Allworth Financial LP Grows Holdings in Enterprise Products Partners L.P. $EPD

Allworth Financial LP boosted its position in shares of Enterprise Products Partners L.P. (NYSE:EPD) by 145.7% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 105,311 shares of the oil and gas producer’s stock after acquiring an additional 62,452 shares during the period. Allworth Financial LP’s holdings in Enterprise Products Partners were worth $3,266,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Next Capital Management LLC increased its stake in Enterprise Products Partners by 2.3% in the 2nd quarter. Next Capital Management LLC now owns 14,625 shares of the oil and gas producer’s stock worth $454,000 after buying an additional 332 shares in the last quarter. Per Stirling Capital Management LLC. raised its stake in Enterprise Products Partners by 1.5% during the 1st quarter. Per Stirling Capital Management LLC. now owns 23,556 shares of the oil and gas producer’s stock valued at $804,000 after purchasing an additional 339 shares during the period. Tranquility Partners LLC lifted its holdings in Enterprise Products Partners by 1.4% in the 2nd quarter. Tranquility Partners LLC now owns 23,944 shares of the oil and gas producer’s stock worth $743,000 after purchasing an additional 339 shares in the last quarter. Sound Income Strategies LLC boosted its stake in Enterprise Products Partners by 2.1% in the 2nd quarter. Sound Income Strategies LLC now owns 16,796 shares of the oil and gas producer’s stock worth $521,000 after purchasing an additional 340 shares during the period. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management grew its holdings in Enterprise Products Partners by 1.8% during the 2nd quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 19,353 shares of the oil and gas producer’s stock valued at $600,000 after buying an additional 347 shares in the last quarter. 26.07% of the stock is currently owned by institutional investors.

Enterprise Products Partners Trading Up 0.3%

EPD stock opened at $31.57 on Thursday. The firm’s fifty day simple moving average is $31.27 and its two-hundred day simple moving average is $31.35. The stock has a market capitalization of $68.30 billion, a price-to-earnings ratio of 11.74, a price-to-earnings-growth ratio of 2.22 and a beta of 0.67. The company has a quick ratio of 0.69, a current ratio of 0.96 and a debt-to-equity ratio of 1.04. Enterprise Products Partners L.P. has a twelve month low of $27.77 and a twelve month high of $34.63.

Enterprise Products Partners (NYSE:EPD) last announced its quarterly earnings data on Wednesday, October 29th. The oil and gas producer reported $0.61 earnings per share (EPS) for the quarter, missing the consensus estimate 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 firm had revenue of $12.02 billion during the quarter, compared to the consensus estimate of $11.83 billion. During the same period in the previous year, the business earned $0.65 EPS. The firm’s revenue for the quarter was down 12.7% on a year-over-year basis. As a group, analysts anticipate that Enterprise Products Partners L.P. will post 2.9 earnings per share for the current year.

Enterprise Products Partners Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Friday, October 31st will be paid a $0.545 dividend. The ex-dividend date is Friday, October 31st. This represents a $2.18 dividend on an annualized basis and a yield of 6.9%. Enterprise Products Partners’s dividend payout ratio (DPR) is presently 82.26%.

Enterprise Products Partners announced that its Board of Directors has initiated a share buyback plan on Thursday, October 30th that authorizes the company to buyback $5.00 billion in shares. This buyback authorization authorizes the oil and gas producer to purchase up to 7.4% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. Morgan Stanley lowered their target price on shares of Enterprise Products Partners from $35.00 to $33.00 and set an “equal weight” rating on the stock in a report on Tuesday, August 26th. Weiss Ratings reiterated a “buy (b)” rating on shares of Enterprise Products Partners in a research note on Wednesday, October 8th. Scotiabank cut their price objective on Enterprise Products Partners from $35.00 to $34.00 and set a “sector perform” rating for the company in a research report on Tuesday, November 4th. Finally, Stifel Nicolaus lifted their target price on Enterprise Products Partners from $35.00 to $38.00 and gave the stock a “buy” rating in a report on Friday, October 31st. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $36.00.

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