Advisors Asset Management Inc. decreased its holdings in shares of Enterprise Products Partners L.P. (NYSE:EPD) by 16.9% during the 2nd quarter, HoldingsChannel reports. The firm owned 41,283 shares of the oil and gas producer’s stock after selling 8,425 shares during the quarter. Advisors Asset Management Inc.’s holdings in Enterprise Products Partners were worth $1,142,000 at the end of the most recent quarter.
Several other institutional investors have also made changes to their positions in the stock. Glenview Trust Co raised its stake in Enterprise Products Partners by 18.5% during the 2nd quarter. Glenview Trust Co now owns 11,109 shares of the oil and gas producer’s stock worth $307,000 after buying an additional 1,735 shares during the period. Gilman Hill Asset Management LLC raised its stake in Enterprise Products Partners by 1.3% during the 2nd quarter. Gilman Hill Asset Management LLC now owns 140,292 shares of the oil and gas producer’s stock worth $3,882,000 after buying an additional 1,755 shares during the period. Central Bank & Trust Co. raised its stake in Enterprise Products Partners by 7.3% during the 2nd quarter. Central Bank & Trust Co. now owns 26,826 shares of the oil and gas producer’s stock worth $742,000 after buying an additional 1,826 shares during the period. Envestnet Asset Management Inc. raised its stake in Enterprise Products Partners by 6.4% during the 2nd quarter. Envestnet Asset Management Inc. now owns 30,863 shares of the oil and gas producer’s stock worth $854,000 after buying an additional 1,849 shares during the period. Finally, Tocqueville Asset Management L.P. raised its stake in Enterprise Products Partners by 9.4% during the 2nd quarter. Tocqueville Asset Management L.P. now owns 22,711 shares of the oil and gas producer’s stock worth $628,000 after buying an additional 1,950 shares during the period. Institutional investors own 36.50% of the company’s stock.
A number of research firms recently weighed in on EPD. ValuEngine downgraded Enterprise Products Partners from a “hold” rating to a “sell” rating in a research note on Thursday. Wells Fargo & Co upped their price target on Enterprise Products Partners from $32.00 to $33.00 and gave the stock an “outperform” rating in a research note on Thursday. Bank of America set a $35.00 price target on Enterprise Products Partners and gave the stock a “buy” rating in a research note on Thursday. Barclays set a $33.00 price objective on Enterprise Products Partners and gave the stock a “buy” rating in a research note on Friday, October 12th. Finally, Credit Suisse Group initiated coverage on Enterprise Products Partners in a research note on Thursday, October 11th. They issued an “outperform” rating and a $36.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, seventeen have issued a buy rating and two have assigned a strong buy rating to the stock. Enterprise Products Partners currently has an average rating of “Buy” and an average price target of $32.83.
Shares of Enterprise Products Partners stock opened at $26.64 on Friday. The company has a market capitalization of $57.27 billion, a PE ratio of 20.18, a P/E/G ratio of 5.02 and a beta of 0.91. Enterprise Products Partners L.P. has a 52 week low of $23.10 and a 52 week high of $30.05. The company has a debt-to-equity ratio of 1.00, a current ratio of 0.74 and a quick ratio of 0.56.
Enterprise Products Partners (NYSE:EPD) last issued its quarterly earnings data on Wednesday, October 31st. The oil and gas producer reported $0.60 EPS for the quarter, topping the consensus estimate of $0.45 by $0.15. The firm had revenue of $9.59 billion during the quarter, compared to the consensus estimate of $9.72 billion. Enterprise Products Partners had a return on equity of 14.42% and a net margin of 8.95%. The company’s quarterly revenue was up 39.2% compared to the same quarter last year. During the same period in the prior year, the business posted $0.28 earnings per share. On average, equities research analysts predict that Enterprise Products Partners L.P. will post 1.76 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 8th. Stockholders of record on Wednesday, October 31st will be issued a $0.4325 dividend. The ex-dividend date is Tuesday, October 30th. This is a positive change from Enterprise Products Partners’s previous quarterly dividend of $0.43. This represents a $1.73 annualized dividend and a dividend yield of 6.49%. Enterprise Products Partners’s dividend payout ratio is currently 131.06%.
About Enterprise Products Partners
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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