Purus Wealth Management LLC Takes $249,000 Position in Enterprise Products Partners L.P. $EPD

Purus Wealth Management LLC purchased a new position in shares of Enterprise Products Partners L.P. (NYSE:EPD) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 8,033 shares of the oil and gas producer’s stock, valued at approximately $249,000.

Several other hedge funds also recently added to or reduced their stakes in EPD. Shoker Investment Counsel Inc. boosted its position in shares of Enterprise Products Partners by 2.5% during the second quarter. Shoker Investment Counsel Inc. now owns 136,589 shares of the oil and gas producer’s stock valued at $4,236,000 after buying an additional 3,340 shares during the period. Inspire Advisors LLC raised its holdings in shares of Enterprise Products Partners by 181.9% in the second quarter. Inspire Advisors LLC now owns 54,450 shares of the oil and gas producer’s stock worth $1,688,000 after buying an additional 35,133 shares during the period. Empowered Funds LLC lifted its stake in shares of Enterprise Products Partners by 14.6% during the 2nd quarter. Empowered Funds LLC now owns 278,414 shares of the oil and gas producer’s stock worth $8,634,000 after acquiring an additional 35,453 shares during the last quarter. Financial Gravity Companies Inc. purchased a new position in Enterprise Products Partners during the 2nd quarter valued at $364,000. Finally, Rockefeller Capital Management L.P. grew its position in Enterprise Products Partners by 4.0% in the 2nd quarter. Rockefeller Capital Management L.P. now owns 1,821,990 shares of the oil and gas producer’s stock valued at $57,036,000 after acquiring an additional 70,700 shares during the last quarter. 26.07% of the stock is currently owned by institutional investors.

Enterprise Products Partners Price Performance

EPD opened at $31.73 on Tuesday. The firm has a market capitalization of $68.65 billion, a PE ratio of 11.80, a price-to-earnings-growth ratio of 2.22 and a beta of 0.67. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.96 and a quick ratio of 0.69. The business’s 50-day moving average is $31.28 and its two-hundred day moving average is $31.38. Enterprise Products Partners L.P. has a 1 year low of $27.77 and a 1 year high of $34.63.

Enterprise Products Partners (NYSE:EPD) last released its quarterly earnings results on Wednesday, October 29th. The oil and gas producer reported $0.61 earnings per share for the quarter, missing analysts’ consensus estimates of $0.68 by ($0.07). The firm had revenue of $12.02 billion during the quarter, compared to the consensus estimate of $11.83 billion. Enterprise Products Partners had a net margin of 10.71% and a return on equity of 19.81%. The firm’s quarterly revenue was down 12.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.65 earnings per share. Research analysts anticipate that Enterprise Products Partners L.P. will post 2.9 earnings per share for the current fiscal year.

Enterprise Products Partners Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 14th. Stockholders of record on Friday, October 31st were given a dividend of $0.545 per share. The ex-dividend date of this dividend was Friday, October 31st. This represents a $2.18 dividend on an annualized basis and a dividend yield of 6.9%. Enterprise Products Partners’s dividend payout ratio is presently 82.26%.

Enterprise Products Partners declared that its Board of Directors has authorized a stock buyback program on Thursday, October 30th that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the oil and gas producer to purchase up to 7.4% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on EPD. Morgan Stanley decreased their target price on 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 dropped their target price on shares of Enterprise Products Partners from $35.00 to $34.00 and set a “sector perform” rating on the stock in a research note on Tuesday, November 4th. Weiss Ratings reiterated a “buy (b)” rating on shares of Enterprise Products Partners in a report on Wednesday, October 8th. Finally, Stifel Nicolaus lifted their target price on Enterprise Products Partners from $35.00 to $38.00 and gave the company a “buy” rating in a research report on Friday, October 31st. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $36.00.

About Enterprise Products Partners

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.