NYSE: EPD stock lost more than 1.20% of its trading price in the weekly time frame; on August 17, it opened trading at $26.43, lowering to $26.30 it hit a high of $26.57 and closed trading at $26.37 with an intraday trading volume of 3.527 Million.
In the 52 weeks time frame, EPD stock’s highest trading price was $27.28, and its lowest traded price was $22.90. At press time, EPD stock was trading below its annual price target of $32.16, which is around 21.95% greater than its current trading price.
Enterprise Products Partners LP has a market capitalization of $57.269 Billion, and its average trading volume is 3.942 Million. In the past four trading sessions, sellers seemed more aggressive than buyers, which might be the reason for decline in the price of EPD shares.
EPD Stock Price Analysis
Since July 28, 2023, EPD stock price has been consolidating in the range between $26.04 and $26.98. If the stock price breaks the $26.98 range, it may register a fresh 52-week high by the end of the upcoming week.
From August 14, 2023, till August 17, sellers seemed more aggressive and dominated buyers. In the pre-market trading session, EPD stock opened 0.27% below its previous closing price of August 17.
Technical analysis of Enterprise Product Partners LP stock shows that there are possibilities that sellers will remain active on the August 18 trading session, which might pull stock prices in a downward direction. $25.73 will act as the immediate support and the next possible support of $25.19.
If buyers dominate, EPD stock might face resistance from $26.76 and the next possible resistance of $27.11. The stock was trading below 20 days and 50 days EMA at press time.
According to TradingView, 1.421 Billion Enterprise Product Partners LP shares are free floating in the market, and the remaining 751.045 Million shares are closely held either by financial backers of the company or by the board of directors.
Enterprise Product Partners LP Earnings & Revenue
The company disappointed investors with a reported revenue which was 11.66% less than estimated figures in Q1 2023; Enterprise Product Partners LP was expected to report $14.09 Billion in revenue, However, it reported only $12.44 Billion.
Similarly, in Q2 2023, the company was expected to report $12.34 Billion in revenue, but the company reported 13.68% less revenue than estimated figures. Expected figures are $12.38 Billion for Q3 and $12.93 Billion for Q4 2023, respectively.
In Q1 the reported EPS was 4.07% higher than the estimated EPS. Despite positive EPS in Q1 2023, the company’s EPS slipped in Q2 by more than 1.50%.
In the financial year 2022, the reported revenue was $57.97 Billion, from which the company’s net profit was $5.44 Billion with a profit margin of 9.39%. The reported revenue 2022 includes 11% of gross profit, 14% of earnings before interest, taxes, depreciation, and amortization (EBITDA), 11% of earnings before interest and taxes (EBIT), and 9% of net income.
Technical Levels
Support Levels: $25.73 and $25.19
Resistance Levels: $26.76 and $27.11
Conclusion
After analyzing the technical aspects, the recent decline in EPD stock price will not sustain for a longer time, and there are possibilities that by the end of the upcoming week, the stock price might register a fresh 52-week high.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/08/18/despite-losing-1-20-epd-stock-could-register-fresh-52-week-high/