Corient Private Wealth LP Invests $99.12 Million in Enterprise Products Partners L.P. $EPD

Corient Private Wealth LP bought a new stake in Enterprise Products Partners L.P. (NYSE:EPD) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 2,696,410 shares of the oil and gas producer’s stock, valued at approximately $99,119,000. Corient Private Wealth LP owned approximately 0.12% of Enterprise Products Partners as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Auto Owners Insurance Co boosted its holdings in Enterprise Products Partners by 3,106.0% in the 4th quarter. Auto Owners Insurance Co now owns 32,060,000 shares of the oil and gas producer’s stock worth $102,784,000 after acquiring an additional 31,060,000 shares during the period. Energy Income Partners LLC purchased a new stake in shares of Enterprise Products Partners during the second quarter valued at approximately $508,461,000. Bank of America Corp DE purchased a new stake in shares of Enterprise Products Partners during the second quarter valued at approximately $416,553,000. BlackRock Inc. acquired a new position in shares of Enterprise Products Partners during the second quarter worth $255,325,000. Finally, Berkley W R Corp purchased a new position in shares of Enterprise Products Partners in the second quarter valued at $250,887,000. 26.07% of the stock is owned by institutional investors and hedge funds.

Enterprise Products Partners Trading Up 2.1%

NYSE EPD opened at $39.09 on Thursday. The company has a market capitalization of $84.41 billion, a price-to-earnings ratio of 13.57, a price-to-earnings-growth ratio of 1.26 and a beta of 0.49. The company has a debt-to-equity ratio of 1.00, a current ratio of 0.93 and a quick ratio of 0.66. Enterprise Products Partners L.P. has a 12 month low of $30.01 and a 12 month high of $40.17. The company’s fifty day moving average price is $37.79 and its two-hundred day moving average price is $37.62.

Enterprise Products Partners (NYSE:EPD) last released its earnings results on Wednesday, July 29th. The oil and gas producer reported $0.84 earnings per share for the quarter, topping the consensus estimate of $0.75 by $0.09. The company had revenue of $18.27 billion during the quarter, compared to the consensus estimate of $13.69 billion. Enterprise Products Partners had a net margin of 10.79% and a return on equity of 20.67%. The company’s revenue was up 60.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.66 EPS. As a group, research analysts predict that Enterprise Products Partners L.P. will post 3.03 earnings per share for the current fiscal year.

Enterprise Products Partners Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Friday, July 31st were paid a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a yield of 5.7%. This is a positive change from Enterprise Products Partners’s previous quarterly dividend of $0.55. The ex-dividend date was Friday, July 31st. Enterprise Products Partners’s payout ratio is 77.78%.

Analysts Set New Price Targets

EPD has been the subject of a number of recent analyst reports. Truist Financial raised their price target on shares of Enterprise Products Partners from $36.00 to $40.00 and gave the company a “hold” rating in a report on Monday, May 4th. TD Cowen reissued a “hold” rating and issued a $38.00 price objective (down from $39.00) on shares of Enterprise Products Partners in a research report on Monday, August 3rd. Wall Street Zen upgraded Enterprise Products Partners from a “buy” rating to a “strong-buy” rating in a research note on Sunday, August 16th. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $38.00 target price on shares of Enterprise Products Partners in a research report on Wednesday, June 17th. Finally, Morgan Stanley reiterated an “underweight” rating and issued a $41.00 price target (up from $40.00) on shares of Enterprise Products Partners in a research note on Tuesday, August 18th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $40.00.

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.