First Horizon Corp Makes New Investment in Enterprise Products Partners L.P. $EPD

First Horizon Corp acquired a new stake in shares of Enterprise Products Partners L.P. (NYSE:EPD) during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm acquired 18,901 shares of the oil and gas producer’s stock, valued at approximately $591,000.

Several other hedge funds also recently bought and sold shares of EPD. Energy Income Partners LLC raised its holdings in Enterprise Products Partners by 14.3% during the second 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 during the period. Northside Capital Management LLC purchased a new stake in shares of Enterprise Products Partners during the second quarter worth about $47,628,000. Corient Private Wealth LLC raised its stake in Enterprise Products Partners by 119.4% during the 2nd quarter. Corient Private Wealth LLC now owns 2,414,035 shares of the oil and gas producer’s stock valued at $74,859,000 after purchasing an additional 1,313,976 shares during the period. HRT Financial LP raised its stake in Enterprise Products Partners by 118.1% during the 2nd quarter. HRT Financial LP now owns 1,528,580 shares of the oil and gas producer’s stock valued at $47,401,000 after purchasing an additional 827,780 shares during the period. Finally, Prospera Financial Services Inc lifted its holdings in Enterprise Products Partners by 213.0% in the 2nd quarter. Prospera Financial Services Inc now owns 980,094 shares of the oil and gas producer’s stock worth $30,395,000 after purchasing an additional 666,967 shares in the last quarter. Institutional investors own 26.07% of the company’s stock.

Enterprise Products Partners Stock Up 0.8%

Shares of NYSE EPD opened at $32.33 on Wednesday. The company has a current ratio of 0.88, a quick ratio of 0.60 and a debt-to-equity ratio of 1.04. Enterprise Products Partners L.P. has a 12-month low of $27.77 and a 12-month high of $34.53. The firm’s 50-day moving average price is $32.03 and its 200-day moving average price is $31.62. The stock has a market capitalization of $69.94 billion, a price-to-earnings ratio of 12.20, a P/E/G ratio of 2.25 and a beta of 0.59.

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

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

Enterprise Products Partners Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, February 13th. Investors of record on Friday, January 30th will be given a $0.55 dividend. This is a boost from Enterprise Products Partners’s previous quarterly dividend of $0.55. This represents a $2.20 dividend on an annualized basis and a yield of 6.8%. The ex-dividend date is Friday, January 30th. Enterprise Products Partners’s dividend payout ratio is 82.26%.

Insider Buying and Selling

In other news, Director John R. Rutherford acquired 15,000 shares of the business’s stock in a transaction on Monday, December 29th. The shares were acquired at an average price of $32.09 per share, for a total transaction of $481,350.00. Following the completion of the transaction, the director directly owned 173,586 shares of the company’s stock, valued at approximately $5,570,374.74. The trade was a 9.46% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 32.60% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on EPD shares. Morgan Stanley lowered shares of Enterprise Products Partners from an “equal weight” rating to an “underweight” rating and set a $34.00 price objective for the company. in a report on Thursday, December 18th. UBS Group reaffirmed a “buy” rating on shares of Enterprise Products Partners in a research note on Tuesday, December 16th. Scotiabank decreased 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 research note on Tuesday, November 4th. Jefferies Financial Group assumed coverage on shares of Enterprise Products Partners in a report on Monday. They set a “hold” rating and a $33.00 price objective for the company. Finally, Raymond James Financial cut Enterprise Products Partners from a “strong-buy” rating to an “outperform” rating and set a $36.00 target price on the stock. in a report on Monday, January 5th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Enterprise Products Partners presently has an average rating of “Moderate Buy” and a consensus target price of $35.08.

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.