True North Advisors LLC Makes New Investment in Enterprise Products Partners L.P. $EPD

Key Points

• True North Advisors acquired 150,184 shares of Enterprise Products Partners in the second quarter, valued at approximately $5.52 million. Institutional investors and hedge funds collectively own 26.07% of EPD.
• EPD reported quarterly earnings of $0.84 per share, exceeding the $0.75 analyst consensus, while revenue rose 60.8% year over year to $18.27 billion.
• Enterprise Products Partners increased its quarterly dividend to $0.56 per share, implying an annualized yield of about 5.9%. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $39.93.

True North Advisors LLC acquired a new stake in Enterprise Products Partners L.P. (NYSE:EPD - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 150,184 shares of the oil and gas producer's stock, valued at approximately $5,521,000.

Other institutional investors also recently modified their holdings of the company. Palisade Asset Management LLC bought a new position in shares of Enterprise Products Partners in the 3rd quarter worth $31,000. Kestra Investment Management LLC bought a new stake in Enterprise Products Partners during the 2nd quarter valued at $48,000. State of Wyoming acquired a new position in Enterprise Products Partners during the second quarter worth $54,000. Tucker Asset Management LLC acquired a new position in Enterprise Products Partners during the fourth quarter worth $55,000. Finally, West Paces Advisors Inc. bought a new position in shares of Enterprise Products Partners in the second quarter valued at $55,000. 26.07% of the stock is owned by institutional investors and hedge funds.

Enterprise Products Partners Price Performance

Shares of NYSE EPD opened at $38.09 on Friday. The company has a market capitalization of $82.24 billion, a PE ratio of 13.22, a PEG ratio of 1.36 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. The stock's 50 day moving average price is $37.56 and its 200-day moving average price is $37.33. Enterprise Products Partners L.P. has a twelve month low of $30.01 and a twelve month high of $40.17.

Enterprise Products Partners (NYSE:EPD - Get Free Report) last issued 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 return on equity of 20.80% and a net margin of 10.79%.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 company posted $0.66 earnings per share. Enterprise Products Partners's quarterly revenue was up 60.8% compared to the same quarter last year. On average, equities analysts anticipate that Enterprise Products Partners L.P. will post 2.96 EPS for the current year.

Enterprise Products Partners Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Friday, July 31st will be paid a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a dividend yield of 5.9%. The ex-dividend date is Friday, July 31st. This is a positive change from Enterprise Products Partners's previous quarterly dividend of $0.55. Enterprise Products Partners's dividend payout ratio (DPR) is presently 77.78%.

Analysts Set New Price Targets

Several equities research analysts have recently commented on EPD shares. Weiss Ratings raised shares of Enterprise Products Partners from a "buy (b)" rating to a "buy (a-)" rating in a research report on Tuesday. Scotiabank reiterated a "sector perform" rating and set a $40.00 price target (up from $39.00) on shares of Enterprise Products Partners in a research note on Tuesday, May 12th. Wolfe Research raised Enterprise Products Partners from a "strong sell" rating to a "hold" rating in a report on Tuesday, April 21st. Wall Street Zen upgraded Enterprise Products Partners from a "hold" rating to a "buy" rating in a report on Saturday, August 8th. Finally, Citigroup reaffirmed a "buy" rating and set a $44.00 target price (up from $39.00) on shares of Enterprise Products Partners in a research report on Friday, May 1st. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price 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.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source