of $34.81.
Enbridge Energy Partners, L.P. (NYSE:EEP) owns and operates crude oil and liquid petroleum transportation and storage assets, and natural gas gathering, treating, processing, transportation and marketing assets in the United States.
To view Zacks’ full report, visit Zacks’ official website.
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