Bank of New York Mellon Corp Buys New Shares in Enterprise Products Partners L.P. $EPD

Key Points

• Bank of New York Mellon bought 410,441 shares of Enterprise Products Partners in the second quarter, valued at approximately $15.1 million. Institutional investors and hedge funds collectively own 26.07% of EPD.
• Analysts maintain a generally positive view, with EPD carrying a “Moderate Buy” consensus rating and an average price target of $40.00. Shares recently opened at $39.32, near their 52-week high of $40.17.
• Enterprise Products Partners reported quarterly earnings of $0.84 per share, beating estimates, while revenue rose 60.8% year over year to $18.27 billion. The partnership also raised its quarterly dividend to $0.56 per share, equating to a 5.7% annualized yield.

Bank of New York Mellon Corp purchased a new position in shares of Enterprise Products Partners L.P. (NYSE:EPD - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 410,441 shares of the oil and gas producer's stock, valued at approximately $15,088,000.

A number of other hedge funds have also modified their holdings of EPD. Palisade Asset Management LLC purchased a new stake in Enterprise Products Partners in the third quarter valued at approximately $31,000. Bravera Wealth raised its position in Enterprise Products Partners by 666.7% during 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. West Paces Advisors Inc. acquired a new stake in Enterprise Products Partners during the 2nd quarter valued at approximately $55,000. Kestra Investment Management LLC acquired a new stake in Enterprise Products Partners during the 2nd quarter valued at approximately $48,000. Finally, Tucker Asset Management LLC purchased a new stake in shares of Enterprise Products Partners in the 4th quarter valued at $55,000. 26.07% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms recently issued reports on EPD. UBS Group restated a "buy" rating and set a $45.00 target price on shares of Enterprise Products Partners in a research report on Wednesday, June 17th. The Goldman Sachs Group reissued a "neutral" rating and issued a $38.00 price target on shares of Enterprise Products Partners in a report on Wednesday, June 17th. Scotiabank reaffirmed a "sector perform" rating and set a $40.00 price objective (up from $39.00) on shares of Enterprise Products Partners in a research note on Tuesday, May 12th. Weiss Ratings raised shares of Enterprise Products Partners from a "buy (b)" rating to a "buy (a-)" rating in a report on Tuesday, August 11th. Finally, Wall Street Zen lowered Enterprise Products Partners from a "strong-buy" rating to a "buy" rating in a report on Saturday. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Enterprise Products Partners currently has an average rating of "Moderate Buy" and an average target price of $40.00.

Enterprise Products Partners Price Performance

Enterprise Products Partners stock opened at $39.32 on Wednesday. The company has a fifty day simple moving average of $37.98 and a 200-day simple moving average of $37.73. The firm has a market capitalization of $84.91 billion, a price-to-earnings ratio of 13.65, a PEG ratio of 1.28 and a beta of 0.50. The company has a quick ratio of 0.66, a current ratio of 0.93 and a debt-to-equity ratio of 1.00. Enterprise Products Partners L.P. has a 52-week low of $30.01 and a 52-week high of $40.17.

Enterprise Products Partners (NYSE:EPD - Get Free Report) last posted its quarterly earnings results on Wednesday, July 29th. The oil and gas producer reported $0.84 earnings per share for the quarter, topping the consensus estimate of $0.75 by $0.09. The firm had revenue of $18.27 billion for 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 company's revenue for the quarter was up 60.8% on a year-over-year basis. During the same period last year, the firm posted $0.66 earnings per share. On average, equities analysts anticipate that Enterprise Products Partners L.P. will post 3.03 EPS for the current fiscal year.

Enterprise Products Partners Increases Dividend

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

Key Stories Impacting Enterprise Products Partners

Here are the key news stories impacting Enterprise Products Partners this week:

• Positive Sentiment: Analysts and market commentary continue to highlight EPD as a long-term momentum and dividend opportunity. Its recent earnings beat, strong revenue growth and historically attractive distribution yield provide fundamental support for the stock. Why Enterprise Products Partners Is a Top Momentum Stock for the Long-Term Why Enterprise Products Partners Is a Top Momentum Stock for the Long Term
• Positive Sentiment: Enterprise’s planned processing and fractionation expansions in the Permian Basin are expected to accommodate rising volumes, increase capacity and support stable fee-based cash flows over the long term. Rising Permian Volumes and Expansions Support EPD’s Growth Outlook
• Positive Sentiment: Sector coverage points to accelerating natural-gas infrastructure investment and improved full-year guidance among midstream companies after a strong second quarter. This backdrop may benefit EPD’s expansion pipeline and growth outlook. Midstream Scales Up Natural Gas Infrastructure
• Positive Sentiment: Recent investment commentary cites EPD’s earnings momentum, distribution yield and technical strength, reinforcing the case for holding the partnership for income and long-term total returns. Enterprise Products Partners: Solid Earnings Momentum and Yield Enterprise Products Partners: Buy This Dividend Stock for the Long Haul
• Neutral Sentiment: Tax considerations surrounding high-yield energy investments and the AMLP ETF may influence how investors access pipeline partnerships, but the articles do not identify a material change to EPD’s operations. Four Dividend Stocks Yielding Over 6%
• Negative Sentiment: Wall Street Zen lowered its rating on EPD, introducing a modest negative signal amid otherwise favorable coverage. Enterprise Products Partners Stock Rating Lowered

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.

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