Cornerstone Wealth Management LLC raised its stake in shares of Enterprise Products Partners L.P. (NYSE:EPD) by 258.0% in the 3rd quarter, Holdings Channel reports. The firm owned 691,917 shares of the oil and gas producer’s stock after purchasing an additional 498,643 shares during the quarter. Cornerstone Wealth Management LLC’s holdings in Enterprise Products Partners were worth $26,209,000 at the end of the most recent quarter.
A number of other large investors also recently made changes to their positions in EPD. Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new position in Enterprise Products Partners during the 2nd quarter worth $333,913,000. BlackRock Inc. raised its position in Enterprise Products Partners by 321.0% during the 2nd quarter. BlackRock Inc. now owns 13,588,906 shares of the oil and gas producer’s stock worth $376,005,000 after purchasing an additional 10,360,904 shares during the last quarter. Alps Advisors Inc. raised its position in Enterprise Products Partners by 13.2% during the 2nd quarter. Alps Advisors Inc. now owns 40,898,736 shares of the oil and gas producer’s stock worth $1,084,226,000 after purchasing an additional 4,777,192 shares during the last quarter. Putnam Investments LLC raised its position in Enterprise Products Partners by 496.3% during the 2nd quarter. Putnam Investments LLC now owns 4,491,867 shares of the oil and gas producer’s stock worth $124,289,000 after purchasing an additional 3,738,551 shares during the last quarter. Finally, ING Groep NV raised its position in Enterprise Products Partners by 31.4% during the 2nd quarter. ING Groep NV now owns 7,741,600 shares of the oil and gas producer’s stock worth $214,210,000 after purchasing an additional 1,851,500 shares during the last quarter. 36.43% of the stock is owned by institutional investors and hedge funds.
Shares of EPD opened at $28.54 on Friday. The company has a debt-to-equity ratio of 1.00, a current ratio of 0.74 and a quick ratio of 0.56. The stock has a market capitalization of $61.85 billion, a PE ratio of 21.62, a PEG ratio of 5.53 and a beta of 0.91. Enterprise Products Partners L.P. has a one year low of $23.10 and a one year high of $30.05.
Enterprise Products Partners (NYSE:EPD) last issued its earnings results on Wednesday, August 1st. The oil and gas producer reported $0.46 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.39 by $0.07. The company had revenue of $8.47 billion during the quarter, compared to the consensus estimate of $8.55 billion. Enterprise Products Partners had a return on equity of 14.42% and a net margin of 8.95%. The firm’s revenue for the quarter was up 28.1% compared to the same quarter last year. During the same period last year, the business posted $0.30 EPS. On average, sell-side analysts forecast that Enterprise Products Partners L.P. will post 1.73 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, November 8th. Stockholders of record on Wednesday, October 31st will be paid a $0.4325 dividend. The ex-dividend date is Tuesday, October 30th. This is an increase from Enterprise Products Partners’s previous quarterly dividend of $0.43. This represents a $1.73 annualized dividend and a dividend yield of 6.06%. Enterprise Products Partners’s dividend payout ratio (DPR) is currently 130.30%.
Several research analysts recently issued reports on the company. Zacks Investment Research lowered Enterprise Products Partners from a “buy” rating to a “hold” rating in a research report on Tuesday, July 3rd. ValuEngine downgraded Enterprise Products Partners from a “hold” rating to a “sell” rating in a report on Monday, July 2nd. BMO Capital Markets reiterated a “buy” rating and set a $34.00 price target on shares of Enterprise Products Partners in a report on Friday, July 13th. Bank of America increased their price target on Enterprise Products Partners from $29.00 to $31.00 and gave the stock a “buy” rating in a report on Thursday, August 2nd. Finally, Morgan Stanley increased their price target on Enterprise Products Partners from $31.00 to $32.00 and gave the stock an “overweight” rating in a report on Friday, August 17th. Two analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $32.67.
In other news, CEO Aj Teague bought 3,390 shares of Enterprise Products Partners stock in a transaction dated Thursday, August 2nd. The stock was bought at an average cost of $29.48 per share, for a total transaction of $99,937.20. Following the purchase, the chief executive officer now directly owns 1,616,790 shares in the company, valued at approximately $47,662,969.20. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 37.50% of the company’s stock.
Enterprise Products Partners Profile
Enterprise Products Partners L.P. provides midstream energy services to producers and consumers of natural gas, natural gas liquids (NGLs), crude oil, petrochemicals, and refined products. The company operates through four segments: NGL Pipelines & Services, Crude Oil Pipelines & Services, Natural Gas Pipelines & Services, and Petrochemical & Refined Products Services.
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