Kingsview Wealth Management LLC Acquires Shares of 39,764 Enterprise Products Partners L.P. $EPD

Key Points

• Kingsview Wealth Management acquired 39,764 shares of Enterprise Products Partners worth approximately $1.46 million, while institutional investors now own 26.07% of the company.
• 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 increased its quarterly dividend to $0.56 per share, representing an annualized dividend of $2.24 and a yield of approximately 5.7%; analysts maintain a “Moderate Buy” consensus with an average price target of $40.

Kingsview Wealth Management LLC bought a new position in Enterprise Products Partners L.P. (NYSE:EPD - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 39,764 shares of the oil and gas producer's stock, valued at approximately $1,462,000.

Several other hedge funds have also recently made changes to their positions in the company. Auto Owners Insurance Co increased its holdings in Enterprise Products Partners by 3,106.0% in the 4th quarter. Auto Owners Insurance Co now owns 32,060,000 shares of the oil and gas producer's stock worth $102,784,000 after acquiring an additional 31,060,000 shares during the last quarter. Energy Income Partners LLC purchased a new stake in Enterprise Products Partners during the second quarter valued at about $508,461,000. Bank of America Corp DE bought a new position in Enterprise Products Partners during the second quarter worth about $416,553,000. BlackRock Inc. bought a new position in Enterprise Products Partners during the second quarter worth about $255,325,000. Finally, Berkley W R Corp purchased a new position in shares of Enterprise Products Partners in the second quarter worth about $250,887,000. 26.07% of the stock is currently owned by institutional investors.

Enterprise Products Partners Trading Down 0.2%

Shares of Enterprise Products Partners stock opened at $38.97 on Friday. The company's 50-day moving average price is $37.89 and its 200-day moving average price is $37.66. The company has a current ratio of 0.93, a quick ratio of 0.66 and a debt-to-equity ratio of 1.00. Enterprise Products Partners L.P. has a 12-month low of $30.01 and a 12-month high of $40.17. The company has a market cap of $84.15 billion, a price-to-earnings ratio of 13.53, a PEG ratio of 1.28 and a beta of 0.49.

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 EPS for the quarter, beating the consensus estimate of $0.75 by $0.09. Enterprise Products Partners had a net margin of 10.79% and a return on equity of 20.67%. The company had revenue of $18.27 billion during the quarter, compared to analysts' expectations of $13.69 billion. During the same quarter in the previous year, the company earned $0.66 earnings per share. Enterprise Products Partners's revenue for the quarter was up 60.8% on a year-over-year basis. On average, equities analysts expect that Enterprise Products Partners L.P. will post 3.03 earnings per share for the current fiscal year.

Enterprise Products Partners Increases Dividend

The company also recently declared 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 an increase from Enterprise Products Partners's previous quarterly dividend of $0.55. The ex-dividend date was Friday, July 31st. This represents a $2.24 dividend on an annualized basis and a dividend yield of 5.7%. Enterprise Products Partners's dividend payout ratio (DPR) is presently 77.78%.

Analyst Ratings Changes

A number of analysts recently commented on EPD shares. Truist Financial upped their price target on shares of Enterprise Products Partners from $36.00 to $40.00 and gave the company a "hold" rating in a research note on Monday, May 4th. Scotiabank reiterated 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. 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. Morgan Stanley restated an "underweight" rating and set a $41.00 target price (up from $40.00) on shares of Enterprise Products Partners in a research report on Tuesday, August 18th. Finally, JPMorgan Chase & Co. raised their price target on Enterprise Products Partners from $41.00 to $42.00 and gave the stock a "neutral" rating in a report on Thursday, July 9th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Enterprise Products Partners presently has an average rating of "Moderate Buy" and an average target price of $40.00.

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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