Palo Capital Inc. raised its holdings in shares of Enterprise Products Partners L.P. (NYSE:EPD) by 92.4% during the 3rd quarter, Holdings Channel reports. The firm owned 26,940 shares of the oil and gas producer’s stock after acquiring an additional 12,940 shares during the quarter. Palo Capital Inc.’s holdings in Enterprise Products Partners were worth $774,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also modified their holdings of the business. Alps Advisors Inc. boosted its stake in Enterprise Products Partners by 13.2% during the 2nd quarter. Alps Advisors Inc. now owns 40,898,736 shares of the oil and gas producer’s stock valued at $1,084,226,000 after purchasing an additional 4,777,192 shares during the last quarter. BlackRock Inc. lifted its holdings in shares of Enterprise Products Partners by 321.0% during the 2nd quarter. BlackRock Inc. now owns 13,588,906 shares of the oil and gas producer’s stock valued at $376,005,000 after buying an additional 10,360,904 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new position in shares of Enterprise Products Partners during the 2nd quarter valued at $333,913,000. FMR LLC lifted its holdings in shares of Enterprise Products Partners by 0.6% during the 2nd quarter. FMR LLC now owns 11,523,060 shares of the oil and gas producer’s stock valued at $318,843,000 after buying an additional 74,391 shares during the period. Finally, ING Groep NV lifted its holdings in shares of Enterprise Products Partners by 31.4% during the 2nd quarter. ING Groep NV now owns 7,741,600 shares of the oil and gas producer’s stock valued at $214,210,000 after buying an additional 1,851,500 shares during the period. Institutional investors and hedge funds own 36.47% of the company’s stock.
In related news, CEO Aj Teague bought 3,390 shares of the firm’s stock in a transaction that occurred on Thursday, August 2nd. The shares were bought at an average cost of $29.48 per share, with a total value of $99,937.20. Following the acquisition, the chief executive officer now owns 1,616,790 shares in the company, valued at $47,662,969.20. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 37.50% of the stock is currently owned by company insiders.
Enterprise Products Partners (NYSE:EPD) last announced its earnings results on Wednesday, August 1st. The oil and gas producer reported $0.46 EPS for the quarter, topping the Zacks’ consensus estimate of $0.39 by $0.07. Enterprise Products Partners had a return on equity of 14.42% and a net margin of 8.95%. The company had revenue of $8.47 billion for the quarter, compared to analysts’ expectations of $8.55 billion. During the same period last year, the firm earned $0.30 EPS. Enterprise Products Partners’s revenue for the quarter was up 28.1% compared to the same quarter last year. As a group, analysts forecast that Enterprise Products Partners L.P. will post 1.73 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, November 8th. Investors of record on Wednesday, October 31st will be issued a $0.4325 dividend. This is a boost from Enterprise Products Partners’s previous quarterly dividend of $0.43. This represents a $1.73 dividend on an annualized basis and a yield of 6.56%. The ex-dividend date is Tuesday, October 30th. Enterprise Products Partners’s dividend payout ratio (DPR) is currently 130.30%.
Several equities analysts have recently weighed in on the company. Zacks Investment Research cut Enterprise Products Partners from a “buy” rating to a “hold” rating in a report on Tuesday, July 3rd. ValuEngine cut Enterprise Products Partners from a “hold” rating to a “sell” rating in a report on Monday, July 2nd. BMO Capital Markets reissued a “buy” rating and set a $34.00 price target on shares of Enterprise Products Partners in a report on Friday, July 13th. Bank of America increased their price target on Enterprise Products Partners from $29.00 to $31.00 and gave the company a “buy” rating in a report on Thursday, August 2nd. Finally, Morgan Stanley increased their price target on Enterprise Products Partners from $31.00 to $32.00 and gave the company an “overweight” rating in a report on Friday, August 17th. Two research analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $32.67.
Enterprise Products Partners 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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