CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Has $62.31 Million Stake in Enterprise Products Partners L.P. $EPD

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT grew its holdings in Enterprise Products Partners L.P. (NYSE:EPD) by 1.8% during the 3rd quarter, HoldingsChannel reports. The firm owned 1,992,500 shares of the oil and gas producer’s stock after acquiring an additional 35,000 shares during the quarter. Enterprise Products Partners comprises about 3.5% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s investment portfolio, making the stock its 13th biggest position. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s holdings in Enterprise Products Partners were worth $62,305,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in EPD. Winnow Wealth LLC bought a new stake in Enterprise Products Partners during the 2nd quarter valued at approximately $28,000. Crowley Wealth Management Inc. acquired a new position in shares of Enterprise Products Partners during the second quarter worth approximately $29,000. Traub Capital Management LLC acquired a new position in shares of Enterprise Products Partners during the second quarter worth approximately $31,000. Kestra Investment Management LLC bought a new stake in shares of Enterprise Products Partners in the second quarter valued at approximately $48,000. Finally, State of Wyoming acquired a new stake in shares of Enterprise Products Partners in the second quarter worth $54,000. 26.07% of the stock is currently owned by institutional investors.

Enterprise Products Partners Stock Up 0.6%

Shares of EPD opened at $32.12 on Wednesday. The company has a quick ratio of 0.60, a current ratio of 0.88 and a debt-to-equity ratio of 1.04. The company has a 50-day moving average price of $31.81 and a two-hundred day moving average price of $31.56. The stock has a market cap of $69.48 billion, a price-to-earnings ratio of 12.12, a P/E/G ratio of 2.44 and a beta of 0.58. Enterprise Products Partners L.P. has a 12 month low of $27.77 and a 12 month high of $34.53.

Enterprise Products Partners (NYSE:EPD) last released its quarterly earnings data on Wednesday, October 29th. The oil and gas producer reported $0.61 earnings per share for the quarter, missing the consensus estimate of $0.68 by ($0.07). The company had revenue of $12.02 billion during the quarter, compared to the consensus estimate of $11.83 billion. Enterprise Products Partners had a net margin of 10.92% and a return on equity of 19.40%. The company’s revenue for the quarter was down 12.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.65 earnings per share. Equities analysts predict that Enterprise Products Partners L.P. will post 2.9 EPS for the current fiscal year.

Enterprise Products Partners Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 14th. Shareholders of record on Friday, October 31st were paid a dividend of $0.545 per share. This represents a $2.18 annualized dividend and a yield of 6.8%. The ex-dividend date was Friday, October 31st. Enterprise Products Partners’s dividend payout ratio is currently 82.26%.

Enterprise Products Partners announced that its Board of Directors has authorized a stock buyback program on Thursday, October 30th that permits the company to buyback $5.00 billion in outstanding shares. This buyback authorization permits the oil and gas producer to purchase up to 7.4% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of analysts have weighed in on EPD shares. Citigroup reissued a “buy” rating and issued a $36.00 price target (up from $35.00) on shares of Enterprise Products Partners in a report on Tuesday, December 16th. UBS Group reaffirmed a “buy” rating on shares of Enterprise Products Partners in a research report on Tuesday, December 16th. Scotiabank lowered their price target on Enterprise Products Partners from $35.00 to $34.00 and set a “sector perform” rating on the stock in a research note on Tuesday, November 4th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $35.00 price target on shares of Enterprise Products Partners in a report on Monday, December 1st. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Enterprise Products Partners in a report on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $35.64.

Insider Activity

In other news, Director John R. Rutherford bought 15,000 shares of Enterprise Products Partners stock in a transaction dated Monday, December 29th. The shares were bought at an average price of $32.09 per share, for a total transaction of $481,350.00. Following the purchase, the director owned 173,586 shares of the company’s stock, valued at approximately $5,570,374.74. This trade represents a 9.46% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 32.60% of the company’s stock.

About Enterprise Products Partners

Enterprise Products Partners L.P. (NYSE: EPD) is a Houston-based master limited partnership that provides midstream energy services across North America. The company owns and operates an extensive network of pipelines, storage facilities, processing plants and export terminals that transport and handle natural gas, natural gas liquids (NGLs), crude oil and refined and petrochemical products. Its core activities include gathering and transportation, fractionation of NGLs, natural gas processing, crude oil and condensate pipelines, and marine and terminal services that enable domestic distribution and exports.

Enterprise serves a diverse set of customers including producers, refiners, petrochemical companies, marketers and end users.