Bank of America Corp DE Acquires Shares of 11,331,687 Enterprise Products Partners L.P. $EPD

Key Points

• Bank of America acquired 11.33 million shares of Enterprise Products Partners during the second quarter, valued at approximately $416.6 million and representing about 0.52% of the company.
• Analysts maintain a generally cautious outlook, with the stock carrying a consensus “Hold” rating and an average price target of $39.87, despite UBS’s “Buy” rating and Wall Street Zen’s “Strong Buy” upgrade.
• Enterprise Products Partners reported better-than-expected quarterly results, including $0.84 EPS and $18.27 billion in revenue, while raising its quarterly dividend to $0.56 per share, equivalent to a 5.8% annualized yield.

Bank of America Corp DE purchased a new position in Enterprise Products Partners L.P. (NYSE:EPD - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 11,331,687 shares of the oil and gas producer's stock, valued at approximately $416,553,000. Bank of America Corp DE owned about 0.52% of Enterprise Products Partners as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also bought and sold shares of EPD. N.E.W. Advisory Services LLC purchased a new position in shares of Enterprise Products Partners during the 2nd quarter valued at $37,000. Bravera Wealth lifted its position in Enterprise Products Partners by 666.7% in the 2nd quarter. Bravera Wealth now owns 1,035 shares of the oil and gas producer's stock worth $38,000 after buying an additional 900 shares during the last quarter. BOK Financial Private Wealth Inc. bought a new stake in shares of Enterprise Products Partners in the 2nd quarter worth approximately $48,000. West Paces Advisors Inc. purchased a new stake in Enterprise Products Partners during the second quarter valued at about $55,000. Finally, Mowery & Schoenfeld Wealth Management LLC purchased a new stake in Enterprise Products Partners during the 2nd quarter valued at about $59,000. 26.07% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. Stifel Nicolaus assumed coverage on Enterprise Products Partners in a report on Thursday, September 10th. They set a "hold" rating and a $40.00 price target on the stock. UBS Group reissued a "buy" rating and set a $45.00 price target on shares of Enterprise Products Partners in a research report on Wednesday, June 17th. TD Cowen reissued a "hold" rating and issued a $38.00 target price (down from $39.00) on shares of Enterprise Products Partners in a report on Monday, August 3rd. Wall Street Zen upgraded shares of Enterprise Products Partners from a "buy" rating to a "strong-buy" rating in a report on Sunday, September 6th. Finally, The Goldman Sachs Group reiterated a "neutral" rating and issued a $38.00 price objective on shares of Enterprise Products Partners in a report on Wednesday, June 17th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $39.87.

Enterprise Products Partners Trading Up 0.4%

Shares of EPD opened at $38.84 on Wednesday. The firm has a market cap of $83.87 billion, a P/E ratio of 13.49, a price-to-earnings-growth ratio of 1.42 and a beta of 0.50. The company has a 50 day simple moving average of $38.45 and a two-hundred day simple moving average of $37.92. Enterprise Products Partners L.P. has a 1 year low of $30.01 and a 1 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.

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

Enterprise Products Partners Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Friday, July 31st were given a dividend of $0.56 per share. This is a boost from Enterprise Products Partners's previous quarterly dividend of $0.55. The ex-dividend date of this dividend was Friday, July 31st. This represents a $2.24 dividend on an annualized basis and a yield of 5.8%. Enterprise Products Partners's dividend payout ratio is presently 77.78%.

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.

Want to see what other hedge funds are holding EPD? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Enterprise Products Partners L.P. (NYSE:EPD - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.