CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Purchases 31,652 Shares of Enterprise Products Partners L.P. $EPD

Key Points

• CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT increased its holdings in Enterprise Products Partners L.P. by 1.6% in Q2, owning approximately $60.70 million worth of shares.
• Analysts have given Enterprise Products Partners a consensus rating of "Moderate Buy," with target prices ranging from $33.00 to $38.00 following recent adjustments.
• The company recently declared a quarterly dividend of $0.545 per share, marking an increase from its previous dividend, resulting in an annual yield of 6.9%.

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT increased its stake in Enterprise Products Partners L.P. (NYSE:EPD - Free Report) by 1.6% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,957,500 shares of the oil and gas producer's stock after purchasing an additional 31,652 shares during the period. Enterprise Products Partners accounts for 3.5% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT's portfolio, making the stock its 13th largest position. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT owned approximately 0.09% of Enterprise Products Partners worth $60,702,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently made changes to their positions in the business. Alps Advisors Inc. boosted its holdings in shares of Enterprise Products Partners by 5.0% during the first 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 during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Enterprise Products Partners by 4.3% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,003,573 shares of the oil and gas producer's stock valued at $375,662,000 after purchasing an additional 457,045 shares during the last quarter. Chickasaw Capital Management LLC grew its position in shares of Enterprise Products Partners by 1.5% during the 2nd quarter. Chickasaw Capital Management LLC now owns 5,515,066 shares of the oil and gas producer's stock worth $171,022,000 after buying an additional 81,135 shares during the period. BROOKFIELD Corp ON grew its position in shares of Enterprise Products Partners by 2.8% during the 1st quarter. BROOKFIELD Corp ON now owns 4,698,769 shares of the oil and gas producer's stock worth $160,416,000 after buying an additional 128,545 shares during the period. Finally, JPMorgan Chase & Co. grew its position in shares of Enterprise Products Partners by 65.3% in the 1st quarter. JPMorgan Chase & Co. now owns 4,347,247 shares of the oil and gas producer's stock valued at $148,415,000 after purchasing an additional 1,717,768 shares during the period. Institutional investors and hedge funds own 26.07% of the company's stock.

Enterprise Products Partners Price Performance

Enterprise Products Partners stock traded down $0.29 during midday trading on Monday, reaching $31.40. 4,178,335 shares of the company were exchanged, compared to its average volume of 3,407,507. Enterprise Products Partners L.P. has a 1 year low of $27.77 and a 1 year high of $34.63. The firm's 50-day simple moving average is $31.55 and its 200-day simple moving average is $31.58. The company has a market capitalization of $67.99 billion, a price-to-earnings ratio of 11.67, a P/E/G ratio of 2.25 and a beta of 0.69. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.69 and a current ratio of 0.96.

Enterprise Products Partners (NYSE:EPD - Get Free Report) last issued its quarterly earnings data on Monday, July 28th. The oil and gas producer reported $0.66 earnings per share for the quarter, missing analysts' consensus estimates of $0.67 by ($0.01). Enterprise Products Partners had a net margin of 10.71% and a return on equity of 19.81%. The business had revenue of $11.36 billion for the quarter, compared to analyst estimates of $15.24 billion. During the same quarter last year, the business earned $0.64 EPS. Enterprise Products Partners's revenue for the quarter was down 15.7% compared to the same quarter last year. On average, analysts anticipate that Enterprise Products Partners L.P. will post 2.9 EPS for the current year.

Enterprise Products Partners Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 14th. Shareholders of record on Thursday, July 31st were given a $0.545 dividend. This represents a $2.18 annualized dividend and a yield of 6.9%. The ex-dividend date of this dividend was Thursday, July 31st. This is an increase from Enterprise Products Partners's previous quarterly dividend of $0.54. Enterprise Products Partners's payout ratio is currently 81.04%.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on EPD. Barclays dropped their price target on 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. TD Cowen initiated coverage on shares of Enterprise Products Partners in a report on Monday, July 7th. They issued a "hold" rating and a $33.00 price target on the stock. Stifel Nicolaus reduced their target price on Enterprise Products Partners from $36.00 to $35.00 and set a "buy" rating on the stock in a research note on Tuesday, July 29th. Morgan Stanley cut their price target on Enterprise Products Partners from $35.00 to $33.00 and set an "equal weight" rating on the stock in a research note on Tuesday, August 26th. Finally, Mizuho set a $38.00 price target on shares of Enterprise Products Partners and gave the stock an "outperform" rating in a research note on Friday, July 11th. Two analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $35.75.

Insider Transactions at Enterprise Products Partners

In other Enterprise Products Partners news, Director William C. Montgomery bought 16,000 shares of the stock in a transaction on Wednesday, July 30th. The shares were purchased at an average cost of $31.55 per share, with a total value of $504,800.00. Following the completion of the transaction, the director directly owned 136,920 shares of the company's stock, valued at $4,319,826. This represents a 13.23% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director John R. Rutherford acquired 15,000 shares of the company's stock in a transaction dated Tuesday, July 29th. The stock was acquired at an average price of $31.35 per share, for a total transaction of $470,250.00. Following the completion of the purchase, the director directly owned 158,586 shares of the company's stock, valued at $4,971,671.10. This trade represents a 10.45% increase in their position. The disclosure for this purchase can be found here. 32.60% of the stock is owned by company insiders.

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.