Core Capital Management & Research inc. Purchases Shares of 115,512 Enterprise Products Partners L.P. $EPD

Key Points

• Core Capital Management & Research acquired 115,512 shares of Enterprise Products Partners in the second quarter, worth approximately $4.4 million and representing 2.3% of its portfolio. Other institutional investors also increased or initiated positions, with institutions owning 26.07% of EPD.
• Enterprise Products Partners reported quarterly EPS of $0.84, exceeding the $0.75 consensus estimate, while revenue rose 60.8% year over year to $18.27 billion.
• The company raised its quarterly dividend to $0.56 per share, or $2.24 annually, implying a 5.7% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $40.00.

Core Capital Management & Research inc. 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 disclosure with the Securities and Exchange Commission (SEC). The fund acquired 115,512 shares of the oil and gas producer's stock, valued at approximately $4,393,000. Enterprise Products Partners accounts for 2.3% of Core Capital Management & Research inc.'s investment portfolio, making the stock its 18th biggest holding.

Other large investors also recently modified their holdings of the company. Royal Palms Capital LLC bought a new stake in shares of Enterprise Products Partners during the fourth quarter worth approximately $1,830,000. Texas Yale Capital Corp. increased its stake in shares of Enterprise Products Partners by 4.9% during the fourth quarter. Texas Yale Capital Corp. now owns 1,905,939 shares of the oil and gas producer's stock worth $61,104,000 after purchasing an additional 88,475 shares during the period. Thrivent Financial for Lutherans lifted its holdings in Enterprise Products Partners by 7.8% during the 4th quarter. Thrivent Financial for Lutherans now owns 4,510,036 shares of the oil and gas producer's stock worth $144,592,000 after purchasing an additional 327,807 shares during the last quarter. Evolve Private Wealth LLC lifted its holdings in Enterprise Products Partners by 662.0% during the 1st quarter. Evolve Private Wealth LLC now owns 154,492 shares of the oil and gas producer's stock worth $5,846,000 after purchasing an additional 134,218 shares during the last quarter. Finally, Mizuho Markets Americas LLC bought a new stake in Enterprise Products Partners in the 2nd quarter valued at $12,866,000. 26.07% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have commented on EPD. UBS Group reaffirmed a "buy" rating and issued a $45.00 price objective on shares of Enterprise Products Partners in a report on Wednesday, June 17th. Weiss Ratings raised shares of Enterprise Products Partners from a "buy (b)" rating to a "buy (a-)" rating in a research report on Tuesday, August 11th. TD Cowen restated a "hold" rating and issued a $38.00 price target (down from $39.00) on shares of Enterprise Products Partners in a research note on Monday, August 3rd. JPMorgan Chase & Co. raised their price target on shares of Enterprise Products Partners from $41.00 to $42.00 and gave the stock a "neutral" rating in a research report on Thursday, July 9th. Finally, The Goldman Sachs Group reiterated a "neutral" rating and issued a $38.00 price objective on shares of Enterprise Products Partners in a research note on Wednesday, June 17th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Enterprise Products Partners currently has a consensus rating of "Moderate Buy" and a consensus price target of $40.00.

Enterprise Products Partners Trading Up 1.3%

EPD opened at $39.33 on Thursday. Enterprise Products Partners L.P. has a twelve month low of $30.01 and a twelve month high of $40.17. The company has a 50-day simple moving average of $38.28 and a 200 day simple moving average of $37.84. The company has a quick ratio of 0.66, a current ratio of 0.93 and a debt-to-equity ratio of 1.00. The stock has a market capitalization of $84.93 billion, a price-to-earnings ratio of 13.66, a P/E/G ratio of 1.42 and a beta of 0.50.

Enterprise Products Partners (NYSE:EPD - Get Free Report) last announced its quarterly earnings data on Wednesday, July 29th. The oil and gas producer reported $0.84 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 business's revenue for the quarter was up 60.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.66 earnings per share. Analysts predict that Enterprise Products Partners L.P. will post 3.03 EPS for the current fiscal 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 paid a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a yield of 5.7%. 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 payout ratio is 77.78%.

Enterprise Products Partners Profile

Enterprise Products Partners L.P. NYSE: EPD is a publicly traded midstream energy partnership that provides transportation, storage, processing and export services for crude oil, natural gas, natural gas liquids (NGLs), petrochemicals and refined products. The company operates an integrated network of pipelines, processing plants, fractionation facilities, storage assets and marine terminals.

Enterprise's NGL operations include natural gas processing, NGL fractionation and the production and distribution of ethane, propane, butanes and natural gasoline.

Want to see what other hedge funds are holding EPD? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Enterprise Products Partners L.P. (NYSE:EPD - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.