Somerset Trust Co Makes New $559,000 Investment in Enterprise Products Partners L.P. $EPD

Key Points

• Somerset Trust Co has acquired 18,035 shares of Enterprise Products Partners L.P. valued at approximately $559,000, according to a recent 13F filing with the SEC.
• The company has announced a quarterly dividend increase to $0.545 per share, representing a 6.9% yield, and has a dividend payout ratio of 81.04%.
• Analysts have varied opinions on the stock, with recent ratings showing two Strong Buy, eight Buy, and five Hold ratings, and a consensus price target of $35.83.

Somerset Trust Co acquired a new stake in shares of Enterprise Products Partners L.P. (NYSE:EPD - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 18,035 shares of the oil and gas producer's stock, valued at approximately $559,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Thurston Springer Miller Herd & Titak Inc. lifted its position in Enterprise Products Partners by 14.0% in the second quarter. Thurston Springer Miller Herd & Titak Inc. now owns 4,535 shares of the oil and gas producer's stock valued at $141,000 after purchasing an additional 556 shares during the last quarter. Douglas Lane & Associates LLC raised its holdings in Enterprise Products Partners by 4.7% during the 2nd quarter. Douglas Lane & Associates LLC now owns 14,834 shares of the oil and gas producer's stock valued at $460,000 after buying an additional 662 shares during the last quarter. HBW Advisory Services LLC grew its holdings in Enterprise Products Partners by 3.1% in the 2nd quarter. HBW Advisory Services LLC now owns 28,846 shares of the oil and gas producer's stock worth $895,000 after acquiring an additional 871 shares during the last quarter. Howard Financial Services LTD. increased its position in shares of Enterprise Products Partners by 23.9% in the second quarter. Howard Financial Services LTD. now owns 115,985 shares of the oil and gas producer's stock valued at $3,597,000 after acquiring an additional 22,354 shares during the period. Finally, Harbor Investment Advisory LLC raised its stake in shares of Enterprise Products Partners by 9.5% during the second quarter. Harbor Investment Advisory LLC now owns 16,163 shares of the oil and gas producer's stock valued at $501,000 after acquiring an additional 1,403 shares during the last quarter. Institutional investors own 26.07% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. Stifel Nicolaus reduced their price target on Enterprise Products Partners from $36.00 to $35.00 and set a "buy" rating on the stock in a report on Tuesday, July 29th. Morgan Stanley decreased their target price 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. TD Cowen assumed coverage on Enterprise Products Partners in a research note on Monday, July 7th. They issued a "hold" rating and a $33.00 price target for the company. Mizuho set a $38.00 price objective on shares of Enterprise Products Partners and gave the company an "outperform" rating in a research report on Friday, July 11th. Finally, Barclays cut their target price on shares of Enterprise Products Partners from $36.00 to $35.00 and set an "overweight" rating on the stock in a research note on Wednesday, July 2nd. Two investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $35.83.

Insider Activity

In other news, Director William C. Montgomery acquired 16,000 shares of Enterprise Products Partners stock in a transaction on Wednesday, July 30th. The stock was acquired at an average cost of $31.55 per share, for a total transaction of $504,800.00. Following the purchase, the director owned 136,920 shares in the company, valued at $4,319,826. This trade represents a 13.23% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John R. Rutherford bought 15,000 shares of the company's stock in a transaction dated Tuesday, July 29th. The stock was purchased at an average price of $31.35 per share, for a total transaction of $470,250.00. Following the purchase, the director owned 158,586 shares of the company's stock, valued at approximately $4,971,671.10. This represents a 10.45% increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 32.60% of the company's stock.

Enterprise Products Partners Stock Down 0.6%

Shares of EPD stock traded down $0.18 during trading hours on Friday, hitting $31.75. 3,358,988 shares of the company's stock traded hands, compared to its average volume of 3,135,895. The company has a quick ratio of 0.69, a current ratio of 0.96 and a debt-to-equity ratio of 1.04. The stock's fifty day simple moving average is $31.56 and its two-hundred day simple moving average is $31.65. Enterprise Products Partners L.P. has a 12-month low of $27.77 and a 12-month high of $34.63. The stock has a market cap of $68.75 billion, a price-to-earnings ratio of 11.80, a PEG ratio of 1.99 and a beta of 0.69.

Enterprise Products Partners (NYSE:EPD - Get Free Report) last posted its quarterly earnings data on Monday, July 28th. The oil and gas producer reported $0.66 earnings per share for the quarter, missing analysts' consensus estimates of $0.67 by ($0.01). The company had revenue of $11.36 billion for the quarter, compared to the consensus estimate of $15.24 billion. Enterprise Products Partners had a net margin of 10.71% and a return on equity of 19.81%. The firm's quarterly revenue was down 15.7% on a year-over-year basis. During the same period last year, the business earned $0.64 EPS. On average, analysts expect that Enterprise Products Partners L.P. will post 2.9 EPS for the current year.

Enterprise Products Partners Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 14th. Investors of record on Thursday, July 31st were paid a $0.545 dividend. This represents a $2.18 dividend on an annualized basis and a yield of 6.9%. The ex-dividend date was Thursday, July 31st. This is a positive change from Enterprise Products Partners's previous quarterly dividend of $0.54. Enterprise Products Partners's dividend payout ratio (DPR) is presently 81.04%.

Enterprise Products Partners 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.