Jennison Associates LLC Has $27.19 Million Holdings in Enterprise Products Partners L.P. $EPD

Key Points

• Jennison Associates LLC boosted its stake in Enterprise Products Partners by 4.6% in the first quarter, bringing its holdings to 718,543 shares worth about $27.19 million.
• Enterprise Products Partners reported mixed quarterly results, with EPS of $0.68 missing estimates but revenue of $14.39 billion topping expectations, even as sales fell 6.7% year over year.
• The company raised its quarterly dividend to $0.56 per share, implying a 5.8% yield; meanwhile, analysts currently rate the stock a consensus Hold with an average price target of $40.13.

Jennison Associates LLC increased its position in Enterprise Products Partners L.P. (NYSE:EPD - Free Report) by 4.6% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 718,543 shares of the oil and gas producer's stock after purchasing an additional 31,447 shares during the period. Jennison Associates LLC's holdings in Enterprise Products Partners were worth $27,190,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in EPD. PMV Capital Advisers LLC purchased a new stake in shares of Enterprise Products Partners in the fourth quarter valued at $25,000. Palisade Asset Management LLC purchased a new position in shares of Enterprise Products Partners during the third quarter valued at $31,000. Daytona Street Capital LLC acquired a new position in Enterprise Products Partners during the fourth quarter valued at $42,000. Groesbeck Investment Management Corp NJ purchased a new stake in Enterprise Products Partners in the 4th quarter worth about $45,000. Finally, Kestra Investment Management LLC purchased a new stake in Enterprise Products Partners in the 2nd quarter worth about $48,000. 26.07% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on EPD shares. Wolfe Research raised Enterprise Products Partners from a "strong sell" rating to a "hold" rating in a research note on Tuesday, April 21st. JPMorgan Chase & Co. raised their price target on shares of Enterprise Products Partners from $41.00 to $42.00 and gave the stock a "neutral" rating in a report on Thursday, July 9th. Wall Street Zen downgraded shares of Enterprise Products Partners from a "buy" rating to a "hold" rating in a research report on Sunday, July 12th. TD Cowen reiterated a "hold" rating and issued a $38.00 price objective (up from $34.00) on shares of Enterprise Products Partners in a research note on Thursday, April 16th. Finally, Morgan Stanley reiterated an "underweight" rating and issued a $43.00 target price (up from $42.00) on shares of Enterprise Products Partners in a research report on Wednesday, May 20th. 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, the company has an average rating of "Hold" and a consensus price target of $40.13.

Enterprise Products Partners Stock Performance

Shares of EPD stock opened at $38.75 on Tuesday. Enterprise Products Partners L.P. has a fifty-two week low of $30.01 and a fifty-two week high of $40.17. The stock's 50-day moving average is $37.67 and its two-hundred day moving average is $36.59. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.91 and a quick ratio of 0.61. The firm has a market cap of $83.76 billion, a P/E ratio of 14.35, a PEG ratio of 1.37 and a beta of 0.49.

Enterprise Products Partners (NYSE:EPD - Get Free Report) last announced its quarterly earnings results on Monday, April 27th. The oil and gas producer reported $0.68 EPS for the quarter, missing the consensus estimate of $0.71 by ($0.03). Enterprise Products Partners had a net margin of 11.45% and a return on equity of 19.53%. The firm had revenue of $14.39 billion during the quarter, compared to the consensus estimate of $13.62 billion. During the same period in the previous year, the firm posted $0.64 EPS. The company's quarterly revenue was down 6.7% compared to the same quarter last year. Analysts predict that Enterprise Products Partners L.P. will post 2.97 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. Shareholders of record on Friday, July 31st will be given a $0.56 dividend. This is a positive change from Enterprise Products Partners's previous quarterly dividend of $0.55. This represents a $2.24 annualized dividend and a yield of 5.8%. The ex-dividend date of this dividend is Friday, July 31st. Enterprise Products Partners's payout ratio is presently 81.48%.

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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