Franklin Resources Inc. cut its position in Enterprise Products Partners L.P. (NYSE:EPD – Free Report) by 5.5% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 163,366 shares of the oil and gas producer’s stock after selling 9,485 shares during the quarter. Franklin Resources Inc.’s holdings in Enterprise Products Partners were worth $5,066,000 at the end of the most recent reporting period.
Several other large investors have also recently added to or reduced their stakes in the company. Brighton Jones LLC increased its position in Enterprise Products Partners by 19.9% during the fourth quarter. Brighton Jones LLC now owns 32,620 shares of the oil and gas producer’s stock worth $1,023,000 after acquiring an additional 5,425 shares during the period. Baker Avenue Asset Management LP bought a new position in shares of Enterprise Products Partners during the first quarter worth approximately $208,000. Cheviot Value Management LLC acquired a new stake in shares of Enterprise Products Partners in the first quarter valued at approximately $77,000. Scotia Capital Inc. boosted its stake in shares of Enterprise Products Partners by 2.7% in the first quarter. Scotia Capital Inc. now owns 161,773 shares of the oil and gas producer’s stock valued at $5,523,000 after buying an additional 4,207 shares during the period. Finally, Commonwealth Equity Services LLC grew its position in Enterprise Products Partners by 5.7% during the first quarter. Commonwealth Equity Services LLC now owns 1,251,459 shares of the oil and gas producer’s stock worth $42,725,000 after buying an additional 67,885 shares in the last quarter. Institutional investors own 26.07% of the company’s stock.
Analyst Ratings Changes
EPD has been the subject of several analyst reports. Morgan Stanley dropped their price objective on Enterprise Products Partners from $35.00 to $33.00 and set an “equal weight” rating for the company in a report on Tuesday, August 26th. Scotiabank cut their price objective on shares of 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. Weiss Ratings reiterated a “buy (b)” rating on shares of Enterprise Products Partners in a research note on Wednesday, October 8th. Stifel Nicolaus boosted their target price on shares of Enterprise Products Partners from $35.00 to $38.00 and gave the company a “buy” rating in a research report on Friday, October 31st. Finally, JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $35.00 price target on shares of Enterprise Products Partners in a report on Monday. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, Enterprise Products Partners currently has an average rating of “Moderate Buy” and a consensus target price of $35.73.
Enterprise Products Partners Price Performance
EPD stock opened at $32.51 on Tuesday. The stock has a market cap of $70.34 billion, a price-to-earnings ratio of 12.09, a P/E/G ratio of 2.22 and a beta of 0.67. 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 company has a 50 day simple moving average of $31.40 and a 200 day simple moving average of $31.48. Enterprise Products Partners L.P. has a 1 year low of $27.77 and a 1 year high of $34.56.
Enterprise Products Partners (NYSE:EPD – Get Free Report) last posted its earnings results on Wednesday, October 29th. The oil and gas producer reported $0.61 earnings per share for the quarter, missing analysts’ consensus estimates of $0.68 by ($0.07). The company had revenue of $12.02 billion for the quarter, compared to the consensus estimate of $11.83 billion. Enterprise Products Partners had a return on equity of 19.81% and a net margin of 10.71%.The business’s quarterly revenue was down 12.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.65 EPS. Research analysts anticipate that Enterprise Products Partners L.P. will post 2.9 EPS for the current fiscal year.
Enterprise Products Partners Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, November 14th. Shareholders of record on Friday, October 31st were issued a $0.545 dividend. This represents a $2.18 dividend on an annualized basis and a yield of 6.7%. The ex-dividend date of this dividend was Friday, October 31st. Enterprise Products Partners’s dividend payout ratio is presently 82.26%.
Enterprise Products Partners announced that its Board of Directors has approved a share buyback plan 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 repurchase 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 stock is undervalued.
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.
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