Progeny 3 Inc. Has $63.71 Million Stock Position in Enterprise Products Partners L.P. $EPD

Key Points

• Progeny 3 Inc. reduced its Enterprise Products Partners stake by 3.6% in the first quarter, selling 63,675 shares. It still held 1.68 million shares worth approximately $63.7 million, representing 3.4% of its portfolio.
• Analyst sentiment remains mixed, with eight Buy, seven Hold and one Sell rating. The consensus rating is Hold, with an average price target of $39.93.
• Enterprise Products Partners raised its quarterly dividend to $0.56 per share, implying a $2.24 annualized payout and a 5.8% yield. Its latest earnings missed estimates, although quarterly revenue exceeded expectations.

Progeny 3 Inc. lowered its stake in shares of Enterprise Products Partners L.P. (NYSE:EPD - Free Report) by 3.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,683,631 shares of the oil and gas producer's stock after selling 63,675 shares during the quarter. Enterprise Products Partners comprises approximately 3.4% of Progeny 3 Inc.'s holdings, making the stock its 11th largest holding. Progeny 3 Inc. owned 0.08% of Enterprise Products Partners worth $63,709,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of EPD. Family Manage LLC increased its holdings in shares of Enterprise Products Partners by 15.6% during the 1st quarter. Family Manage LLC now owns 20,398 shares of the oil and gas producer's stock worth $772,000 after purchasing an additional 2,756 shares during the period. Gateway Wealth Partners LLC bought a new stake in shares of Enterprise Products Partners in the first quarter valued at about $409,000. Royal Capital Wealth Management LLC lifted its stake in shares of Enterprise Products Partners by 29.0% in the first quarter. Royal Capital Wealth Management LLC now owns 10,506 shares of the oil and gas producer's stock valued at $398,000 after buying an additional 2,362 shares during the period. Cypress Capital Group acquired a new stake in Enterprise Products Partners during the first quarter worth about $556,000. Finally, Everest Financial Group LLC increased its stake in Enterprise Products Partners by 3.6% during the first quarter. Everest Financial Group LLC now owns 7,886 shares of the oil and gas producer's stock valued at $298,000 after acquiring an additional 271 shares during the period. 26.07% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have commented on the company. JPMorgan Chase & Co. upped their price target on Enterprise Products Partners from $41.00 to $42.00 and gave the company a "neutral" rating in a report on Thursday, July 9th. Wall Street Zen cut Enterprise Products Partners from a "buy" rating to a "hold" rating in a research report on Sunday, July 12th. Citigroup restated a "buy" rating and issued a $44.00 target price (up from $39.00) on shares of Enterprise Products Partners in a research note on Friday, May 1st. Jefferies Financial Group raised their target price on Enterprise Products Partners from $34.00 to $40.00 and gave the stock a "hold" rating in a research report on Tuesday, March 31st. Finally, Royal Bank Of Canada lifted their price target on shares of Enterprise Products Partners from $40.00 to $42.00 and gave the stock an "outperform" rating in a research note on Monday, March 30th. Eight research analysts have rated the stock with 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 presently has an average rating of "Hold" and a consensus price target of $39.93.

Enterprise Products Partners Stock Performance

NYSE:EPD opened at $38.71 on Monday. The firm has a market capitalization of $83.68 billion, a PE ratio of 14.34, a price-to-earnings-growth ratio of 1.41 and a beta of 0.49. The company has a quick ratio of 0.61, a current ratio of 0.91 and a debt-to-equity ratio of 1.03. Enterprise Products Partners L.P. has a 12-month low of $30.01 and a 12-month high of $40.17. The firm has a 50-day moving average price of $37.67 and a 200 day moving average price of $36.77.

Enterprise Products Partners (NYSE:EPD - Get Free Report) last released its quarterly earnings data on Monday, April 27th. The oil and gas producer reported $0.68 earnings per share for the quarter, missing analysts' consensus estimates 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 company had revenue of $14.39 billion for the quarter, compared to analyst estimates of $13.62 billion. During the same period in the previous year, the firm posted $0.64 earnings per share. The firm's revenue for the quarter was down 6.7% compared to the same quarter last year. Research analysts anticipate that Enterprise Products Partners L.P. will post 2.93 earnings per share for the current fiscal year.

Enterprise Products Partners Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Friday, July 31st will be given a dividend of $0.56 per share. This is a boost from Enterprise Products Partners's previous quarterly dividend of $0.55. The ex-dividend date is Friday, July 31st. This represents a $2.24 annualized dividend and a dividend yield of 5.8%. Enterprise Products Partners's dividend payout ratio is 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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