BlackRock Inc. Acquires New Holdings in Enterprise Products Partners L.P. $EPD

BlackRock Inc. bought a new position in shares of Enterprise Products Partners L.P. (NYSE:EPD) in the second quarter, HoldingsChannel reports. The firm bought 6,945,720 shares of the oil and gas producer’s stock, valued at approximately $255,325,000.

Other institutional investors have also recently bought and sold shares of the company. Brighton Jones LLC lifted its position in Enterprise Products Partners by 19.9% in the 4th quarter. Brighton Jones LLC now owns 32,620 shares of the oil and gas producer’s stock valued at $1,023,000 after acquiring an additional 5,425 shares in the last quarter. Schnieders Capital Management LLC. increased its holdings in Enterprise Products Partners by 9.3% during the 2nd quarter. Schnieders Capital Management LLC. now owns 58,918 shares of the oil and gas producer’s stock worth $1,827,000 after purchasing an additional 5,000 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Enterprise Products Partners by 6.2% in the 2nd quarter. Geode Capital Management LLC now owns 63,702 shares of the oil and gas producer’s stock valued at $1,975,000 after purchasing an additional 3,742 shares during the period. Guggenheim Capital LLC raised its stake in shares of Enterprise Products Partners by 6.1% in the 2nd quarter. Guggenheim Capital LLC now owns 27,301 shares of the oil and gas producer’s stock valued at $847,000 after purchasing an additional 1,578 shares during the period. Finally, Glenview Trust co lifted its holdings in shares of Enterprise Products Partners by 315.8% in the second quarter. Glenview Trust co now owns 33,648 shares of the oil and gas producer’s stock valued at $1,043,000 after purchasing an additional 25,555 shares in the last quarter. Institutional investors own 26.07% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. Morgan Stanley reaffirmed an “underweight” rating and set a $41.00 price objective (up from $40.00) on shares of Enterprise Products Partners in a research report on Tuesday, August 18th. Wall Street Zen upgraded Enterprise Products Partners from a “buy” rating to a “strong-buy” rating in a research note on Sunday, August 16th. TD Cowen reaffirmed a “hold” rating and set a $38.00 price target (down from $39.00) on shares of Enterprise Products Partners in a research note on Monday, August 3rd. Stifel Nicolaus lifted their price objective on shares of Enterprise Products Partners from $41.00 to $42.00 and gave the company a “buy” rating in a report on Wednesday, April 29th. Finally, Scotiabank reissued a “sector perform” rating and issued a $40.00 price objective (up from $39.00) on shares of Enterprise Products Partners in a research report on Tuesday, May 12th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $40.00.

Enterprise Products Partners Stock Performance

EPD opened at $39.09 on Thursday. The business’s 50-day simple moving average is $37.79 and its 200 day simple moving average is $37.62. Enterprise Products Partners L.P. has a 52-week low of $30.01 and a 52-week high of $40.17. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.66 and a current ratio of 0.93. The firm has a market capitalization of $84.41 billion, a PE ratio of 13.57, a PEG ratio of 1.26 and a beta of 0.49.

Enterprise Products Partners (NYSE:EPD) last posted its quarterly earnings results on Wednesday, July 29th. The oil and gas producer reported $0.84 earnings per share for the quarter, beating analysts’ consensus estimates of $0.75 by $0.09. The firm had revenue of $18.27 billion during the quarter, compared to the consensus estimate of $13.69 billion. Enterprise Products Partners had a return on equity of 20.67% and a net margin of 10.79%.The business’s revenue was up 60.8% compared to the same quarter last year. During the same period last year, the company earned $0.66 earnings per share. As a group, sell-side analysts expect that Enterprise Products Partners L.P. will post 3.03 earnings per share for the current fiscal year.

Enterprise Products Partners Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Friday, July 31st were paid a $0.56 dividend. This is a boost from Enterprise Products Partners’s previous quarterly dividend of $0.55. This represents a $2.24 annualized dividend and a dividend yield of 5.7%. The ex-dividend date of this dividend was Friday, July 31st. Enterprise Products Partners’s dividend payout ratio (DPR) is 77.78%.

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.