Independent Financial Group LLC Makes New $5.71 Million Investment in Enterprise Products Partners L.P. $EPD

Key Points

• Independent Financial Group LLC opened a new position in Enterprise Products Partners during the first quarter, buying 150,767 shares worth about $5.71 million.
• Several other institutional investors also adjusted their holdings, and about 26.07% of Enterprise Products Partners is now owned by institutions and hedge funds.
• The company recently raised its quarterly dividend to $0.56 per share, implying an annualized yield of about 5.9%, while analysts currently rate the stock a consensus “Hold” with a $40.13 price target.

Independent Financial Group LLC purchased a new stake in Enterprise Products Partners L.P. (NYSE:EPD - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 150,767 shares of the oil and gas producer's stock, valued at approximately $5,705,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Walker Asset Management LLC grew its holdings in Enterprise Products Partners by 1.5% in the 1st quarter. Walker Asset Management LLC now owns 19,974 shares of the oil and gas producer's stock worth $756,000 after buying an additional 296 shares in the last quarter. Hunter Associates Investment Management LLC boosted its position in Enterprise Products Partners by 3.8% during the 1st quarter. Hunter Associates Investment Management LLC now owns 8,106 shares of the oil and gas producer's stock worth $307,000 after acquiring an additional 300 shares during the period. ORG Wealth Partners LLC increased its holdings in shares of Enterprise Products Partners by 0.5% during the fourth quarter. ORG Wealth Partners LLC now owns 66,266 shares of the oil and gas producer's stock valued at $2,125,000 after purchasing an additional 317 shares during the period. Mission Wealth Management LP increased its holdings in shares of Enterprise Products Partners by 1.0% during 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 period. Finally, Montag A & Associates Inc. raised its stake in shares of Enterprise Products Partners by 5.9% during the fourth quarter. Montag A & Associates Inc. now owns 5,880 shares of the oil and gas producer's stock valued at $189,000 after purchasing an additional 330 shares in the last quarter. 26.07% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts recently commented on EPD shares. TD Cowen reissued a "hold" rating and set a $38.00 target price (up from $34.00) on shares of Enterprise Products Partners in a report on Thursday, April 16th. Jefferies Financial Group increased their price target on Enterprise Products Partners from $34.00 to $40.00 and gave the company a "hold" rating in a research report on Tuesday, March 31st. JPMorgan Chase & Co. lifted their price target 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. The Goldman Sachs Group restated a "neutral" rating and set a $38.00 price objective on shares of Enterprise Products Partners in a report on Wednesday, June 17th. Finally, Royal Bank Of Canada upped their price objective on shares of Enterprise Products Partners from $40.00 to $42.00 and gave the company an "outperform" rating in a research note on Monday, March 30th. Eight analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Enterprise Products Partners currently has a consensus rating of "Hold" and a consensus price target of $40.13.

Enterprise Products Partners Stock Up 1.3%

Shares of Enterprise Products Partners stock opened at $38.02 on Friday. Enterprise Products Partners L.P. has a 1 year low of $30.01 and a 1 year high of $40.17. The company has a market cap of $82.20 billion, a P/E ratio of 14.08, a P/E/G ratio of 1.32 and a beta of 0.49. The company has a current ratio of 0.91, a quick ratio of 0.61 and a debt-to-equity ratio of 1.03. The stock has a 50-day moving average price of $37.63 and a 200 day moving average price of $36.49.

Enterprise Products Partners (NYSE:EPD - Get Free Report) last released its earnings results on Monday, April 27th. The oil and gas producer reported $0.68 earnings per share for the quarter, missing the consensus estimate of $0.71 by ($0.03). The business had revenue of $14.39 billion for the quarter, compared to analysts' expectations of $13.62 billion. Enterprise Products Partners had a net margin of 11.45% and a return on equity of 19.53%. The company's revenue was down 6.7% compared to the same quarter last year. During the same period last year, the firm earned $0.64 EPS. As a group, analysts expect that Enterprise Products Partners L.P. will post 3.01 EPS for the current fiscal year.

Enterprise Products Partners Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Friday, July 31st will be issued a dividend of $0.56 per share. This is an increase 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 is Friday, July 31st. Enterprise Products Partners's dividend payout ratio is 81.48%.

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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