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 $0.385 per common unit, or $1.54 per unit on an annualized basis. The quarterly distribution will be paid on Friday, November 6, 2015, to unitholders of record as of the close of business on Friday, October 30, 2015. This distribution, which represents a 5.5 percent increase over the distribution declared with respect to the third quarter of 2014, is the 54th distribution increase since Enterprise’s initial public offering in 1998 and the 45th consecutive quarterly increase.
Affiliates of privately held Enterprise Products Company (“EPCO”), which collectively own Enterprise’s general partner and approximately 34 percent of its outstanding limited partner interests, have indicated to Enterprise management that they intend to purchase $50 million of common units through Enterprise’s distribution reinvestment plan in November 2015. This would bring EPCO’s total investment in Enterprise common units to $200 million for 2015.
Enterprise will announce its earnings for the third quarter of 2015 on Thursday, October 29, 2015, before theNew York Stock Exchange opens for trading. Following the announcement, the partnership will host a conference call at 9 a.m. CT with analysts and investors to discuss earnings. (Original Source)
Shares of Enterprise Products Partners opened today at $25.53 and are currently trading up at $25.90. EPD has a 1-year high of $40.95 and a 1-year low of $22.01. The stock’s 50-day moving average is $26.99 and its 200-day moving average is $30.03.
On the ratings front, EPD has been the subject of a number of recent research reports. In a report issued on July 31, Wunderlich Securities analyst Jeffrey Birnbaum maintained a Buy rating on EPD. Separately, on the same day, Stifel Nicolaus’ Selman Akyol reiterated a Buy rating on the stock and has a price target of $34.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Jeffrey Birnbaum and Selman Akyol have a total average return of -13.3% and -1.8% respectively. Birnbaum has a success rate of 10.5% and is ranked #3491 out of 3755 analysts, while Akyol has a success rate of 45.7% and is ranked #3005.
Enterprise Products Partners LP is a energy company. It provides services to producers and consumers of natural gas, natural gas liquids (NGLs), crude oil and certain petrochemicals.