Cypress Capital Group raised its holdings in Enterprise Products Partners L.P. (NYSE:EPD – Free Report) by 78.7% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 18,858 shares of the oil and gas producer’s stock after buying an additional 8,308 shares during the period. Cypress Capital Group’s holdings in Enterprise Products Partners were worth $497,000 at the end of the most recent quarter.
Other hedge funds also recently made changes to their positions in the company. Ellsworth Advisors LLC grew its stake in Enterprise Products Partners by 1.9% in the 2nd quarter. Ellsworth Advisors LLC now owns 20,400 shares of the oil and gas producer’s stock valued at $538,000 after buying an additional 378 shares during the last quarter. Clear Creek Financial Management LLC boosted its holdings in shares of Enterprise Products Partners by 3.4% during the first quarter. Clear Creek Financial Management LLC now owns 11,697 shares of the oil and gas producer’s stock worth $303,000 after acquiring an additional 380 shares during the period. Day & Ennis LLC grew its position in shares of Enterprise Products Partners by 3.2% in the second quarter. Day & Ennis LLC now owns 12,234 shares of the oil and gas producer’s stock valued at $322,000 after purchasing an additional 383 shares during the last quarter. PSI Advisors LLC increased its stake in shares of Enterprise Products Partners by 2.0% during the first quarter. PSI Advisors LLC now owns 20,131 shares of the oil and gas producer’s stock worth $521,000 after purchasing an additional 386 shares during the period. Finally, Whitener Capital Management Inc. lifted its holdings in Enterprise Products Partners by 1.1% during the 1st quarter. Whitener Capital Management Inc. now owns 35,830 shares of the oil and gas producer’s stock worth $928,000 after purchasing an additional 391 shares during the last quarter. 26.54% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
A number of research analysts have commented on the company. StockNews.com initiated coverage on Enterprise Products Partners in a report on Thursday, October 5th. They issued a “buy” rating on the stock. UBS Group dropped their price objective on shares of Enterprise Products Partners from $35.00 to $34.00 and set a “buy” rating for the company in a research note on Thursday, October 5th. TD Securities decreased their target price on shares of Enterprise Products Partners from $32.00 to $31.00 and set a “buy” rating on the stock in a research report on Wednesday, August 2nd. Mizuho lifted their price target on shares of Enterprise Products Partners from $32.00 to $33.00 in a research report on Wednesday, July 19th. Finally, Morgan Stanley reiterated an “equal weight” rating and issued a $33.00 price target on shares of Enterprise Products Partners in a research note on Thursday, July 20th. Four investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $30.75.
Read Our Latest Analysis on Enterprise Products Partners
Insider Activity at Enterprise Products Partners
In other news, Director William C. Montgomery bought 50,000 shares of the company’s stock in a transaction on Friday, August 4th. The stock was purchased at an average cost of $26.60 per share, for a total transaction of $1,330,000.00. Following the completion of the transaction, the director now owns 114,758 shares of the company’s stock, valued at $3,052,562.80. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. 32.60% of the stock is currently owned by company insiders.
Enterprise Products Partners Stock Performance
NYSE:EPD opened at $27.08 on Tuesday. The company has a quick ratio of 0.67, a current ratio of 0.91 and a debt-to-equity ratio of 0.98. The firm has a market capitalization of $58.81 billion, a PE ratio of 10.96 and a beta of 1.05. Enterprise Products Partners L.P. has a twelve month low of $23.14 and a twelve month high of $27.77. The stock’s 50-day simple moving average is $26.80 and its 200 day simple moving average is $26.43.
Enterprise Products Partners (NYSE:EPD – Get Free Report) last posted its quarterly earnings results on Tuesday, August 1st. The oil and gas producer reported $0.57 earnings per share for the quarter, missing analysts’ consensus estimates of $0.59 by ($0.02). The company had revenue of $10.65 billion during the quarter, compared to analyst estimates of $12.34 billion. Enterprise Products Partners had a net margin of 10.39% and a return on equity of 19.71%. The company’s revenue for the quarter was down 33.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.64 earnings per share. On average, analysts anticipate that Enterprise Products Partners L.P. will post 2.52 EPS for the current fiscal year.
Enterprise Products Partners Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 14th. Stockholders of record on Tuesday, October 31st will be paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 7.39%. The ex-dividend date is Monday, October 30th. Enterprise Products Partners’s payout ratio is 80.97%.
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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