Carnegie Investment Counsel Acquires 25,288 Shares of Enterprise Products Partners L.P. (NYSE:EPD)

Key Points

• Carnegie Investment Counsel significantly increased its stake in Enterprise Products Partners L.P. by 204.7%, acquiring 25,288 shares during the first quarter, bringing its total holdings to 37,639 shares valued at approximately $1.2 million.
• Enterprise Products Partners reported a quarterly earnings miss of $0.64 EPS, falling short of estimates, despite grossing $15.42 billion in revenue, exceeding analysts' expectations.
• The company announced an increased quarterly dividend of $0.545, resulting in a dividend yield of 6.91%, reflecting a commitment to returning value to shareholders.

Carnegie Investment Counsel lifted its position in Enterprise Products Partners L.P. (NYSE:EPD - Free Report) by 204.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 37,639 shares of the oil and gas producer's stock after buying an additional 25,288 shares during the quarter. Carnegie Investment Counsel's holdings in Enterprise Products Partners were worth $1,201,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of EPD. Alps Advisors Inc. boosted its position in shares of Enterprise Products Partners by 5.0% in the first quarter. Alps Advisors Inc. now owns 41,326,613 shares of the oil and gas producer's stock valued at $1,410,891,000 after acquiring an additional 1,967,188 shares during the period. Truist Financial Corp boosted its position in shares of Enterprise Products Partners by 293.6% in the first quarter. Truist Financial Corp now owns 2,018,964 shares of the oil and gas producer's stock valued at $68,927,000 after acquiring an additional 1,506,055 shares during the period. Susquehanna Fundamental Investments LLC bought a new position in shares of Enterprise Products Partners in the fourth quarter valued at approximately $36,279,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Enterprise Products Partners by 8.8% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,546,528 shares of the oil and gas producer's stock valued at $330,739,000 after acquiring an additional 851,188 shares during the period. Finally, KDK Private Wealth Management LLC purchased a new stake in Enterprise Products Partners in the fourth quarter valued at approximately $22,333,000. 26.07% of the stock is currently owned by institutional investors.

Enterprise Products Partners Trading Down 0.7%

EPD stock opened at $31.56 on Friday. The company has a market capitalization of $68.46 billion, a PE ratio of 11.82, a price-to-earnings-growth ratio of 1.84 and a beta of 0.64. Enterprise Products Partners L.P. has a one year low of $27.37 and a one year high of $34.63. The company's 50 day moving average price is $31.45 and its two-hundred day moving average price is $32.09. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.64 and a current ratio of 0.86.

Enterprise Products Partners (NYSE:EPD - Get Free Report) last posted its quarterly earnings results on Tuesday, April 29th. The oil and gas producer reported $0.64 EPS for the quarter, missing the consensus estimate of $0.69 by ($0.05). Enterprise Products Partners had a return on equity of 19.90% and a net margin of 10.26%. The business had revenue of $15.42 billion for the quarter, compared to analysts' expectations of $14.14 billion. During the same period last year, the business posted $0.66 earnings per share. The company's revenue was up 4.5% compared to the same quarter last year. As a group, analysts predict that Enterprise Products Partners L.P. will post 2.9 earnings per share for the current fiscal year.

Enterprise Products Partners Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 14th. Investors of record on Thursday, July 31st will be paid a $0.545 dividend. This represents a $2.18 annualized dividend and a dividend yield of 6.91%. This is an increase from Enterprise Products Partners's previous quarterly dividend of $0.54. The ex-dividend date is Thursday, July 31st. Enterprise Products Partners's payout ratio is presently 81.65%.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. Scotiabank raised their target price on shares of Enterprise Products Partners from $35.00 to $36.00 and gave the company a "sector perform" rating in a research note on Thursday, June 5th. Barclays lowered their target price on shares of Enterprise Products Partners from $36.00 to $35.00 and set an "overweight" rating on the stock in a research note on Wednesday, July 2nd. Citigroup lowered their target price on shares of Enterprise Products Partners from $37.00 to $35.00 and set a "buy" rating on the stock in a research note on Tuesday, May 13th. Mizuho set a $38.00 target price on shares of Enterprise Products Partners and gave the company an "outperform" rating in a research note on Friday, July 11th. Finally, TD Cowen assumed coverage on shares of Enterprise Products Partners in a research note on Monday, July 7th. They issued a "hold" rating and a $33.00 target price on the stock. Five equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $36.36.

Enterprise Products Partners Company Profile

Enterprise Products Partners L.P. provides midstream energy services to producers and consumers of natural gas, natural gas liquids (NGLs), crude oil, petrochemicals, and refined products. It operates in four segments: NGL Pipelines & Services, Crude Oil Pipelines & Services, Natural Gas Pipelines & Services, and Petrochemical & Refined Products Services.

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