August 26, 2023 – Enterprise Products Partners L.P. (NYSE:EPD) has seen an increase in its position by NBW Capital LLC during the first quarter of this year. According to a recent filing with the Securities & Exchange Commission, NBW Capital LLC now owns 299,754 shares of the oil and gas producer’s stock, reflecting a 2.2% increase from its previous holdings. This additional acquisition amounts to 6,412 more shares that have been obtained during this period.
The data indicates that Enterprise Products Partners constitutes 1.9% of NBW Capital LLC’s portfolio, making it the firm’s 12th largest position. These holdings have reached a value of $7,764,000 at the end of the most recent quarter.
Enterprise Products Partners recently released its earnings results for the quarter ending August 1st. The company reported earnings per share (EPS) of $0.57 for the quarter, slightly missing analysts’ consensus estimates by ($0.02). The reported revenue for this period was $10.65 billion, falling short of analyst expectations of $12.34 billion.
Comparing figures to the same quarter last year reveals a decline in revenue by 33.7%. However, Enterprise Products Partners still managed to achieve a net margin of 10.39% and a return on equity of 19.71%. During the corresponding period last year, their earnings per share were $0.64.
Research analysts predict an EPS of 2.51 for Enterprise Products Partners for the current fiscal year.
This news has prompted several brokerages to issue reports regarding EPD. Mizuho recently raised their price objective on Enterprise Products Partners’ shares from $32.00 to $33.00 in a research note dated July 19th. TD Securities also issued favorable ratings on EPD but lowered their price objective from $32.00 to $31.00 in a research note published on August 2nd. Moreover, StockNews.com initiated coverage on Enterprise Products Partners’ stock with a “buy” rating on August 17th. Morgan Stanley reaffirmed their “equal weight” rating and assigned a target price of $33.00 to the company’s shares on July 20th. Bloomberg data indicates that Enterprise Products Partners currently holds a consensus rating of “Moderate Buy” among analysts, with an average target price of $30.70.
Enterprise Products Partners continues to attract interest from investors as NBW Capital LLC increases its holdings in the company. Despite falling short of revenue expectations for the most recent quarter, the oil and gas producer remains optimistic about its future prospects in the industry.
References
1. “NBW Capital LLC Increases Position in Enterprise Products Partners L.P.” Yahoo Finance, finance.yahoo.com/news/nbw-capital-llc-increases-position-170123662.html. Accessed 26 Aug. 2023.
2. “Enterprise Products Reports Quarterly Earnings Results.” Business Insider, www.businessinsider.com/p/articles/press-releases/business-wire/2023-08-02T2030000000-businesswire-insitutional/index.html?utm_source=markets&utm_medium=ingest#news-info-access-block. Accessed 26 Aug. 2023.
3. Business Wire Staff – Press Release issued by Enterprise Products Partners L.P., www.bloomberg.com/press-releases/2023-08-01/enterprise-products-partners-reports-results-for-second-quarter-2023?utm_source=markets&utm_medium=ingest#news-info-access-block.Accessed 26 Aug. 2023.
4.“Research Firms Set Expectations for Enterprise Products Partners.” Bloomberg, www.bloomberg.com/press-releases/the-daily-journal-co-to-acquire-litigation-calendars-brand-from-franskoviak-coieto-acquire-litigation-calendars-brand-from-franskoviak-coi-accessed-copy. Accessed 26 Aug. 2023.
Enterprise Products Partners L.P.
EPD
Buy
Updated on: 27/08/2023
Recent Investor Changes and Acquisitions Point Towards Growth for Enterprise Products Partners in the Oil and Gas Sector
Enterprise Products Partners, a prominent oil and gas producer, has seen some notable changes in its investor landscape. Large investment firms such as Fairfield Bush & CO., Mirae Asset Global Investments Co. Ltd., BlackRock Inc., Cibc World Market Inc., and Sei Investments Co. have all made adjustments to their holdings in the company. These modifications have piqued interest and curiosity among industry insiders.
Fairfield Bush & CO. recently purchased a new stake in Enterprise Products Partners during the first quarter of this year. The value of this purchase amounted to approximately $31,000. Similarly, Mirae Asset Global Investments Co. Ltd. increased its position in Enterprise Products Partners by 2.6% during the same quarter, adding an additional 169,059 shares to their portfolio. This brought their total ownership to 6,571,535 shares worth approximately $169,611,000.
BlackRock Inc., a well-known investment management firm, also raised its position in Enterprise Products Partners by 4.7% during the first quarter. The firm acquired an impressive 1,114,690 additional shares of stock with a market value of approximately $646 million.
Additionally, Cibc World Market Inc., another significant player in the investment world, increased its stake in Enterprise Products Partners by 3.2% during the first quarter as well. This move added an extra 2,804 shares to their holdings which are now valued at around $2,307,000.
Sei Investments Co., yet another institutional investor involved with Enterprise Products Partners also showed growth during the first quarter through a substantial 76.5% increase in their stake within the company’s stock market offerings. They acquired an impressive additional amount of shares totaling 385,008 which are currently valued at roughly $22,931,000.
Interestingly enough too is that institutional investors and hedge funds own approximately 26.54% of the company’s stock. This indicates a strong interest in Enterprise Products Partners from reputable and knowledgeable sources within the investment community.
In other related news, Director William C. Montgomery made headlines when he acquired 50,000 shares of Enterprise Products Partners stock in a transaction that took place on Friday, August 4th. The average cost per share during this acquisition was $26.60, resulting in a total transaction value of $1,330,000. Following this purchase, Mr. Montgomery now has ownership of 114,758 shares which carry an approximate valuation of $3,052,562.80.
It is worth noting that the acquisition was disclosed through document filing with the Securities & Exchange Commission (SEC). Interested observers can find more details regarding this transaction via a link provided by the SEC.
As of late, the stock price for Enterprise Products Partners on the New York Stock Exchange (NYSE) saw a slight increase during trading on Friday, August 26th with it reaching $26.45 per share. The daily trading volume amounted to 1,572,045 shares compared to its average volume of approximately 4,378,473 shares.
Enterprise Products Partners possesses a current ratio of 0.91 and a quick ratio of 0.67 indicating its financial liquidity ratios are within acceptable ranges for industry standards. Additionally noteworthy is that the company’s debt-to-equity ratio stands at 0.98 further solidifying its stable and low-risk profile in terms of its capital structure.
The market capitalization for Enterprise Products Partners currently sits at an impressive $57.44 billion making it one of the larger players in its industry segment. With a price-to-earnings (PE) ratio of 10.63 and a beta factor of 1.08 indicating moderate volatility relative to market indices overall.
Furthermore, investors and market watchers will also find it interesting that Enterprise Products Partners has experienced movements over both short-term and long-term macro-periods. Its 50-day and 200-day moving average prices are $26.52 and $26.17 respectively.
Overall, the recent changes in Enterprise Products Partners’ investor composition and the noteworthy acquisition by Director William C. Montgomery have garnered attention within the investment community. With a steady stock price and a substantial market capitalization, Enterprise Products Partners remains an important player in the oil and gas sector, capturing the interest of both institutional investors and individual shareholders alike.
