Cannon Advisors Inc. Makes New Investment in Enterprise Products Partners L.P. $EPD

Cannon Advisors Inc. purchased a new stake in Enterprise Products Partners L.P. (NYSE:EPD) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 18,395 shares of the oil and gas producer’s stock, valued at approximately $569,000.

Other institutional investors have also added to or reduced their stakes in the company. Invesco Ltd. lifted its stake in Enterprise Products Partners by 0.3% in the 2nd quarter. Invesco Ltd. now owns 26,787,203 shares of the oil and gas producer’s stock valued at $830,671,000 after purchasing an additional 69,505 shares during the last quarter. American Century Companies Inc. lifted its stake in shares of Enterprise Products Partners by 1.4% in the 2nd quarter. American Century Companies Inc. now owns 18,652,232 shares of the oil and gas producer’s stock valued at $578,406,000 after acquiring an additional 252,513 shares during the last quarter. Energy Income Partners LLC boosted its holdings in shares of Enterprise Products Partners by 14.3% during the 2nd quarter. Energy Income Partners LLC now owns 14,624,238 shares of the oil and gas producer’s stock valued at $453,498,000 after acquiring an additional 1,834,659 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Enterprise Products Partners by 3.2% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,355,504 shares of the oil and gas producer’s stock worth $352,134,000 after acquiring an additional 351,931 shares during the last quarter. Finally, Chickasaw Capital Management LLC increased its stake in shares of Enterprise Products Partners by 1.5% in the second quarter. Chickasaw Capital Management LLC now owns 5,515,066 shares of the oil and gas producer’s stock valued at $171,022,000 after buying an additional 81,135 shares during the period. 26.07% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. Scotiabank cut their price target on shares of Enterprise Products Partners from $35.00 to $34.00 and set a “sector perform” rating on the stock in a report on Tuesday, November 4th. UBS Group reiterated a “buy” rating on shares of Enterprise Products Partners in a research report on Tuesday, December 16th. JPMorgan Chase & Co. restated a “neutral” rating and set a $35.00 price objective on shares of Enterprise Products Partners in a research report on Monday, December 1st. Stifel Nicolaus upped their target price on Enterprise Products Partners from $35.00 to $38.00 and gave the company a “buy” rating in a report on Friday, October 31st. Finally, Morgan Stanley downgraded shares of Enterprise Products Partners from an “equal weight” rating to an “underweight” rating and set a $34.00 target price for the company. in a research report on Thursday, December 18th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $35.27.

Enterprise Products Partners Stock Up 0.6%

Shares of Enterprise Products Partners stock opened at $32.07 on Friday. The stock’s 50-day moving average is $31.95 and its 200 day moving average is $31.60. Enterprise Products Partners L.P. has a one year low of $27.77 and a one year high of $34.53. The firm has a market cap of $69.37 billion, a price-to-earnings ratio of 12.10, a PEG ratio of 2.25 and a beta of 0.59. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.88 and a quick ratio of 0.60.

Enterprise Products Partners (NYSE:EPD) last issued 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 business had revenue of $12.02 billion during the quarter, compared to the consensus estimate of $11.83 billion. Enterprise Products Partners had a return on equity of 19.40% and a net margin of 10.92%.The company’s revenue for the quarter was down 12.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.65 earnings per share. Equities research analysts anticipate that Enterprise Products Partners L.P. will post 2.9 EPS for the current year.

Enterprise Products Partners Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, February 13th. Investors of record on Friday, January 30th will be paid a dividend of $0.55 per share. This is a boost from Enterprise Products Partners’s previous quarterly dividend of $0.55. This represents a $2.20 annualized dividend and a yield of 6.9%. The ex-dividend date of this dividend is Friday, January 30th. Enterprise Products Partners’s payout ratio is currently 82.26%.

Enterprise Products Partners declared that its board has authorized a share repurchase 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 repurchase up to 7.4% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board believes its shares are undervalued.

Insider Buying and Selling

In related news, Director John R. Rutherford purchased 15,000 shares of the firm’s stock in a transaction on Monday, December 29th. The stock was purchased at an average cost of $32.09 per share, with a total value of $481,350.00. Following the completion of the purchase, the director owned 173,586 shares in the company, valued at approximately $5,570,374.74. This trade represents a 9.46% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 32.60% of the company’s stock.

Enterprise Products Partners Profile

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.