Cullen Frost Bankers Inc. Increases Position in Enterprise Products Partners L.P. (EPD)
Cullen Frost Bankers Inc. boosted its holdings in shares of Enterprise Products Partners L.P. (NYSE:EPD) by 4.2% in the 4th quarter, HoldingsChannel reports. The fund owned 110,361 shares of the oil and gas producer’s stock after acquiring an additional 4,499 shares during the quarter. Cullen Frost Bankers Inc.’s holdings in Enterprise Products Partners were worth $2,714,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. FMR LLC increased its holdings in shares of Enterprise Products Partners by 0.6% during the 2nd quarter. FMR LLC now owns 11,523,060 shares of the oil and gas producer’s stock worth $318,843,000 after acquiring an additional 74,391 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Enterprise Products Partners by 1.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 556,318 shares of the oil and gas producer’s stock worth $15,393,000 after acquiring an additional 7,748 shares during the last quarter. Northern Trust Corp increased its holdings in shares of Enterprise Products Partners by 7.3% during the 2nd quarter. Northern Trust Corp now owns 1,269,240 shares of the oil and gas producer’s stock worth $35,120,000 after acquiring an additional 86,011 shares during the last quarter. First Hawaiian Bank acquired a new position in shares of Enterprise Products Partners during the 3rd quarter worth approximately $323,000. Finally, Cornerstone Wealth Management LLC increased its holdings in shares of Enterprise Products Partners by 258.0% during the 3rd quarter. Cornerstone Wealth Management LLC now owns 691,917 shares of the oil and gas producer’s stock worth $26,209,000 after acquiring an additional 498,643 shares during the last quarter. 36.81% of the stock is owned by institutional investors.
EPD has been the topic of a number of recent analyst reports. Wells Fargo & Co reissued a “buy” rating on shares of Enterprise Products Partners in a report on Wednesday, October 31st. Bank of America set a $35.00 target price on Enterprise Products Partners and gave the stock a “buy” rating in a report on Thursday, November 1st. ValuEngine lowered Enterprise Products Partners from a “hold” rating to a “sell” rating in a report on Thursday, November 1st. Mizuho initiated coverage on Enterprise Products Partners in a report on Wednesday, November 28th. They set a “buy” rating and a $33.00 target price on the stock. Finally, Citigroup decreased their target price on Enterprise Products Partners from $32.00 to $31.00 and set a “buy” rating on the stock in a report on Thursday, November 29th. Three equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company. Enterprise Products Partners has a consensus rating of “Buy” and a consensus target price of $32.50.
Enterprise Products Partners (NYSE:EPD) last issued its quarterly earnings data on Thursday, January 31st. The oil and gas producer reported $0.59 EPS for the quarter, beating analysts’ consensus estimates of $0.50 by $0.09. Enterprise Products Partners had a return on equity of 18.34% and a net margin of 11.42%. The firm had revenue of $9.18 billion for the quarter, compared to analyst estimates of $9.46 billion. During the same period in the prior year, the firm posted $0.36 EPS. Equities analysts forecast that Enterprise Products Partners L.P. will post 1.93 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, February 8th. Stockholders of record on Thursday, January 31st were given a dividend of $0.435 per share. This represents a $1.74 dividend on an annualized basis and a dividend yield of 6.17%. This is an increase from Enterprise Products Partners’s previous quarterly dividend of $0.43. The ex-dividend date was Wednesday, January 30th. Enterprise Products Partners’s dividend payout ratio is presently 89.69%.
In related news, CEO Aj Teague bought 10,000 shares of the business’s stock in a transaction dated Monday, December 31st. The stock was purchased at an average cost of $24.36 per share, for a total transaction of $243,600.00. Following the transaction, the chief executive officer now owns 1,654,372 shares in the company, valued at approximately $40,300,501.92. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Over the last quarter, insiders have bought 30,000 shares of company stock valued at $733,300. Corporate insiders own 37.50% of the company’s stock.
Enterprise Products Partners Profile
Enterprise Products Partners L.P. provides midstream energy services to producers and consumers of natural gas, natural gas liquids (NGLs), crude oil, petrochemicals, and refined products. The company operates through four segments: NGL Pipelines & Services, Crude Oil Pipelines & Services, Natural Gas Pipelines & Services, and Petrochemical & Refined Products Services.
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