Baird Financial Group Inc. Acquires New Holdings in Enterprise Products Partners L.P. $EPD

Key Points

• Baird Financial Group acquired 31,926 shares of Enterprise Products Partners in the second quarter, valued at approximately $1.17 million. Other institutional investors also increased their holdings, with institutions owning 26.07% of EPD’s stock.
• Enterprise Products Partners reported quarterly EPS of $0.84, beating estimates of $0.75, while revenue rose 60.8% year over year to $18.27 billion.
• The company increased its quarterly dividend to $0.56 per share, representing an annualized dividend of $2.24 and a yield of approximately 5.7%. Analysts maintain a consensus “Hold” rating with a $39.87 price target.

Baird Financial Group Inc. bought a new position in Enterprise Products Partners L.P. (NYSE:EPD - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 31,926 shares of the oil and gas producer's stock, valued at approximately $1,174,000.

A number of other large investors have also recently added to or reduced their stakes in the stock. Parkside Financial Bank & Trust lifted its position in shares of Enterprise Products Partners by 1.1% during the 2nd quarter. Parkside Financial Bank & Trust now owns 50,722 shares of the oil and gas producer's stock worth $1,865,000 after purchasing an additional 542 shares during the last quarter. Allianz Asset Management GmbH grew its holdings in Enterprise Products Partners by 10.2% in the 2nd quarter. Allianz Asset Management GmbH now owns 1,105,419 shares of the oil and gas producer's stock valued at $40,635,000 after buying an additional 102,094 shares during the last quarter. Advus Financial Partners LLC grew its holdings in Enterprise Products Partners by 2.2% in the 2nd quarter. Advus Financial Partners LLC now owns 26,248 shares of the oil and gas producer's stock valued at $965,000 after buying an additional 556 shares during the last quarter. First Eagle Investment Management LLC increased its position in Enterprise Products Partners by 0.9% in the 2nd quarter. First Eagle Investment Management LLC now owns 1,958,036 shares of the oil and gas producer's stock worth $71,977,000 after buying an additional 16,555 shares during the period. Finally, Readystate Asset Management LP acquired a new position in shares of Enterprise Products Partners during the second quarter worth approximately $353,000. Institutional investors own 26.07% of the company's stock.

Enterprise Products Partners Stock Up 1.3%

Shares of EPD stock opened at $38.96 on Friday. Enterprise Products Partners L.P. has a one year low of $30.01 and a one year high of $40.17. The company has a debt-to-equity ratio of 1.00, a current ratio of 0.93 and a quick ratio of 0.66. The stock has a fifty day moving average price of $38.51 and a 200 day moving average price of $37.96. The stock has a market cap of $84.13 billion, a P/E ratio of 13.53, a price-to-earnings-growth ratio of 1.42 and a beta of 0.50.

Enterprise Products Partners (NYSE:EPD - Get Free Report) last released its quarterly earnings data on Wednesday, July 29th. The oil and gas producer reported $0.84 EPS for the quarter, topping analysts' consensus estimates of $0.75 by $0.09. The company had revenue of $18.27 billion during the quarter, compared to the consensus estimate of $13.69 billion. Enterprise Products Partners had a net margin of 10.79% and a return on equity of 20.67%. The firm's revenue for the quarter was up 60.8% compared to the same quarter last year. During the same period last year, the firm earned $0.66 EPS. Analysts predict that Enterprise Products Partners L.P. will post 3.03 earnings per share for the current year.

Enterprise Products Partners Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Friday, July 31st were issued a dividend of $0.56 per share. The ex-dividend date of this dividend was Friday, July 31st. This is a positive change from Enterprise Products Partners's previous quarterly dividend of $0.55. This represents a $2.24 dividend on an annualized basis and a yield of 5.7%. Enterprise Products Partners's dividend payout ratio (DPR) is presently 77.78%.

Analyst Upgrades and Downgrades

EPD has been the subject of several research reports. JPMorgan Chase & Co. increased their price objective on Enterprise Products Partners from $41.00 to $42.00 and gave the company a "neutral" rating in a research report on Thursday, July 9th. Morgan Stanley reaffirmed an "underweight" rating and set a $41.00 target price (up from $40.00) on shares of Enterprise Products Partners in a research report on Tuesday, August 18th. UBS Group reiterated a "buy" rating and set a $45.00 target price on shares of Enterprise Products Partners in a research note on Wednesday, June 17th. TD Cowen reissued a "hold" rating and issued a $38.00 price target (down from $39.00) on shares of Enterprise Products Partners in a report on Monday, August 3rd. Finally, The Goldman Sachs Group restated a "neutral" rating and set a $38.00 price objective on shares of Enterprise Products Partners in a report on Wednesday, June 17th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, Enterprise Products Partners currently has a consensus rating of "Hold" and a consensus price target of $39.87.

About Enterprise Products Partners

Enterprise Products Partners L.P. NYSE: EPD is a publicly traded midstream energy partnership that provides transportation, storage, processing and export services for crude oil, natural gas, natural gas liquids (NGLs), petrochemicals and refined products. The company operates an integrated network of pipelines, processing plants, fractionation facilities, storage assets and marine terminals.

Enterprise's NGL operations include natural gas processing, NGL fractionation and the production and distribution of ethane, propane, butanes and natural gasoline.

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