Tidal Investments LLC Has $4.35 Million Position in Enterprise Products Partners L.P. $EPD

Key Points

• Tidal Investments nearly doubled its EPD stake in the second quarter, purchasing 57,860 additional shares for a total position of 118,324 shares valued at approximately $4.35 million.
• Enterprise Products Partners reported stronger-than-expected quarterly results, with EPS of $0.84 versus the $0.75 consensus and revenue of $18.27 billion, up 60.8% year over year.
• The company raised its quarterly dividend to $0.56, equal to an annualized $2.24 payout and a 5.8% yield. Analysts maintain a consensus “Hold” rating with an average price target of $39.87.

Tidal Investments LLC increased its holdings in Enterprise Products Partners L.P. (NYSE:EPD - Free Report) by 95.7% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 118,324 shares of the oil and gas producer's stock after purchasing an additional 57,860 shares during the period. Tidal Investments LLC's holdings in Enterprise Products Partners were worth $4,350,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of EPD. Alps Advisors Inc. lifted its holdings in shares of Enterprise Products Partners by 0.6% during the fourth 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 during the period. Goldman Sachs Group Inc. increased its position in shares of Enterprise Products Partners by 12.0% during the 4th quarter. Goldman Sachs Group Inc. now owns 18,163,343 shares of the oil and gas producer's stock worth $582,317,000 after purchasing an additional 1,940,583 shares in the last quarter. Energy Income Partners LLC acquired a new stake in shares of Enterprise Products Partners during the 2nd quarter worth about $508,461,000. Bank of America Corp DE bought a new position in Enterprise Products Partners during the 2nd quarter valued at about $416,553,000. Finally, BlackRock Inc. bought a new position in Enterprise Products Partners during the 2nd quarter valued at about $255,325,000. 26.07% of the stock is currently owned by institutional investors.

Enterprise Products Partners Stock Performance

Shares of NYSE:EPD opened at $38.75 on Tuesday. 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 1-year low of $30.01 and a 1-year high of $40.17. The stock has a market capitalization of $83.67 billion, a P/E ratio of 13.45, a P/E/G ratio of 1.43 and a beta of 0.50. The business has a 50-day moving average price of $38.42 and a two-hundred day moving average price of $37.90.

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. The company had revenue of $18.27 billion for the quarter, compared to analyst estimates of $13.69 billion. Enterprise Products Partners had a net margin of 10.79% and a return on equity of 20.67%. The company's revenue for the quarter was up 60.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.66 EPS. Equities analysts predict that Enterprise Products Partners L.P. will post 3.03 earnings per share for the current year.

Enterprise Products Partners Increases Dividend

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

Analysts Set New Price Targets

Several analysts have weighed in on the stock. The Goldman Sachs Group reaffirmed a "neutral" rating and set a $38.00 price objective on shares of Enterprise Products Partners in a research note on Wednesday, June 17th. Morgan Stanley reiterated an "underweight" rating and issued a $41.00 target price (up from $40.00) on shares of Enterprise Products Partners in a research note on Tuesday, August 18th. TD Cowen restated a "hold" rating and set a $38.00 price target (down from $39.00) on shares of Enterprise Products Partners in a research report on Monday, August 3rd. Stifel Nicolaus assumed coverage on Enterprise Products Partners in a report on Thursday, September 10th. They set a "hold" rating and a $40.00 price target for the company. Finally, JPMorgan Chase & Co. lifted their price objective on Enterprise Products Partners from $41.00 to $42.00 and gave the company a "neutral" rating in a research report on Thursday, July 9th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Enterprise Products Partners has an average rating of "Hold" and a consensus price target of $39.87.

Enterprise Products Partners Company Profile

Enterprise Products Partners L.P. NYSE: EPD is a publicly traded midstream energy partnership that provides transportation, storage, processing and export services for crude oil, natural gas, natural gas liquids (NGLs), petrochemicals and refined products. The company operates an integrated network of pipelines, processing plants, fractionation facilities, storage assets and marine terminals.

Enterprise's NGL operations include natural gas processing, NGL fractionation and the production and distribution of ethane, propane, butanes and natural gasoline.

Want to see what other hedge funds are holding EPD? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Enterprise Products Partners L.P. (NYSE:EPD - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.