Cadence Capital Management LLC reduced its stake in shares of Enterprise Products Partners L.P. (NYSE:EPD) by 0.3% in the third quarter, according to its most recent filing with the SEC. The fund owned 2,203,410 shares of the oil and gas producer’s stock after selling 7,178 shares during the period. Enterprise Products Partners makes up 8.4% of Cadence Capital Management LLC’s investment portfolio, making the stock its biggest position. Cadence Capital Management LLC owned about 0.10% of Enterprise Products Partners worth $34,792,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Beese Fulmer Investment Management Inc. bought a new stake in Enterprise Products Partners in the second quarter worth $35,000. Creative Financial Designs Inc. ADV bought a new stake in Enterprise Products Partners in the second quarter worth $35,000. JNBA Financial Advisors lifted its stake in Enterprise Products Partners by 48.1% in the second quarter. JNBA Financial Advisors now owns 2,179 shares of the oil and gas producer’s stock worth $40,000 after purchasing an additional 708 shares during the last quarter. TRUE Private Wealth Advisors lifted its stake in Enterprise Products Partners by 44.0% in the third quarter. TRUE Private Wealth Advisors now owns 2,290 shares of the oil and gas producer’s stock worth $36,000 after purchasing an additional 700 shares during the last quarter. Finally, Perennial Advisors LLC bought a new stake in Enterprise Products Partners in the first quarter worth $68,000. 32.49% of the stock is owned by institutional investors.
Several analysts have weighed in on the stock. ValuEngine downgraded shares of Enterprise Products Partners from a “sell” rating to a “strong sell” rating in a research note on Thursday, October 1st. Piper Sandler lowered their price target on shares of Enterprise Products Partners from $22.00 to $19.00 and set an “overweight” rating for the company in a research note on Friday, October 9th. Citigroup decreased their price objective on shares of Enterprise Products Partners from $31.00 to $21.00 and set a “buy” rating on the stock in a research report on Thursday, July 2nd. Wells Fargo & Company boosted their price objective on shares of Enterprise Products Partners from $25.00 to $26.00 and gave the company an “overweight” rating in a research report on Wednesday, July 22nd. Finally, Royal Bank of Canada restated a “buy” rating and issued a $28.00 price objective on shares of Enterprise Products Partners in a research report on Thursday, August 6th. One research analyst has rated the stock with a sell rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. Enterprise Products Partners presently has an average rating of “Buy” and a consensus target price of $24.36.
Shares of NYSE EPD traded down $0.28 during midday trading on Friday, hitting $17.21. 6,453,287 shares of the company traded hands, compared to its average volume of 9,155,875. Enterprise Products Partners L.P. has a 12-month low of $10.27 and a 12-month high of $29.22. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.68 and a current ratio of 0.95. The stock has a 50-day moving average price of $16.74 and a 200 day moving average price of $17.55. The firm has a market cap of $37.62 billion, a P/E ratio of 8.44 and a beta of 1.42.
Enterprise Products Partners (NYSE:EPD) last announced its quarterly earnings results on Wednesday, July 29th. The oil and gas producer reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.46 by $0.01. Enterprise Products Partners had a net margin of 15.41% and a return on equity of 18.06%. The company had revenue of $5.75 billion for the quarter, compared to analysts’ expectations of $7.52 billion. During the same quarter in the previous year, the company earned $0.55 earnings per share. Enterprise Products Partners’s quarterly revenue was down 30.5% on a year-over-year basis. As a group, equities analysts expect that Enterprise Products Partners L.P. will post 2.08 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, November 12th. Investors of record on Friday, October 30th will be given a dividend of $0.445 per share. This represents a $1.78 annualized dividend and a dividend yield of 10.34%. The ex-dividend date is Thursday, October 29th. Enterprise Products Partners’s dividend payout ratio is currently 82.79%.
In related news, COO Graham W. Bacon purchased 10,000 shares of Enterprise Products Partners stock in a transaction that occurred on Wednesday, August 26th. The shares were bought at an average price of $17.50 per share, for a total transaction of $175,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have purchased 35,000 shares of company stock worth $345,300 in the last quarter. 37.50% of the stock is owned by corporate insiders.
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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