Assetmark Inc. Acquires 2,795 Shares of Enterprise Products Partners L.P. $EPD

Assetmark Inc. raised its holdings in shares of Enterprise Products Partners L.P. (NYSE:EPD) by 44.3% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 9,107 shares of the oil and gas producer’s stock after purchasing an additional 2,795 shares during the period. Assetmark Inc.’s holdings in Enterprise Products Partners were worth $282,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Buck Wealth Strategies LLC bought a new position in Enterprise Products Partners during the second quarter valued at $999,000. Arkadios Wealth Advisors boosted its stake in shares of Enterprise Products Partners by 5.6% during the 2nd quarter. Arkadios Wealth Advisors now owns 78,523 shares of the oil and gas producer’s stock worth $2,435,000 after purchasing an additional 4,147 shares during the period. World Investment Advisors grew its holdings in Enterprise Products Partners by 1.5% during the 2nd quarter. World Investment Advisors now owns 51,703 shares of the oil and gas producer’s stock valued at $1,603,000 after purchasing an additional 766 shares during the last quarter. Flagship Harbor Advisors LLC raised its position in Enterprise Products Partners by 1.9% in the 2nd quarter. Flagship Harbor Advisors LLC now owns 80,952 shares of the oil and gas producer’s stock worth $2,510,000 after purchasing an additional 1,482 shares during the period. Finally, Daymark Wealth Partners LLC lifted its stake in Enterprise Products Partners by 1.2% in the second quarter. Daymark Wealth Partners LLC now owns 102,353 shares of the oil and gas producer’s stock worth $3,174,000 after purchasing an additional 1,166 shares during the last quarter. Institutional investors own 26.07% of the company’s stock.

Analyst Upgrades and Downgrades

EPD has been the topic of several research analyst reports. Scotiabank cut their price objective on Enterprise Products Partners from $35.00 to $34.00 and set a “sector perform” rating on the stock in a research report on Tuesday. Stifel Nicolaus upped their price target on shares of Enterprise Products Partners from $35.00 to $38.00 and gave the stock a “buy” rating in a report on Friday, October 31st. Morgan Stanley reduced their price target on shares of Enterprise Products Partners from $35.00 to $33.00 and set an “equal weight” rating on the stock in a research note on Tuesday, August 26th. Weiss Ratings reissued a “buy (b)” rating on shares of Enterprise Products Partners in a research report on Wednesday, October 8th. Finally, Mizuho set a $38.00 target price on shares of Enterprise Products Partners and gave the stock an “outperform” rating in a research report on Friday, July 11th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Enterprise Products Partners has an average rating of “Moderate Buy” and a consensus target price of $36.00.

Enterprise Products Partners Stock Performance

EPD opened at $31.28 on Friday. Enterprise Products Partners L.P. has a 1 year low of $27.77 and a 1 year high of $34.63. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.96 and a quick ratio of 0.69. The stock has a market cap of $67.72 billion, a P/E ratio of 11.63, a P/E/G ratio of 2.22 and a beta of 0.67. The firm has a fifty day moving average price of $31.30 and a 200 day moving average price of $31.33.

Enterprise Products Partners (NYSE:EPD) last released its earnings results on Wednesday, October 29th. The oil and gas producer reported $0.61 EPS for the quarter, missing analysts’ consensus estimates of $0.68 by ($0.07). Enterprise Products Partners had a return on equity of 19.81% and a net margin of 10.71%.The company had revenue of $12.02 billion for the quarter, compared to analysts’ expectations of $11.83 billion. During the same period in the prior year, the firm earned $0.65 EPS. The firm’s revenue for the quarter was down 12.7% on a year-over-year basis. Equities research analysts anticipate that Enterprise Products Partners L.P. will post 2.9 earnings per share for the current year.

Enterprise Products Partners announced that its board has initiated a share buyback program on Thursday, October 30th that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the oil and gas producer to purchase up to 7.4% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

Enterprise Products Partners Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Friday, October 31st will be given a dividend of $0.545 per share. The ex-dividend date is Friday, October 31st. This represents a $2.18 dividend on an annualized basis and a dividend yield of 7.0%. Enterprise Products Partners’s dividend payout ratio (DPR) is currently 82.26%.

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.