iA Global Asset Management Inc. Increases Stock Holdings in Enterprise Products Partners L.P. $EPD

Key Points

• iA Global Asset Management increased its stake in Enterprise Products Partners by 7.3% in the first quarter, buying an additional 38,739 shares and bringing its total holding to 568,476 shares worth about $21.5 million.
• Enterprise Products Partners reported Q1 EPS of $0.68, missing analyst estimates of $0.71, even though revenue came in at $14.39 billion, above expectations. Analysts still expect the company to earn 2.98 EPS for the full year.
• The partnership declared a quarterly dividend of $0.55 per share, equal to an annualized yield of about 6.0%. Analyst sentiment is mixed, with a consensus rating of Hold and a consensus price target of $39.94.

iA Global Asset Management Inc. boosted its stake in Enterprise Products Partners L.P. (NYSE:EPD - Free Report) by 7.3% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 568,476 shares of the oil and gas producer's stock after acquiring an additional 38,739 shares during the quarter. iA Global Asset Management Inc.'s holdings in Enterprise Products Partners were worth $21,511,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Brighton Jones LLC grew its position in shares of Enterprise Products Partners by 19.9% in the fourth quarter. Brighton Jones LLC now owns 32,620 shares of the oil and gas producer's stock valued at $1,023,000 after purchasing an additional 5,425 shares during the period. Schnieders Capital Management LLC. raised its position in shares of Enterprise Products Partners by 9.3% during the 2nd quarter. Schnieders Capital Management LLC. now owns 58,918 shares of the oil and gas producer's stock worth $1,827,000 after purchasing an additional 5,000 shares during the last quarter. Geode Capital Management LLC lifted its stake in Enterprise Products Partners by 6.2% in the 2nd quarter. Geode Capital Management LLC now owns 63,702 shares of the oil and gas producer's stock valued at $1,975,000 after buying an additional 3,742 shares in the last quarter. Guggenheim Capital LLC lifted its stake in Enterprise Products Partners by 6.1% in the 2nd quarter. Guggenheim Capital LLC now owns 27,301 shares of the oil and gas producer's stock valued at $847,000 after buying an additional 1,578 shares in the last quarter. Finally, Glenview Trust co boosted its holdings in Enterprise Products Partners by 315.8% in the 2nd quarter. Glenview Trust co now owns 33,648 shares of the oil and gas producer's stock worth $1,043,000 after buying an additional 25,555 shares during the last quarter. Hedge funds and other institutional investors own 26.07% of the company's stock.

Enterprise Products Partners Stock Performance

NYSE EPD opened at $36.75 on Wednesday. The stock's fifty day moving average is $37.79 and its two-hundred day moving average is $36.05. The firm has a market capitalization of $79.44 billion, a P/E ratio of 13.61, a price-to-earnings-growth ratio of 1.31 and a beta of 0.49. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.61 and a current ratio of 0.91. Enterprise Products Partners L.P. has a fifty-two week low of $30.01 and a fifty-two week high of $40.17.

Enterprise Products Partners (NYSE:EPD - Get Free Report) last issued its earnings results on Monday, April 27th. The oil and gas producer reported $0.68 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.71 by ($0.03). Enterprise Products Partners had a return on equity of 19.53% and a net margin of 11.45%.The company had revenue of $14.39 billion during the quarter, compared to analyst estimates of $13.62 billion. During the same period last year, the business earned $0.64 earnings per share. The firm's revenue was down 6.7% compared to the same quarter last year. On average, research analysts anticipate that Enterprise Products Partners L.P. will post 2.98 earnings per share for the current year.

Enterprise Products Partners Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 14th. Investors of record on Thursday, April 30th were issued a $0.55 dividend. The ex-dividend date of this dividend was Thursday, April 30th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 6.0%. Enterprise Products Partners's dividend payout ratio is currently 81.48%.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the company. Truist Financial increased their target price on Enterprise Products Partners from $36.00 to $40.00 and gave the company a "hold" rating in a report on Monday, May 4th. Jefferies Financial Group lifted their price target on Enterprise Products Partners from $34.00 to $40.00 and gave the stock a "hold" rating in a research note on Tuesday, March 31st. Wall Street Zen upgraded Enterprise Products Partners from a "hold" rating to a "buy" rating in a research report on Saturday, June 13th. Scotiabank reissued a "sector perform" rating and issued a $40.00 price objective (up from $39.00) on shares of Enterprise Products Partners in a research note on Tuesday, May 12th. Finally, The Goldman Sachs Group restated a "neutral" rating and issued a $38.00 price objective on shares of Enterprise Products Partners in a report on Wednesday, June 17th. Nine research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, Enterprise Products Partners has a consensus rating of "Hold" and a consensus price target of $39.94.

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.

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