United Asset Strategies Inc. increased its holdings in shares of Enterprise Products Partners L.P. (NYSE:EPD) by 113.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 19,503 shares of the oil and gas producer’s stock after buying an additional 10,382 shares during the period. United Asset Strategies Inc.’s holdings in Enterprise Products Partners were worth $279,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also made changes to their positions in the company. Essex Private Wealth Management LLC purchased a new stake in shares of Enterprise Products Partners in the 4th quarter valued at approximately $395,000. Advisory Alpha LLC boosted its holdings in shares of Enterprise Products Partners by 315.4% in the 4th quarter. Advisory Alpha LLC now owns 2,077 shares of the oil and gas producer’s stock valued at $60,000 after buying an additional 1,577 shares in the last quarter. CNA Financial Corp acquired a new position in shares of Enterprise Products Partners in the 4th quarter valued at $7,040,000. Highstreet Asset Management Inc. acquired a new stake in Enterprise Products Partners during the 4th quarter worth $318,000. Finally, Patten & Patten Inc. TN boosted its stake in Enterprise Products Partners by 14.5% during the 1st quarter. Patten & Patten Inc. TN now owns 13,448 shares of the oil and gas producer’s stock worth $192,000 after purchasing an additional 1,708 shares during the period. 35.87% of the stock is currently owned by hedge funds and other institutional investors.
Several research firms have recently commented on EPD. Piper Sandler cut shares of Enterprise Products Partners from an “overweight” rating to a “neutral” rating and reduced their target price for the stock from $32.00 to $24.00 in a research note on Monday, March 9th. Mizuho reiterated a “buy” rating and issued a $24.00 price target on shares of Enterprise Products Partners in a report on Thursday, April 30th. Morgan Stanley dropped their target price on shares of Enterprise Products Partners from $32.00 to $18.00 and set an “overweight” rating for the company in a report on Monday, March 16th. Raymond James dropped their target price on shares of Enterprise Products Partners from $36.00 to $27.00 and set a “strong-buy” rating for the company in a report on Thursday, March 12th. Finally, TheStreet downgraded shares of Enterprise Products Partners from a “b-” rating to a “c” rating in a report on Thursday, April 9th. One investment analyst has rated the stock with a sell rating, two have given a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $27.71.
Enterprise Products Partners (NYSE:EPD) last released its earnings results on Wednesday, April 29th. The oil and gas producer reported $0.61 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.52 by $0.09. Enterprise Products Partners had a net margin of 14.75% and a return on equity of 18.93%. The business had revenue of $7.48 billion for the quarter, compared to analysts’ expectations of $8.28 billion. During the same period last year, the company earned $0.57 earnings per share. The company’s quarterly revenue was down 12.4% on a year-over-year basis. On average, sell-side analysts expect that Enterprise Products Partners L.P. will post 1.96 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Tuesday, May 12th. Investors of record on Thursday, April 30th were given a $0.445 dividend. The ex-dividend date was Wednesday, April 29th. This represents a $1.78 annualized dividend and a dividend yield of 9.73%. Enterprise Products Partners’s dividend payout ratio is presently 82.79%.
In other Enterprise Products Partners news, CEO Aj Teague purchased 10,000 shares of Enterprise Products Partners stock in a transaction on Friday, March 13th. The shares were purchased at an average cost of $15.00 per share, with a total value of $150,000.00. Following the completion of the transaction, the chief executive officer now directly owns 1,935,357 shares in the company, valued at approximately $29,030,355. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Richard H. Bachmann purchased 15,000 shares of Enterprise Products Partners stock in a transaction on Wednesday, March 18th. The shares were acquired at an average cost of $12.27 per share, for a total transaction of $184,050.00. Following the completion of the transaction, the director now owns 1,631,048 shares of the company’s stock, valued at $20,012,958.96. The disclosure for this purchase can be found here. Insiders purchased 441,000 shares of company stock worth $8,981,090 over the last three months. Corporate insiders own 37.50% of the company’s stock.
Enterprise Products Partners Company 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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