Longfellow Investment Management Co. LLC Acquires New Position in Enterprise Products Partners L.P. $EPD

Key Points

• Longfellow Investment Management acquired 1,031,154 Enterprise Products Partners shares worth approximately $37.9 million, making EPD its third-largest portfolio holding at 7.8%.
• 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 payout of $2.24 and a yield of approximately 5.8%; analysts maintain a consensus “Moderate Buy” rating with a $39.93 target price.

Longfellow Investment Management Co. LLC bought a new stake in Enterprise Products Partners L.P. (NYSE:EPD - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 1,031,154 shares of the oil and gas producer's stock, valued at approximately $37,905,000. Enterprise Products Partners comprises 7.8% of Longfellow Investment Management Co. LLC's portfolio, making the stock its 3rd largest position.

Several other institutional investors also recently modified their holdings of the stock. Alps Advisors Inc. increased its stake in shares of Enterprise Products Partners by 0.6% in the 4th quarter. Alps Advisors Inc. now owns 42,639,131 shares of the oil and gas producer's stock valued at $1,367,011,000 after acquiring an additional 260,305 shares in the last quarter. Auto Owners Insurance Co lifted its position 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 valued at $102,784,000 after acquiring an additional 31,060,000 shares in the last quarter. Morgan Stanley grew its holdings in Enterprise Products Partners by 4.8% during the fourth quarter. Morgan Stanley now owns 19,116,333 shares of the oil and gas producer's stock worth $612,870,000 after buying an additional 883,983 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of Enterprise Products Partners by 12.0% in the fourth quarter. Goldman Sachs Group Inc. now owns 18,163,343 shares of the oil and gas producer's stock valued at $582,317,000 after purchasing an additional 1,940,583 shares during the last quarter. Finally, Energy Income Partners LLC increased its stake in Enterprise Products Partners by 0.6% in the 3rd quarter. Energy Income Partners LLC now owns 14,705,122 shares of the oil and gas producer's stock valued at $459,829,000 after buying an additional 80,884 shares during the last quarter. 26.07% of the stock is currently owned by institutional investors and hedge funds.

Enterprise Products Partners Price Performance

Shares of NYSE:EPD opened at $38.84 on Monday. The company has a quick ratio of 0.66, a current ratio of 0.93 and a debt-to-equity ratio of 1.00. The stock has a market cap of $83.88 billion, a PE ratio of 13.49, a PEG ratio of 1.30 and a beta of 0.49. The company's fifty day moving average is $37.58 and its 200 day moving average is $37.37. Enterprise Products Partners L.P. has a 52 week low of $30.01 and a 52 week high of $40.17.

Enterprise Products Partners (NYSE:EPD - Get Free Report) last issued its earnings results on Wednesday, July 29th. The oil and gas producer reported $0.84 earnings per share for the quarter, beating the consensus estimate of $0.75 by $0.09. Enterprise Products Partners had a return on equity of 20.67% and a net margin of 10.79%.The company had revenue of $18.27 billion during the quarter, compared to analysts' expectations of $13.69 billion. During the same period in the prior year, the business posted $0.66 EPS. Enterprise Products Partners's quarterly revenue was up 60.8% compared to the same quarter last year. Research analysts anticipate that Enterprise Products Partners L.P. will post 2.98 earnings per share for the current year.

Enterprise Products Partners Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, July 31st were paid a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a dividend yield of 5.8%. This is a boost from Enterprise Products Partners's previous quarterly dividend of $0.55. The ex-dividend date of this dividend was Friday, July 31st. Enterprise Products Partners's payout ratio is currently 77.78%.

Analyst Upgrades and Downgrades

EPD has been the topic of several research reports. JPMorgan Chase & Co. lifted their price objective on shares of Enterprise Products Partners from $41.00 to $42.00 and gave the stock a "neutral" rating in a research report on Thursday, July 9th. Wolfe Research upgraded shares of Enterprise Products Partners from a "strong sell" rating to a "hold" rating in a research report on Tuesday, April 21st. Stifel Nicolaus lifted their price objective on Enterprise Products Partners from $41.00 to $42.00 and gave the company a "buy" rating in a research note on Wednesday, April 29th. TD Cowen reissued a "hold" rating and issued a $38.00 price target (down from $39.00) on shares of Enterprise Products Partners in a research note on Monday, August 3rd. Finally, Morgan Stanley set a $40.00 price objective on Enterprise Products Partners and gave the company an "underweight" rating in a research report on Tuesday, July 21st. 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 assigned a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $39.93.

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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