Bank of America Corp DE reduced its holdings in shares of Enbridge Energy Partners, L.P. (NYSE:EEP) by 27.8% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 384,409 shares of the pipeline company’s stock after selling 148,161 shares during the quarter. Bank of America Corp DE’s holdings in Enbridge Energy Partners were worth $4,202,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also modified their holdings of the company. Alps Advisors Inc. boosted its stake in shares of Enbridge Energy Partners by 5.9% during the 2nd quarter. Alps Advisors Inc. now owns 17,894,258 shares of the pipeline company’s stock worth $247,120,000 after acquiring an additional 999,662 shares during the period. Tortoise Capital Advisors L.L.C. boosted its stake in shares of Enbridge Energy Partners by 19,269,332.7% during the 2nd quarter. Tortoise Capital Advisors L.L.C. now owns 9,442,022 shares of the pipeline company’s stock worth $103,201,000 after acquiring an additional 9,441,973 shares during the period. Wells Fargo & Company MN boosted its stake in shares of Enbridge Energy Partners by 722.5% during the 2nd quarter. Wells Fargo & Company MN now owns 2,337,034 shares of the pipeline company’s stock worth $25,544,000 after acquiring an additional 2,052,893 shares during the period. First Republic Investment Management Inc. bought a new position in shares of Enbridge Energy Partners during the 2nd quarter worth approximately $15,578,000. Finally, Bank of Montreal Can bought a new position in shares of Enbridge Energy Partners during the 2nd quarter worth approximately $13,160,000. Institutional investors own 42.78% of the company’s stock.
EEP has been the subject of several research analyst reports. Zacks Investment Research upgraded Enbridge Energy Partners from a “hold” rating to a “buy” rating and set a $13.00 target price for the company in a research note on Monday, October 8th. Morgan Stanley lifted their target price on Enbridge Energy Partners from $11.00 to $12.00 and gave the stock a “sell” rating in a research note on Friday, September 21st. Three investment analysts have rated the stock with a sell rating and eight have given a hold rating to the company’s stock. Enbridge Energy Partners has an average rating of “Hold” and an average price target of $12.50.
Enbridge Energy Partners (NYSE:EEP) last released its quarterly earnings results on Thursday, August 2nd. The pipeline company reported $0.15 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.14 by $0.01. The business had revenue of $537.00 million during the quarter, compared to analysts’ expectations of $563.60 million. Enbridge Energy Partners had a return on equity of 7.59% and a net margin of 9.25%. During the same period last year, the firm posted $0.14 EPS. As a group, equities research analysts forecast that Enbridge Energy Partners, L.P. will post 0.74 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 14th. Shareholders of record on Wednesday, November 7th will be issued a $0.35 dividend. The ex-dividend date is Tuesday, November 6th. This represents a $1.40 annualized dividend and a yield of 13.57%. Enbridge Energy Partners’s dividend payout ratio is presently 175.00%.
About Enbridge Energy Partners
Enbridge Energy Partners, L.P. provides crude oil and liquid petroleum gathering, transportation, and storage services assets in the United States. The company's Lakehead system consists of approximately 4,212 miles of pipe and 74 pump stations located in the Great Lakes and Midwest regions of the United States.
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