Beacon Pointe Advisors LLC Purchases New Shares in Enterprise Products Partners L.P. $EPD

Beacon Pointe Advisors LLC acquired a new position in shares of Enterprise Products Partners L.P. (NYSE:EPD - Free Report) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 823,566 shares of the oil and gas producer's stock, valued at approximately $30,274,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in EPD. Auto Owners Insurance Co lifted its position in shares of Enterprise Products Partners by 3,106.0% in the fourth quarter. Auto Owners Insurance Co now owns 32,060,000 shares of the oil and gas producer's stock valued at $102,784,000 after acquiring an additional 31,060,000 shares in the last quarter. Energy Income Partners LLC purchased a new stake in shares of Enterprise Products Partners during the second quarter worth approximately $508,461,000. Bank of America Corp DE acquired a new position in Enterprise Products Partners in the 2nd quarter valued at $416,553,000. BlackRock Inc. purchased a new position in Enterprise Products Partners in the 2nd quarter valued at $255,325,000. Finally, Berkley W R Corp purchased a new position in Enterprise Products Partners in the 2nd quarter valued at $250,887,000. 26.07% of the stock is owned by hedge funds and other institutional investors.

Enterprise Products Partners Stock Down 0.2%

Shares of NYSE:EPD opened at $38.97 on Friday. The business has a 50-day moving average price of $37.89 and a 200 day moving average price of $37.66. The company has a current ratio of 0.93, a quick ratio of 0.66 and a debt-to-equity ratio of 1.00. The company has a market capitalization of $84.15 billion, a price-to-earnings ratio of 13.53, a PEG ratio of 1.28 and a beta of 0.49. Enterprise Products Partners L.P. has a 12-month low of $30.01 and a 12-month high of $40.17.

Enterprise Products Partners (NYSE:EPD - Get Free Report) last posted its earnings results on Wednesday, July 29th. The oil and gas producer reported $0.84 EPS for the quarter, beating analysts' consensus estimates of $0.75 by $0.09. Enterprise Products Partners had a net margin of 10.79% and a return on equity of 20.67%. The company had revenue of $18.27 billion for the quarter, compared to analysts' expectations of $13.69 billion. During the same quarter in the prior year, the company posted $0.66 earnings per share. Enterprise Products Partners's revenue for the quarter was up 60.8% compared to the same quarter last year. Sell-side analysts expect that Enterprise Products Partners L.P. will post 3.03 EPS for the current year.

Enterprise Products Partners Increases Dividend

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

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the stock. TD Cowen reiterated a "hold" rating and issued a $38.00 target price (down from $39.00) on shares of Enterprise Products Partners in a research report on Monday, August 3rd. The Goldman Sachs Group reaffirmed a "neutral" rating and set a $38.00 price objective on shares of Enterprise Products Partners in a research note on Wednesday, June 17th. UBS Group reiterated a "buy" rating and issued a $45.00 price objective on shares of Enterprise Products Partners in a report on Wednesday, June 17th. Morgan Stanley reissued an "underweight" rating and issued a $41.00 target price (up from $40.00) on shares of Enterprise Products Partners in a research note on Tuesday, August 18th. Finally, Truist Financial boosted their target price on Enterprise Products Partners from $36.00 to $40.00 and gave the stock a "hold" rating in a report on Monday, May 4th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $40.00.

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.

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