BlackRock Inc. Makes New Investment in Enterprise Products Partners L.P. $EPD

BlackRock Inc. bought a new position in Enterprise Products Partners L.P. (NYSE:EPD - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 6,945,720 shares of the oil and gas producer's stock, valued at approximately $255,325,000. BlackRock Inc. owned about 0.32% of Enterprise Products Partners at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Everest Financial Group LLC boosted its position in Enterprise Products Partners by 3.6% in the 1st quarter. Everest Financial Group LLC now owns 7,886 shares of the oil and gas producer's stock valued at $298,000 after buying an additional 271 shares during the last quarter. Walker Asset Management LLC boosted its holdings in Enterprise Products Partners by 1.4% in the second quarter. Walker Asset Management LLC now owns 20,256 shares of the oil and gas producer's stock valued at $745,000 after acquiring an additional 282 shares during the last quarter. Hobbs Group Advisors LLC increased its position in Enterprise Products Partners by 1.4% in the first quarter. Hobbs Group Advisors LLC now owns 20,895 shares of the oil and gas producer's stock worth $791,000 after purchasing an additional 298 shares during the period. Hunter Associates Investment Management LLC raised its holdings in Enterprise Products Partners by 3.8% during the 1st quarter. Hunter Associates Investment Management LLC now owns 8,106 shares of the oil and gas producer's stock worth $307,000 after purchasing an additional 300 shares during the last quarter. Finally, Mission Wealth Management LP lifted its position in Enterprise Products Partners by 1.0% during the 4th quarter. Mission Wealth Management LP now owns 32,348 shares of the oil and gas producer's stock valued at $1,037,000 after purchasing an additional 328 shares during the period. Institutional investors and hedge funds own 26.07% of the company's stock.

Enterprise Products Partners Stock Up 2.1%

Enterprise Products Partners stock opened at $39.09 on Thursday. The company's 50 day simple moving average is $37.79 and its 200 day simple moving average is $37.62. Enterprise Products Partners L.P. has a fifty-two week low of $30.01 and a fifty-two week high of $40.17. The firm has a market capitalization of $84.41 billion, a price-to-earnings ratio of 13.57, a PEG ratio of 1.26 and a beta of 0.49. 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, beating analysts' consensus estimates of $0.75 by $0.09. The firm had revenue of $18.27 billion during the quarter, compared to analysts' expectations of $13.69 billion. Enterprise Products Partners had a net margin of 10.79% and a return on equity of 20.67%. The business's revenue for the quarter was up 60.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.66 earnings per share. As a group, sell-side analysts anticipate that Enterprise Products Partners L.P. will post 3.03 EPS for the current year.

Enterprise Products Partners Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Friday, July 31st were given a $0.56 dividend. The ex-dividend date was Friday, July 31st. This represents a $2.24 dividend on an annualized basis 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 dividend payout ratio is currently 77.78%.

Analyst Ratings Changes

A number of research firms recently weighed in on EPD. UBS Group reissued a "buy" rating and set a $45.00 price target on shares of Enterprise Products Partners in a research note on Wednesday, June 17th. Wall Street Zen raised shares of Enterprise Products Partners from a "buy" rating to a "strong-buy" rating in a research note on Sunday, August 16th. Stifel Nicolaus lifted their target price on shares of Enterprise Products Partners from $41.00 to $42.00 and gave the stock a "buy" rating in a report on Wednesday, April 29th. Truist Financial upped their target price on shares of Enterprise Products Partners from $36.00 to $40.00 and gave the company a "hold" rating in a research report on Monday, May 4th. Finally, Weiss Ratings raised Enterprise Products Partners from a "buy (b)" rating to a "buy (a-)" rating in a research note on Tuesday, August 11th. One 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's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $40.00.

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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