Enterprise Products Partners L.P. $EPD Stock Position Lowered by Cannell & Spears LLC

Cannell & Spears LLC decreased its position in Enterprise Products Partners L.P. (NYSE:EPD) by 37.1% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 63,670 shares of the oil and gas producer’s stock after selling 37,500 shares during the period. Cannell & Spears LLC’s holdings in Enterprise Products Partners were worth $2,424,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of EPD. Gamco Investors INC. ET AL grew its holdings in Enterprise Products Partners by 0.8% during the first quarter. Gamco Investors INC. ET AL now owns 205,873 shares of the oil and gas producer’s stock worth $7,790,000 after acquiring an additional 1,600 shares during the period. JRM Investment Counsel LLC lifted its holdings in Enterprise Products Partners by 2.2% in the 1st quarter. JRM Investment Counsel LLC now owns 553,284 shares of the oil and gas producer’s stock valued at $20,936,000 after acquiring an additional 12,088 shares during the last quarter. Klingman & Associates LLC bought a new position in shares of Enterprise Products Partners during the 1st quarter valued at about $229,000. Dickmeyer Boyce Financial Management Inc. bought a new position in shares of Enterprise Products Partners during the 1st quarter valued at about $305,000. Finally, Ascension Capital Advisors Inc. acquired a new position in shares of Enterprise Products Partners in the 1st quarter worth approximately $335,000. Institutional investors own 26.07% of the company’s stock.

Enterprise Products Partners Price Performance

EPD stock opened at $38.71 on Friday. Enterprise Products Partners L.P. has a one year low of $30.01 and a one year high of $40.17. The firm has a 50-day moving average of $37.67 and a two-hundred day moving average of $36.74. The firm has a market capitalization of $83.68 billion, a PE ratio of 14.34, a P/E/G ratio of 1.41 and a beta of 0.49. The company has a current ratio of 0.91, a quick ratio of 0.61 and a debt-to-equity ratio of 1.03.

Enterprise Products Partners (NYSE:EPD) last released its earnings results on Monday, April 27th. The oil and gas producer reported $0.68 earnings per share for the quarter, missing the consensus estimate of $0.71 by ($0.03). Enterprise Products Partners had a return on equity of 19.53% and a net margin of 11.45%.The firm had revenue of $14.39 billion during the quarter, compared to analysts’ expectations of $13.62 billion. During the same period last year, the business earned $0.64 earnings per share. The business’s revenue was down 6.7% on a year-over-year basis. On average, analysts forecast that Enterprise Products Partners L.P. will post 2.93 earnings per share for the current year.

Enterprise Products Partners Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Friday, July 31st will be paid a $0.56 dividend. The ex-dividend date of this dividend is Friday, July 31st. This represents a $2.24 dividend on an annualized basis and a yield of 5.8%. This is a positive change from Enterprise Products Partners’s previous quarterly dividend of $0.55. Enterprise Products Partners’s dividend payout ratio (DPR) is 81.48%.

Analyst Upgrades and Downgrades

EPD has been the subject of several recent research reports. TD Cowen reissued a “hold” rating and set a $38.00 target price (up from $34.00) on shares of Enterprise Products Partners in a research note on Thursday, April 16th. Truist Financial lifted their price target on shares of Enterprise Products Partners from $36.00 to $40.00 and gave the stock a “hold” rating in a research report on Monday, May 4th. Wall Street Zen cut Enterprise Products Partners from a “buy” rating to a “hold” rating in a report on Sunday, July 12th. Morgan Stanley set a $40.00 price objective on Enterprise Products Partners and gave the company an “underweight” rating in a research report on Tuesday. Finally, Jefferies Financial Group lifted their target price on Enterprise Products Partners from $34.00 to $40.00 and gave the stock a “hold” rating in a report on Tuesday, March 31st. Eight research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $39.93.

About Enterprise Products Partners

Enterprise Products Partners L.P. (NYSE: EPD) is a Houston-based master limited partnership that provides midstream energy services across North America. The company owns and operates an extensive network of pipelines, storage facilities, processing plants and export terminals that transport and handle natural gas, natural gas liquids (NGLs), crude oil and refined and petrochemical products. Its core activities include gathering and transportation, fractionation of NGLs, natural gas processing, crude oil and condensate pipelines, and marine and terminal services that enable domestic distribution and exports.

Enterprise serves a diverse set of customers including producers, refiners, petrochemical companies, marketers and end users.