SCS Capital Management LLC Makes New Investment in Enterprise Products Partners L.P. $EPD

Key Points

• SCS Capital Management acquired 556,413 shares of Enterprise Products Partners in the second quarter, valued at approximately $20.5 million. Several other institutional investors also increased their EPD holdings, with institutions owning 26.07% of the company.
• Enterprise Products Partners reported quarterly EPS of $0.84, exceeding the $0.75 consensus estimate, while revenue rose 60.8% year over year to $18.27 billion.
• The company raised its quarterly dividend to $0.56 per share, representing a $2.24 annualized payout and a 5.8% yield. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $39.93.

SCS Capital Management LLC acquired a new stake in Enterprise Products Partners L.P. (NYSE:EPD - Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The firm acquired 556,413 shares of the oil and gas producer's stock, valued at approximately $20,454,000.

Several other hedge funds have also recently modified their holdings of the company. Auto Owners Insurance Co boosted its stake in shares of 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 buying an additional 31,060,000 shares during the last quarter. Goldman Sachs Group Inc. increased its position in shares of Enterprise Products Partners by 12.0% during 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 acquiring an additional 1,940,583 shares during the last quarter. Corient Private Wealth LLC lifted its holdings in Enterprise Products Partners by 119.4% during the second quarter. Corient Private Wealth LLC now owns 2,414,035 shares of the oil and gas producer's stock worth $74,859,000 after acquiring an additional 1,313,976 shares during the period. Barclays PLC lifted its holdings in Enterprise Products Partners by 57.5% during the fourth quarter. Barclays PLC now owns 2,928,068 shares of the oil and gas producer's stock worth $93,874,000 after acquiring an additional 1,069,304 shares during the period. Finally, Vestmark Advisory Solutions Inc. boosted its position in Enterprise Products Partners by 5,743.2% in the fourth quarter. Vestmark Advisory Solutions Inc. now owns 1,019,056 shares of the oil and gas producer's stock worth $32,671,000 after purchasing an additional 1,001,616 shares during the last quarter. Institutional investors own 26.07% of the company's stock.

Enterprise Products Partners Price Performance

Shares of NYSE EPD opened at $38.84 on Friday. The company has a current ratio of 0.93, a quick ratio of 0.61 and a debt-to-equity ratio of 1.00. The stock has a fifty day simple moving average of $37.58 and a two-hundred day simple moving average of $37.34. Enterprise Products Partners L.P. has a 1-year low of $30.01 and a 1-year high of $40.17. The firm has a market cap of $83.88 billion, a price-to-earnings ratio of 13.49, a price-to-earnings-growth ratio of 1.39 and a beta of 0.49.

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 (EPS) 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 firm had revenue of $18.27 billion for the quarter, compared to analyst estimates of $13.69 billion. During the same period in the previous year, the company posted $0.66 earnings per share. The business's revenue was up 60.8% on a year-over-year basis. 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 company also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Friday, July 31st were issued a $0.56 dividend. This is an increase from Enterprise Products Partners's previous quarterly dividend of $0.55. The ex-dividend date of this dividend was Friday, July 31st. This represents a $2.24 annualized dividend and a yield of 5.8%. Enterprise Products Partners's payout ratio is 77.78%.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on EPD. Stifel Nicolaus raised their target price on Enterprise Products Partners from $41.00 to $42.00 and gave the company a "buy" rating in a research report on Wednesday, April 29th. Citigroup reissued a "buy" rating and issued a $44.00 price target (up from $39.00) on shares of Enterprise Products Partners in a report on Friday, May 1st. Truist Financial increased 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 report on Monday, May 4th. The Goldman Sachs Group restated a "neutral" rating and set a $38.00 price objective on shares of Enterprise Products Partners in a report on Wednesday, June 17th. Finally, TD Cowen reaffirmed a "hold" rating and issued a $38.00 price objective (down from $39.00) on shares of Enterprise Products Partners in a research report on Monday, August 3rd. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $39.93.

About Enterprise Products Partners

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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