Spire Wealth Management Cuts Position in Enterprise Products Partners L.P. $EPD

Spire Wealth Management cut its stake in Enterprise Products Partners L.P. (NYSE:EPD) by 52.9% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 26,054 shares of the oil and gas producer’s stock after selling 29,220 shares during the period. Spire Wealth Management’s holdings in Enterprise Products Partners were worth $808,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Alps Advisors Inc. grew its position in Enterprise Products Partners by 5.0% in the first quarter. Alps Advisors Inc. now owns 41,326,613 shares of the oil and gas producer’s stock worth $1,410,891,000 after acquiring an additional 1,967,188 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Enterprise Products Partners by 4.3% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,003,573 shares of the oil and gas producer’s stock valued at $375,662,000 after buying an additional 457,045 shares during the period. Chickasaw Capital Management LLC boosted its position in Enterprise Products Partners by 1.5% during the second quarter. Chickasaw Capital Management LLC now owns 5,515,066 shares of the oil and gas producer’s stock valued at $171,022,000 after buying an additional 81,135 shares during the period. Hamlin Capital Management LLC boosted its position in Enterprise Products Partners by 1.8% during the second quarter. Hamlin Capital Management LLC now owns 4,995,047 shares of the oil and gas producer’s stock valued at $154,896,000 after buying an additional 89,987 shares during the period. Finally, BROOKFIELD Corp ON boosted its position in Enterprise Products Partners by 2.8% during the first quarter. BROOKFIELD Corp ON now owns 4,698,769 shares of the oil and gas producer’s stock valued at $160,416,000 after buying an additional 128,545 shares during the period. 26.07% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Weiss Ratings restated a “buy (b)” rating on shares of Enterprise Products Partners in a research report on Wednesday, October 8th. Morgan Stanley cut their price target on shares of Enterprise Products Partners from $35.00 to $33.00 and set an “equal weight” rating for the company in a research report on Tuesday, August 26th. Scotiabank cut their price target on shares of Enterprise Products Partners from $36.00 to $35.00 and set a “sector perform” rating for the company in a research report on Friday, September 19th. Mizuho set a $38.00 price target on shares of Enterprise Products Partners and gave the company an “outperform” rating in a research report on Friday, July 11th. Finally, Stifel Nicolaus upped their price objective on shares of Enterprise Products Partners from $35.00 to $38.00 and gave the company a “buy” rating in a research note on Friday. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, Enterprise Products Partners currently has a consensus rating of “Moderate Buy” and a consensus price target of $36.09.

Enterprise Products Partners Stock Performance

Shares of NYSE:EPD opened at $30.75 on Friday. The company has a market cap of $66.57 billion, a price-to-earnings ratio of 11.43, a price-to-earnings-growth ratio of 2.22 and a beta of 0.64. The company has a 50-day moving average price of $31.42 and a 200-day moving average price of $31.34. The company has a current ratio of 0.96, a quick ratio of 0.69 and a debt-to-equity ratio of 1.04. Enterprise Products Partners L.P. has a 12 month low of $27.77 and a 12 month high of $34.63.

Enterprise Products Partners (NYSE:EPD) last issued its quarterly earnings data on Thursday, October 30th. The oil and gas producer reported $0.61 EPS for the quarter, missing the consensus estimate of $0.68 by ($0.07). Enterprise Products Partners had a net margin of 10.71% and a return on equity of 19.81%. The firm had revenue of $12.02 billion for the quarter, compared to the consensus estimate of $11.83 billion. During the same period last year, the company posted $0.65 earnings per share. The business’s revenue was down 12.7% on a year-over-year basis. As a group, equities analysts anticipate that Enterprise Products Partners L.P. will post 2.9 EPS for the current year.

Enterprise Products Partners declared that its board has initiated a share buyback program on Thursday, October 30th that authorizes the company to repurchase $5.00 billion in shares. This repurchase authorization authorizes the oil and gas producer to repurchase up to 7.4% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board of directors believes its shares are undervalued.

Enterprise Products Partners Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Friday, October 31st will be paid a $0.545 dividend. This represents a $2.18 dividend on an annualized basis and a yield of 7.1%. The ex-dividend date of this dividend is Friday, October 31st. Enterprise Products Partners’s dividend payout ratio is presently 82.26%.

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. It operates in four segments: NGL Pipelines & Services, Crude Oil Pipelines & Services, Natural Gas Pipelines & Services, and Petrochemical & Refined Products Services.