Payden & Rygel reduced its holdings in shares of Enterprise Products Partners L.P. (NYSE:EPD – Free Report) by 3.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 751,270 shares of the oil and gas producer’s stock after selling 29,100 shares during the period. Enterprise Products Partners comprises approximately 1.4% of Payden & Rygel’s portfolio, making the stock its 25th biggest holding. Payden & Rygel’s holdings in Enterprise Products Partners were worth $19,796,000 at the end of the most recent quarter.
Several other large investors have also recently made changes to their positions in the business. Fairfield Bush & CO. purchased a new stake in Enterprise Products Partners during the first quarter valued at about $31,000. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Enterprise Products Partners by 2.6% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,571,535 shares of the oil and gas producer’s stock valued at $169,611,000 after acquiring an additional 169,059 shares during the period. BlackRock Inc. grew its position in Enterprise Products Partners by 4.7% during the 1st quarter. BlackRock Inc. now owns 25,050,292 shares of the oil and gas producer’s stock worth $646,548,000 after acquiring an additional 1,114,690 shares during the last quarter. Cibc World Market Inc. increased its stake in Enterprise Products Partners by 3.2% in the 1st quarter. Cibc World Market Inc. now owns 89,367 shares of the oil and gas producer’s stock worth $2,307,000 after purchasing an additional 2,804 shares during the period. Finally, Sei Investments Co. lifted its position in Enterprise Products Partners by 76.5% in the first quarter. Sei Investments Co. now owns 888,439 shares of the oil and gas producer’s stock valued at $22,931,000 after purchasing an additional 385,008 shares during the last quarter. 26.54% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
Several brokerages recently commented on EPD. StockNews.com initiated coverage on shares of Enterprise Products Partners in a research note on Thursday, October 5th. They issued a “buy” rating on the stock. Pickering Energy Partners began coverage on shares of Enterprise Products Partners in a research note on Tuesday, October 3rd. They set an “outperform” rating for the company. UBS Group cut their target price on Enterprise Products Partners from $35.00 to $34.00 and set a “buy” rating on the stock in a research note on Thursday, October 5th. Truist Financial lowered their price target on Enterprise Products Partners from $33.00 to $31.00 and set a “buy” rating for the company in a research report on Wednesday, November 1st. Finally, Raymond James cut their price objective on Enterprise Products Partners from $32.00 to $31.00 and set a “strong-buy” rating on the stock in a research report on Wednesday, November 1st. Two investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Enterprise Products Partners has a consensus rating of “Moderate Buy” and a consensus target price of $31.08.
Enterprise Products Partners Stock Up 1.1 %
EPD stock traded up $0.28 during midday trading on Friday, hitting $26.27. The stock had a trading volume of 4,891,535 shares, compared to its average volume of 4,433,519. The business has a 50-day moving average of $26.94 and a two-hundred day moving average of $26.52. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.92 and a quick ratio of 0.65. The firm has a market cap of $57.06 billion, a price-to-earnings ratio of 10.72 and a beta of 1.07. Enterprise Products Partners L.P. has a 52-week low of $23.14 and a 52-week high of $27.95.
Enterprise Products Partners (NYSE:EPD – Get Free Report) last released its earnings results on Tuesday, October 31st. The oil and gas producer reported $0.60 earnings per share for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.04). Enterprise Products Partners had a return on equity of 19.32% and a net margin of 11.04%. The business had revenue of $12 billion during the quarter, compared to analysts’ expectations of $11.08 billion. During the same period in the prior year, the company earned $0.62 earnings per share. The firm’s quarterly revenue was down 22.4% compared to the same quarter last year. As a group, equities research analysts forecast that Enterprise Products Partners L.P. will post 2.51 earnings per share for the current fiscal year.
Enterprise Products Partners Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Tuesday, November 14th. Stockholders of record on Tuesday, October 31st were issued a dividend of $0.50 per share. The ex-dividend date of this dividend was Monday, October 30th. This represents a $2.00 annualized dividend and a dividend yield of 7.61%. Enterprise Products Partners’s payout ratio is 81.63%.
Insider Transactions at Enterprise Products Partners
In related news, Director John R. Rutherford acquired 10,000 shares of Enterprise Products Partners stock in a transaction that occurred on Thursday, November 9th. The stock was bought at an average price of $25.96 per share, with a total value of $259,600.00. Following the transaction, the director now directly owns 137,423 shares in the company, valued at $3,567,501.08. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 32.60% of the company’s stock.
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. 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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