Energy Income Partners LLC Buys New Position in Enterprise Products Partners L.P. $EPD

Key Points

• Energy Income Partners acquired 13.8 million shares of Enterprise Products Partners worth approximately $508.5 million, making EPD its largest holding at about 8% of the portfolio.
• Enterprise Products Partners reported strong quarterly results, with EPS of $0.84 beating estimates by $0.09 and revenue rising 60.8% year over year to $18.27 billion.
• The company increased its quarterly dividend to $0.56 per share, or $2.24 annualized, representing a 5.8% yield; analysts collectively maintain a “Moderate Buy” rating with an average $40 price target.

Energy Income Partners LLC bought a new position in shares of Enterprise Products Partners L.P. (NYSE:EPD - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 13,831,913 shares of the oil and gas producer's stock, valued at approximately $508,461,000. Enterprise Products Partners accounts for approximately 8.0% of Energy Income Partners LLC's portfolio, making the stock its largest holding. Energy Income Partners LLC owned approximately 0.64% of Enterprise Products Partners at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Palisade Asset Management LLC bought a new position in shares of Enterprise Products Partners during the 3rd quarter valued at about $31,000. N.E.W. Advisory Services LLC bought a new stake in shares of Enterprise Products Partners in the 2nd quarter worth approximately $37,000. Bravera Wealth lifted its stake in Enterprise Products Partners by 666.7% during the second quarter. Bravera Wealth now owns 1,035 shares of the oil and gas producer's stock valued at $38,000 after purchasing an additional 900 shares during the last quarter. Kestra Investment Management LLC acquired a new stake in Enterprise Products Partners during the second quarter valued at approximately $48,000. Finally, State of Wyoming bought a new stake in Enterprise Products Partners during the second quarter worth approximately $54,000. 26.07% of the stock is owned by institutional investors and hedge funds.

Enterprise Products Partners Trading Up 0.1%

Enterprise Products Partners stock opened at $38.66 on Wednesday. Enterprise Products Partners L.P. has a 52 week low of $30.01 and a 52 week high of $40.17. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.66 and a current ratio of 0.93. The firm has a market capitalization of $83.48 billion, a price-to-earnings ratio of 13.42, a P/E/G ratio of 1.30 and a beta of 0.49. The company has a 50 day moving average price of $37.63 and a 200 day moving average price of $37.44.

Enterprise Products Partners (NYSE:EPD - Get Free Report) last released its earnings results 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. Enterprise Products Partners had a net margin of 10.79% and a return on equity of 20.67%. The company had revenue of $18.27 billion during the quarter, compared to the consensus estimate of $13.69 billion. During the same quarter in the prior year, the firm earned $0.66 EPS. The company's revenue was up 60.8% compared to the same quarter last year. Research analysts forecast that Enterprise Products Partners L.P. will post 2.98 EPS for the current year.

Enterprise Products Partners Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, July 31st were issued a dividend of $0.56 per share. The ex-dividend date was Friday, July 31st. This represents a $2.24 dividend on an annualized basis and a dividend yield of 5.8%. This is an increase from Enterprise Products Partners's previous quarterly dividend of $0.55. Enterprise Products Partners's payout ratio is 77.78%.

Analyst Upgrades and Downgrades

Several research firms have issued reports on EPD. Wolfe Research raised Enterprise Products Partners from a "strong sell" rating to a "hold" rating in a report on Tuesday, April 21st. JPMorgan Chase & Co. raised their price objective on Enterprise Products Partners from $41.00 to $42.00 and gave the stock a "neutral" rating in a research note on Thursday, July 9th. Weiss Ratings upgraded Enterprise Products Partners from a "buy (b)" rating to a "buy (a-)" rating in a report on Tuesday, August 11th. UBS Group reaffirmed a "buy" rating and set a $45.00 target price on shares of Enterprise Products Partners in a research report on Wednesday, June 17th. Finally, Stifel Nicolaus upped their target price on Enterprise Products Partners from $41.00 to $42.00 and gave the company a "buy" rating in a report on Wednesday, April 29th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $40.00.

Enterprise Products Partners 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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