Exchange Traded Concepts LLC Has $33.42 Million Stock Holdings in Enterprise Products Partners L.P. $EPD

Key Points

• Exchange Traded Concepts LLC reduced its Enterprise Products Partners stake by 5.3% in the second quarter, selling 51,046 shares and retaining 909,248 shares valued at approximately $33.42 million.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $39.93. Recent targets range from $38 to $45.
• Enterprise Products Partners reported quarterly EPS of $0.84, beating estimates of $0.75, while revenue rose 60.8% year over year to $18.27 billion. The company also raised its quarterly dividend to $0.56, implying a 5.9% annualized yield.

Exchange Traded Concepts LLC trimmed its stake in shares of Enterprise Products Partners L.P. (NYSE:EPD - Free Report) by 5.3% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 909,248 shares of the oil and gas producer's stock after selling 51,046 shares during the quarter. Exchange Traded Concepts LLC's holdings in Enterprise Products Partners were worth $33,424,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in EPD. Miller Howard Investments Inc. NY grew its holdings in Enterprise Products Partners by 1.0% during the 4th quarter. Miller Howard Investments Inc. NY now owns 3,112,119 shares of the oil and gas producer's stock worth $99,775,000 after acquiring an additional 31,733 shares during the period. Royal Palms Capital LLC bought a new stake in Enterprise Products Partners in the fourth quarter valued at $1,830,000. Oxbow Advisors LLC increased its stake in Enterprise Products Partners by 3.0% in the fourth quarter. Oxbow Advisors LLC now owns 1,329,085 shares of the oil and gas producer's stock valued at $42,610,000 after purchasing an additional 39,052 shares in the last quarter. Texas Yale Capital Corp. raised its holdings in shares of Enterprise Products Partners by 4.9% during the fourth quarter. Texas Yale Capital Corp. now owns 1,905,939 shares of the oil and gas producer's stock valued at $61,104,000 after purchasing an additional 88,475 shares during the period. Finally, Thrivent Financial for Lutherans boosted its position in shares of Enterprise Products Partners by 7.8% during the 4th quarter. Thrivent Financial for Lutherans now owns 4,510,036 shares of the oil and gas producer's stock worth $144,592,000 after purchasing an additional 327,807 shares in the last quarter. 26.07% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. UBS Group restated a "buy" rating and issued a $45.00 target price on shares of Enterprise Products Partners in a research note on Wednesday, June 17th. Citigroup reiterated a "buy" rating and issued a $44.00 price target (up from $39.00) on shares of Enterprise Products Partners in a report on Friday, May 1st. The Goldman Sachs Group reissued a "neutral" rating and issued a $38.00 price objective on shares of Enterprise Products Partners in a research note on Wednesday, June 17th. Wolfe Research upgraded Enterprise Products Partners from a "strong sell" rating to a "hold" rating in a report on Tuesday, April 21st. Finally, Weiss Ratings raised Enterprise Products Partners from a "buy (b)" rating to a "buy (a-)" rating in a research report on Tuesday. 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 assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $39.93.

Enterprise Products Partners Stock Up 0.4%

EPD opened at $38.09 on Friday. Enterprise Products Partners L.P. has a fifty-two week low of $30.01 and a fifty-two week high of $40.17. The firm has a market capitalization of $82.24 billion, a P/E ratio of 13.22, a PEG ratio of 1.36 and a beta of 0.49. The company's 50-day moving average is $37.56 and its 200 day moving average is $37.33. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.91 and a quick ratio of 0.61.

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 (EPS) for the quarter, topping analysts' consensus estimates of $0.75 by $0.09. The business had revenue of $18.27 billion during 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 20.80%. The firm's quarterly revenue was up 60.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.66 EPS. Research analysts expect that Enterprise Products Partners L.P. will post 2.96 earnings per share for the current fiscal year.

Enterprise Products Partners Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Friday, July 31st will be issued a $0.56 dividend. 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 5.9%. The ex-dividend date of this dividend is Friday, July 31st. Enterprise Products Partners's dividend payout ratio is currently 77.78%.

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.

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