Cornerstone Advisory LLC Buys 9,900 Shares of Enterprise Products Partners L.P. (NYSE:EPD)

Key Points

• Cornerstone Advisory LLC increased its stake in Enterprise Products Partners by 41%, acquiring an additional 9,900 shares, bringing its total holdings to 34,050 shares valued at $1,162,000.
• Enterprise Products Partners declared a quarterly dividend of $0.545, representing a 6.91% yield and an increase from the previous dividend of $0.54.
• Analysts have varied ratings on the stock, with a consensus of "Moderate Buy" and an average target price of $36.36, indicating mixed outlooks on its performance.

Cornerstone Advisory LLC raised its holdings in shares of Enterprise Products Partners L.P. (NYSE:EPD - Free Report) by 41.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 34,050 shares of the oil and gas producer's stock after buying an additional 9,900 shares during the quarter. Cornerstone Advisory LLC's holdings in Enterprise Products Partners were worth $1,162,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Alps Advisors Inc. boosted its holdings in shares of Enterprise Products Partners by 5.0% in the 1st quarter. Alps Advisors Inc. now owns 41,326,613 shares of the oil and gas producer's stock worth $1,410,891,000 after purchasing an additional 1,967,188 shares in the last quarter. Truist Financial Corp boosted its holdings in shares of Enterprise Products Partners by 293.6% in the 1st quarter. Truist Financial Corp now owns 2,018,964 shares of the oil and gas producer's stock worth $68,927,000 after purchasing an additional 1,506,055 shares in the last quarter. Susquehanna Fundamental Investments LLC purchased a new position in shares of Enterprise Products Partners in the 4th quarter worth about $36,279,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Enterprise Products Partners by 8.8% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,546,528 shares of the oil and gas producer's stock worth $330,739,000 after purchasing an additional 851,188 shares in the last quarter. Finally, KDK Private Wealth Management LLC purchased a new position in shares of Enterprise Products Partners in the 4th quarter worth about $22,333,000. 26.07% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director John R. Rutherford purchased 15,000 shares of the company's stock in a transaction dated Tuesday, July 29th. The shares were purchased at an average cost of $31.35 per share, for a total transaction of $470,250.00. Following the purchase, the director directly owned 158,586 shares in the company, valued at approximately $4,971,671.10. This represents a 10.45% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 32.60% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on EPD. Scotiabank boosted their target price on 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. TD Cowen began coverage on Enterprise Products Partners in a research note on Monday, July 7th. They issued a "hold" rating and a $33.00 target price for the company. Stifel Nicolaus lowered their target price on Enterprise Products Partners from $36.00 to $35.00 and set a "buy" rating for the company in a research note on Tuesday. Wall Street Zen raised Enterprise Products Partners from a "hold" rating to a "buy" rating in a research report on Thursday, May 8th. Finally, Mizuho set a $38.00 price target on Enterprise Products Partners and gave the company an "outperform" rating in a research report on Friday, July 11th. Five analysts have rated the stock with a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $36.25.

Enterprise Products Partners Stock Up 0.3%

EPD traded up $0.11 during trading on Wednesday, hitting $31.54. 2,322,066 shares of the company's stock traded hands, compared to its average volume of 4,762,999. The company's 50 day simple moving average is $31.41 and its two-hundred day simple moving average is $32.07. The company has a current ratio of 0.86, a quick ratio of 0.64 and a debt-to-equity ratio of 0.98. Enterprise Products Partners L.P. has a 12-month low of $27.37 and a 12-month high of $34.63. The stock has a market capitalization of $68.40 billion, a price-to-earnings ratio of 11.73, a PEG ratio of 1.80 and a beta of 0.64.

Enterprise Products Partners (NYSE:EPD - Get Free Report) last released its quarterly earnings results on Monday, July 28th. The oil and gas producer reported $0.66 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.67 by ($0.01). The firm had revenue of $11.36 billion during the quarter, compared to analysts' expectations of $15.24 billion. Enterprise Products Partners had a return on equity of 19.88% and a net margin of 10.71%. The business's quarterly revenue was down 15.7% on a year-over-year basis. During the same quarter last year, the business earned $0.64 earnings per share. 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 declared a quarterly dividend, which will be paid on Thursday, August 14th. Stockholders of record on Thursday, July 31st will be paid a $0.545 dividend. This is an increase from Enterprise Products Partners's previous quarterly dividend of $0.54. This represents a $2.18 dividend on an annualized basis and a dividend yield of 6.91%. The ex-dividend date is Thursday, July 31st. Enterprise Products Partners's dividend payout ratio (DPR) is 80.15%.

Enterprise Products Partners 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.