Synovus Financial Corp Raises Position in Enterprise Products Partners L.P. (NYSE:EPD)

Synovus Financial Corp lifted its position in shares of Enterprise Products Partners L.P. (NYSE:EPD) by 20.0% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 50,140 shares of the oil and gas producer’s stock after acquiring an additional 8,361 shares during the quarter. Synovus Financial Corp’s holdings in Enterprise Products Partners were worth $1,460,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Hantz Financial Services Inc. acquired a new position in Enterprise Products Partners during the 2nd quarter worth approximately $25,000. Mascoma Wealth Management LLC acquired a new position in Enterprise Products Partners during the second quarter worth $29,000. DiNuzzo Private Wealth Inc. raised its position in Enterprise Products Partners by 1,000.0% in the third quarter. DiNuzzo Private Wealth Inc. now owns 1,100 shares of the oil and gas producer’s stock worth $32,000 after acquiring an additional 1,000 shares in the last quarter. Assetmark Inc. lifted its holdings in Enterprise Products Partners by 19,800.0% in the third quarter. Assetmark Inc. now owns 1,194 shares of the oil and gas producer’s stock valued at $35,000 after acquiring an additional 1,188 shares during the period. Finally, Sanctuary Wealth Management L.L.C. purchased a new stake in shares of Enterprise Products Partners during the 3rd quarter worth $36,000. 26.07% of the stock is owned by hedge funds and other institutional investors.

Enterprise Products Partners Price Performance

EPD stock opened at $32.19 on Monday. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.83 and a current ratio of 1.07. The stock’s 50 day moving average price is $30.79 and its 200 day moving average price is $29.67. The firm has a market cap of $69.77 billion, a P/E ratio of 12.06, a PEG ratio of 1.67 and a beta of 1.08. Enterprise Products Partners L.P. has a 1 year low of $26.02 and a 1 year high of $34.63.

Enterprise Products Partners (NYSE:EPD) last posted its quarterly earnings data on Tuesday, October 29th. The oil and gas producer reported $0.65 EPS for the quarter, missing analysts’ consensus estimates of $0.66 by ($0.01). Enterprise Products Partners had a net margin of 10.32% and a return on equity of 20.31%. The company had revenue of $13.78 billion for the quarter, compared to analyst estimates of $13.87 billion. During the same period in the previous year, the business earned $0.60 EPS. The firm’s revenue was up 14.8% on a year-over-year basis. On average, sell-side analysts expect that Enterprise Products Partners L.P. will post 2.69 earnings per share for the current fiscal year.

Enterprise Products Partners Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Thursday, October 31st were issued a dividend of $0.525 per share. The ex-dividend date of this dividend was Thursday, October 31st. This represents a $2.10 dividend on an annualized basis and a dividend yield of 6.52%. Enterprise Products Partners’s dividend payout ratio (DPR) is presently 78.65%.

Analyst Ratings Changes

EPD has been the subject of several recent analyst reports. Bank of America assumed coverage on shares of Enterprise Products Partners in a research note on Thursday, October 17th. They issued a “buy” rating and a $35.00 price objective for the company. US Capital Advisors raised Enterprise Products Partners from a “moderate buy” rating to a “strong-buy” rating in a research note on Monday, October 28th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $36.00 price target on shares of Enterprise Products Partners in a report on Wednesday, October 30th. One research analyst has rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Enterprise Products Partners has an average rating of “Buy” and a consensus target price of $34.00.

About Enterprise Products Partners

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. It operates in four segments: NGL Pipelines & Services, Crude Oil Pipelines & Services, Natural Gas Pipelines & Services, and Petrochemical & Refined Products Services.