Enterprise Products Partners L.P. (NYSE:EPD) announced that the board of directors of its general partner declared an increase in the quarterly cash distribution paid to partners to $0.395 per common unit, or $1.58 per unit on an annualized basis. This distribution rate with respect to the first quarter of 2016 is consistent with the distribution Enterprise’s management planned to recommend to the board of Enterprise’s general partner as indicated in the press release dated January 4, 2016.
The quarterly distribution will be paid on Friday, May 6, 2016, to unitholders of record as of the close of business on Friday, April 29, 2016. This distribution, which represents a 5.3 percent increase over the distribution declared with respect to the first quarter of 2015, is the 56th distribution increase since Enterprise’s initial public offering in 1998 and the 47th consecutive quarterly increase. (Original Source)
Shares of Enterprise Products closed last Friday at $24.40, up $0.31 or 1.29%. EPD has a 1-year high of $34.73 and a 1-year low of $19. The stock’s 50-day moving average is $24.04 and its 200-day moving average is $24.28.
On the ratings front, EPD has been the subject of a number of recent research reports. In a report issued on April 1, Simmons analyst Brian Gamble assigned a Buy rating on EPD, with a price target of $30, which represents a potential upside of 23.0% from where the stock is currently trading. Separately, on March 29, J.P. Morgan’s Jeremy Tonet maintained a Buy rating on the stock and has a price target of $32.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Brian Gamble and Jeremy Tonet have a total average return of 7.6% and 3.5% respectively. Gamble has a success rate of 70.0% and is ranked #1251 out of 3788 analysts, while Tonet has a success rate of 57.8% and is ranked #811.
Overall, one research analyst has assigned a Hold rating and 5 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $32.00 which is 31.1% above where the stock closed last Friday.
Enterprise Products Partners LP is a North American midstream energy company that is engaged in providing a wide range of services to producers and consumers of natural gas, natural gas liquids or NGLs, crude oil, refined products and certain petrochemicals. The company operates through following reportable segments: NGL Pipelines & Services, Crude Oil Pipelines & Services, Natural Gas Pipelines & Services and Petrochemical & Refined Products Services.