Performance Wealth Partners LLC Acquires New Shares in Enterprise Products Partners L.P. $EPD

Performance Wealth Partners LLC acquired a new position in shares of Enterprise Products Partners L.P. (NYSE:EPD) during the second quarter, Holdings Channel.com reports. The fund acquired 17,538 shares of the oil and gas producer’s stock, valued at approximately $645,000.

A number of other hedge funds have also added to or reduced their stakes in EPD. Auto Owners Insurance Co lifted its holdings in shares of Enterprise Products Partners by 3,106.0% in the fourth quarter. Auto Owners Insurance Co now owns 32,060,000 shares of the oil and gas producer’s stock worth $102,784,000 after buying an additional 31,060,000 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in Enterprise Products Partners by 12.0% during the fourth quarter. Goldman Sachs Group Inc. now owns 18,163,343 shares of the oil and gas producer’s stock valued at $582,317,000 after acquiring an additional 1,940,583 shares in the last quarter. Deutsche Bank AG bought a new stake in Enterprise Products Partners during the 2nd quarter worth approximately $67,915,000. Corient Private Wealth LLC increased its holdings in Enterprise Products Partners by 119.4% during the 2nd quarter. Corient Private Wealth LLC now owns 2,414,035 shares of the oil and gas producer’s stock worth $74,859,000 after acquiring an additional 1,313,976 shares during the period. Finally, Barclays PLC lifted its stake in Enterprise Products Partners by 57.5% in the 4th quarter. Barclays PLC now owns 2,928,068 shares of the oil and gas producer’s stock worth $93,874,000 after purchasing an additional 1,069,304 shares in the last quarter. Hedge funds and other institutional investors own 26.07% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have commented on EPD shares. Stifel Nicolaus raised their price target on shares of Enterprise Products Partners from $41.00 to $42.00 and gave the company a “buy” rating in a report on Wednesday, April 29th. Wall Street Zen upgraded Enterprise Products Partners from a “buy” rating to a “strong-buy” rating in a research report on Sunday. JPMorgan Chase & Co. lifted their price objective on Enterprise Products Partners from $41.00 to $42.00 and gave the company a “neutral” rating in a research note on Thursday, July 9th. Truist Financial boosted their target price on Enterprise Products Partners from $36.00 to $40.00 and gave the stock a “hold” rating in a research report on Monday, May 4th. Finally, Scotiabank restated a “sector perform” rating and issued a $40.00 target price (up from $39.00) on shares of Enterprise Products Partners in a research note on Tuesday, May 12th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Enterprise Products Partners currently has an average rating of “Moderate Buy” and an average price target of $39.93.

Enterprise Products Partners Stock Performance

NYSE EPD opened at $38.61 on Tuesday. Enterprise Products Partners L.P. has a 52-week low of $30.01 and a 52-week high of $40.17. The company has a fifty day moving average of $37.60 and a 200-day moving average of $37.41. The company has a market capitalization of $83.38 billion, a P/E ratio of 13.41, a P/E/G ratio of 1.30 and a beta of 0.49. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.66 and a current ratio of 0.93.

Enterprise Products Partners (NYSE:EPD) last released its earnings results on Wednesday, July 29th. The oil and gas producer reported $0.84 EPS for the quarter, beating analysts’ consensus estimates of $0.75 by $0.09. Enterprise Products Partners had a return on equity of 20.67% and a net margin of 10.79%.The business had revenue of $18.27 billion for the quarter, compared to analysts’ expectations of $13.69 billion. During the same quarter in the prior year, the firm earned $0.66 earnings per share. The firm’s revenue was up 60.8% on a year-over-year basis. As a group, equities research analysts predict that Enterprise Products Partners L.P. will post 2.98 EPS for the current fiscal year.

Enterprise Products Partners Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, July 31st were given a dividend of $0.56 per share. This is a boost from Enterprise Products Partners’s previous quarterly dividend of $0.55. The ex-dividend date was Friday, July 31st. This represents a $2.24 annualized dividend and a dividend yield of 5.8%. Enterprise Products Partners’s dividend payout ratio is currently 77.78%.

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.