Objectivity Squared LLC Takes Position in Enterprise Products Partners L.P. $EPD

Key Points

• Objectivity Squared LLC bought 48,082 shares of Enterprise Products Partners worth approximately $1.77 million, making EPD about 1% of its portfolio. Institutional investors collectively own 26.07% of the company.
• Enterprise Products Partners reported quarterly EPS of $0.84, exceeding estimates of $0.75, while revenue rose 60.8% year over year to $18.27 billion.
• EPD increased its quarterly dividend to $0.56 per share, equivalent to an annualized $2.24 payout and a 5.8% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $39.93.

Objectivity Squared LLC purchased a new position in shares of Enterprise Products Partners L.P. (NYSE:EPD - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 48,082 shares of the oil and gas producer's stock, valued at approximately $1,768,000. Enterprise Products Partners comprises about 1.0% of Objectivity Squared LLC's investment portfolio, making the stock its 16th biggest position.

Several other hedge funds and other institutional investors have also made changes to their positions in EPD. Brighton Jones LLC raised its position in Enterprise Products Partners by 19.9% during the fourth quarter. Brighton Jones LLC now owns 32,620 shares of the oil and gas producer's stock worth $1,023,000 after acquiring an additional 5,425 shares in the last quarter. Schnieders Capital Management LLC. raised its holdings in shares of Enterprise Products Partners by 9.3% in the 2nd quarter. Schnieders Capital Management LLC. now owns 58,918 shares of the oil and gas producer's stock valued at $1,827,000 after purchasing an additional 5,000 shares during the period. 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 purchasing an additional 3,742 shares during 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 purchasing an additional 1,578 shares during the last quarter. Finally, Glenview Trust co grew its holdings in Enterprise Products Partners by 315.8% during the second quarter. Glenview Trust co now owns 33,648 shares of the oil and gas producer's stock worth $1,043,000 after purchasing an additional 25,555 shares during the period. 26.07% of the stock is owned by institutional investors.

Enterprise Products Partners Trading Down 0.7%

Shares of Enterprise Products Partners stock opened at $38.61 on Tuesday. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.66 and a current ratio of 0.93. The firm has a 50-day moving average of $37.60 and a 200-day moving average of $37.41. Enterprise Products Partners L.P. has a 52-week low of $30.01 and a 52-week high of $40.17. The stock has a market cap of $83.38 billion, a PE ratio of 13.41, a PEG ratio of 1.30 and a beta of 0.49.

Enterprise Products Partners (NYSE:EPD - Get Free Report) last released its quarterly earnings results on Wednesday, July 29th. The oil and gas producer reported $0.84 EPS for the quarter, topping analysts' consensus estimates 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 business had revenue of $18.27 billion for the quarter, compared to analyst estimates of $13.69 billion. During the same period last year, the firm earned $0.66 earnings per share. Enterprise Products Partners's revenue for the quarter was up 60.8% compared to the same quarter last year. As a group, sell-side analysts forecast that Enterprise Products Partners L.P. will post 2.98 EPS for the current year.

Enterprise Products Partners Increases Dividend

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

Analyst Upgrades and Downgrades

Several research firms have issued reports on EPD. Morgan Stanley set a $40.00 price objective on Enterprise Products Partners and gave the company an "underweight" rating in a research note on Tuesday, July 21st. UBS Group reissued a "buy" rating and set a $45.00 target price on shares of Enterprise Products Partners in a report on Wednesday, June 17th. The Goldman Sachs Group restated a "neutral" rating and issued a $38.00 price target on shares of Enterprise Products Partners in a research note on Wednesday, June 17th. Wolfe Research raised shares of Enterprise Products Partners from a "strong sell" rating to a "hold" rating in a research report on Tuesday, April 21st. Finally, Stifel Nicolaus upped their price objective on shares of Enterprise Products Partners from $41.00 to $42.00 and gave the company a "buy" rating in a report on Wednesday, April 29th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $39.93.

Enterprise Products Partners Company 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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