Equitable Holdings Inc. Takes Position in Enterprise Products Partners L.P. $EPD

Key Points

• Equitable Holdings bought 210,166 shares of Enterprise Products Partners in the second quarter, valued at approximately $7.7 million. Several other institutional investors also initiated positions, with institutions collectively owning 26.07% of EPD.
• 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.
• EPD increased its quarterly dividend to $0.56 per share, equivalent to a 5.7% annualized yield. Analysts maintain a Moderate Buy consensus with an average price target of $40.00.

Equitable Holdings Inc. purchased a new position in shares of Enterprise Products Partners L.P. (NYSE:EPD - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 210,166 shares of the oil and gas producer's stock, valued at approximately $7,726,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Centaurus Financial Inc. acquired a new stake in Enterprise Products Partners during the second quarter valued at approximately $110,000. Coastal Bridge Advisors LLC acquired a new position in shares of Enterprise Products Partners in the 2nd quarter worth approximately $506,000. Jefferies Financial Group Inc. bought a new stake in shares of Enterprise Products Partners in the 2nd quarter valued at approximately $2,077,000. AtlasMark Financial Inc acquired a new stake in shares of Enterprise Products Partners during the 2nd quarter valued at approximately $201,000. Finally, Blue Edge Capital LLC acquired a new stake in shares of Enterprise Products Partners during the 2nd quarter valued at approximately $221,000. 26.07% of the stock is owned by institutional investors.

Enterprise Products Partners Stock Performance

Shares of EPD opened at $39.02 on Friday. The firm has a fifty day moving average of $37.84 and a 200-day moving average of $37.65. The company has a market cap of $84.26 billion, a price-to-earnings ratio of 13.55, a price-to-earnings-growth ratio of 1.29 and a beta of 0.49. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.66 and a current ratio of 0.93. Enterprise Products Partners L.P. has a 1 year low of $30.01 and a 1 year high of $40.17.

Enterprise Products Partners (NYSE:EPD - Get Free Report) last issued 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 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%. Enterprise Products Partners's quarterly revenue was up 60.8% compared to the same quarter last year. During the same period last year, the firm posted $0.66 EPS. As a group, equities analysts anticipate that Enterprise Products Partners L.P. will post 3.03 earnings per share for the current year.

Enterprise Products Partners Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, July 31st were given a dividend of $0.56 per share. This is a boost from Enterprise Products Partners's previous quarterly dividend of $0.55. This represents a $2.24 annualized dividend and a dividend yield of 5.7%. The ex-dividend date was Friday, July 31st. Enterprise Products Partners's payout ratio is presently 77.78%.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the stock. Wall Street Zen upgraded shares of Enterprise Products Partners from a "buy" rating to a "strong-buy" rating in a research note on Sunday, August 16th. Scotiabank restated a "sector perform" rating and issued a $40.00 price target (up from $39.00) on shares of Enterprise Products Partners in a research report on Tuesday, May 12th. Weiss Ratings raised shares of Enterprise Products Partners from a "buy (b)" rating to a "buy (a-)" rating in a report on Tuesday, August 11th. TD Cowen reiterated a "hold" rating and set a $38.00 price objective (down from $39.00) on shares of Enterprise Products Partners in a research note on Monday, August 3rd. Finally, Citigroup reissued a "buy" rating and issued a $44.00 target price (up from $39.00) on shares of Enterprise Products Partners in a report on Friday, May 1st. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $40.00.

About Enterprise Products Partners

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.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source