Empowered Funds LLC Acquires New Holdings in Enterprise Products Partners L.P. $EPD

Key Points

• Empowered Funds LLC acquired 334,150 shares of Enterprise Products Partners in the second quarter, valued at approximately $12.3 million. Institutional investors and hedge funds collectively own 26.07% of EPD.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $40.00. Recent targets range from $38 to $45 per share.
• Enterprise Products Partners reported quarterly EPS of $0.84, beating estimates by $0.09, while revenue rose 60.8% year over year to $18.27 billion. The company also increased its quarterly dividend to $0.56 per share, implying a 5.7% annualized yield.

Empowered Funds LLC bought a new position in Enterprise Products Partners L.P. (NYSE:EPD - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 334,150 shares of the oil and gas producer's stock, valued at approximately $12,283,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Everest Financial Group LLC lifted its stake in shares of Enterprise Products Partners by 3.6% in the first quarter. Everest Financial Group LLC now owns 7,886 shares of the oil and gas producer's stock worth $298,000 after buying an additional 271 shares during the last quarter. Walker Asset Management LLC raised its holdings in Enterprise Products Partners by 1.4% in the 2nd quarter. Walker Asset Management LLC now owns 20,256 shares of the oil and gas producer's stock worth $745,000 after acquiring an additional 282 shares during the period. Hobbs Group Advisors LLC lifted its position in Enterprise Products Partners by 1.4% during the 1st quarter. Hobbs Group Advisors LLC now owns 20,895 shares of the oil and gas producer's stock worth $791,000 after acquiring an additional 298 shares during the last quarter. Hunter Associates Investment Management LLC boosted its holdings in Enterprise Products Partners by 3.8% during the first quarter. Hunter Associates Investment Management LLC now owns 8,106 shares of the oil and gas producer's stock valued at $307,000 after acquiring an additional 300 shares during the period. Finally, Mission Wealth Management LP grew its position in shares of Enterprise Products Partners by 1.0% in the fourth quarter. Mission Wealth Management LP now owns 32,348 shares of the oil and gas producer's stock valued at $1,037,000 after purchasing an additional 328 shares during the last quarter. Institutional investors and hedge funds own 26.07% of the company's stock.

Analysts Set New Price Targets

EPD has been the subject of several recent analyst reports. Scotiabank restated a "sector perform" rating and set a $40.00 target price (up from $39.00) on shares of Enterprise Products Partners in a research note on Tuesday, May 12th. JPMorgan Chase & Co. upped their target price on shares of Enterprise Products Partners from $41.00 to $42.00 and gave the company a "neutral" rating in a research note on Thursday, July 9th. UBS Group restated a "buy" rating and issued a $45.00 price target on shares of Enterprise Products Partners in a research report on Wednesday, June 17th. TD Cowen restated a "hold" rating and set a $38.00 price objective (down from $39.00) on shares of Enterprise Products Partners in a report on Monday, August 3rd. Finally, The Goldman Sachs Group reaffirmed a "neutral" rating and set a $38.00 price objective on shares of Enterprise Products Partners in a research report on Wednesday, June 17th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $40.00.

Enterprise Products Partners Stock Down 0.2%

Shares of EPD opened at $38.97 on Friday. 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 company has a 50-day moving average price of $37.89 and a two-hundred day moving average price of $37.66. The stock has a market cap of $84.15 billion, a price-to-earnings ratio of 13.53, a P/E/G ratio of 1.28 and a beta of 0.49. Enterprise Products Partners L.P. has a 12 month low of $30.01 and a 12 month high of $40.17.

Enterprise Products Partners (NYSE:EPD - Get Free Report) last released its quarterly earnings data on Wednesday, July 29th. The oil and gas producer reported $0.84 earnings per share for the quarter, beating the consensus estimate of $0.75 by $0.09. The company had revenue of $18.27 billion for the quarter, compared to analyst estimates of $13.69 billion. Enterprise Products Partners had a return on equity of 20.67% and a net margin of 10.79%.The company's revenue was up 60.8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.66 EPS. Equities analysts predict that Enterprise Products Partners L.P. will post 3.03 EPS for the current fiscal 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 issued a dividend of $0.56 per share. The ex-dividend date of this dividend was Friday, July 31st. This is a boost from Enterprise Products Partners's previous quarterly dividend of $0.55. This represents a $2.24 dividend on an annualized basis and a dividend yield of 5.7%. Enterprise Products Partners's dividend payout ratio (DPR) is 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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