CORDA Investment Management LLC. Buys New Shares in Enterprise Products Partners L.P. $EPD

Key Points

• CORDA Investment Management bought 38,009 shares of Enterprise Products Partners in the second quarter, valued at approximately $1.4 million. Several other institutional investors also initiated positions, with institutions collectively owning 26.07% of the company.
• Enterprise Products Partners reported quarterly earnings of $0.84 per share, beating estimates of $0.75, while revenue rose 60.8% year over year to $18.27 billion.
• The company increased its quarterly dividend to $0.56 per share, equivalent to $2.24 annually and a 5.8% yield. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $39.93.

CORDA Investment Management LLC. purchased a new stake in Enterprise Products Partners L.P. (NYSE:EPD - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 38,009 shares of the oil and gas producer's stock, valued at approximately $1,397,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Silverlake Wealth Management LLC acquired a new position in shares of Enterprise Products Partners during the 2nd quarter worth about $465,000. Bank of New York Mellon Corp acquired a new stake in shares of Enterprise Products Partners in the second quarter valued at about $15,088,000. Focus Partners Advisor Solutions LLC bought a new stake in Enterprise Products Partners during the second quarter worth about $807,000. Summit Asset Management LLC bought a new stake in Enterprise Products Partners during the second quarter worth about $480,000. Finally, Kelleher Financial Advisors acquired a new position in Enterprise Products Partners during the second quarter valued at approximately $241,000. 26.07% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

EPD has been the topic of several recent analyst reports. Morgan Stanley set a $40.00 price target on Enterprise Products Partners and gave the stock an "underweight" rating in a research report on Tuesday, July 21st. The Goldman Sachs Group reissued a "neutral" rating and issued a $38.00 target price on shares of Enterprise Products Partners in a research note on Wednesday, June 17th. Weiss Ratings upgraded shares of Enterprise Products Partners from a "buy (b)" rating to a "buy (a-)" rating in a report on Tuesday. TD Cowen reaffirmed a "hold" rating and set a $38.00 price target (down from $39.00) on shares of Enterprise Products Partners in a research report on Monday, August 3rd. Finally, Scotiabank reiterated a "sector perform" rating and issued a $40.00 price target (up from $39.00) on shares of Enterprise Products Partners in a research note on Tuesday, May 12th. One 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 issued a Sell rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $39.93.

Enterprise Products Partners Price Performance

NYSE:EPD opened at $38.84 on Friday. Enterprise Products Partners L.P. has a 12-month low of $30.01 and a 12-month high of $40.17. The firm has a market capitalization of $83.88 billion, a price-to-earnings ratio of 13.49, a P/E/G ratio of 1.39 and a beta of 0.49. The stock's 50 day moving average price is $37.58 and its two-hundred day moving average price is $37.34. The company has a quick ratio of 0.61, a current ratio of 0.93 and a debt-to-equity ratio of 1.00.

Enterprise Products Partners (NYSE:EPD - Get Free Report) last issued its earnings results on Wednesday, July 29th. The oil and gas producer reported $0.84 EPS for the quarter, topping the consensus estimate of $0.75 by $0.09. The company had revenue of $18.27 billion during the quarter, compared to the consensus estimate of $13.69 billion. Enterprise Products Partners had a return on equity of 20.67% and a net margin of 10.79%.The firm's revenue for the quarter was up 60.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.66 EPS. On average, analysts anticipate that Enterprise Products Partners L.P. will post 2.98 earnings per share for the current year.

Enterprise Products Partners Increases Dividend

The business also recently disclosed 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 represents a $2.24 dividend on an annualized basis and a yield of 5.8%. This is a positive change from Enterprise Products Partners's previous quarterly dividend of $0.55. The ex-dividend date of this dividend was Friday, July 31st. Enterprise Products Partners's dividend payout ratio (DPR) is presently 77.78%.

Enterprise Products Partners Company 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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