Northwest Bancshares Inc. trimmed its holdings in Enterprise Products Partners L.P. (NYSE:EPD) by 42.3% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,421 shares of the oil and gas producer’s stock after selling 5,449 shares during the quarter. Northwest Bancshares Inc.’s holdings in Enterprise Products Partners were worth $214,000 at the end of the most recent reporting period.
A number of other hedge funds have also modified their holdings of the stock. Hilton Capital Management LLC lifted its position in shares of Enterprise Products Partners by 16.1% during the 1st quarter. Hilton Capital Management LLC now owns 774,156 shares of the oil and gas producer’s stock valued at $22,528,000 after acquiring an additional 107,426 shares during the last quarter. Macquarie Group Ltd. lifted its holdings in shares of Enterprise Products Partners by 4.7% in the fourth quarter. Macquarie Group Ltd. now owns 762,024 shares of the oil and gas producer’s stock valued at $18,737,000 after purchasing an additional 33,974 shares in the last quarter. Jackson Hole Capital Partners LLC purchased a new stake in shares of Enterprise Products Partners in the fourth quarter valued at $2,567,000. Commonwealth Bank of Australia lifted its holdings in shares of Enterprise Products Partners by 25.5% in the first quarter. Commonwealth Bank of Australia now owns 58,717 shares of the oil and gas producer’s stock valued at $1,708,000 after purchasing an additional 11,921 shares in the last quarter. Finally, Smithbridge Asset Management Inc. DE lifted its holdings in shares of Enterprise Products Partners by 2.3% in the second quarter. Smithbridge Asset Management Inc. DE now owns 78,714 shares of the oil and gas producer’s stock valued at $2,272,000 after purchasing an additional 1,775 shares in the last quarter. 36.69% of the stock is owned by institutional investors and hedge funds.
EPD has been the subject of a number of research analyst reports. Goldman Sachs Group restated a “buy” rating and issued a GBX 265 ($3.46) target price on shares of Tesco in a report on Tuesday, April 2nd. Zacks Investment Research downgraded shares of Hollysys Automation Technologies from a “hold” rating to a “sell” rating in a research note on Thursday, April 11th. Piper Jaffray Companies dropped their price target on shares of Inovio Pharmaceuticals from $12.00 to $10.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 17th. Finally, Johnson Rice initiated coverage on shares of Enterprise Products Partners in a research note on Thursday, May 30th. They issued a “buy” rating and a $35.00 price target on the stock. One investment analyst has rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the stock. Enterprise Products Partners currently has a consensus rating of “Buy” and an average target price of $33.60.
Shares of Enterprise Products Partners stock traded up $0.13 during midday trading on Friday, reaching $30.34. The company had a trading volume of 1,679,326 shares, compared to its average volume of 2,983,166. The company has a quick ratio of 0.58, a current ratio of 0.77 and a debt-to-equity ratio of 0.99. The firm has a market cap of $66.45 billion, a P/E ratio of 15.64, a price-to-earnings-growth ratio of 3.58 and a beta of 0.88. The company’s fifty day moving average is $29.40. Enterprise Products Partners L.P. has a 1-year low of $23.33 and a 1-year high of $30.86.
Enterprise Products Partners (NYSE:EPD) last released its earnings results on Wednesday, May 1st. The oil and gas producer reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.48 by $0.09. The firm had revenue of $8.54 billion during the quarter, compared to analyst estimates of $9.23 billion. Enterprise Products Partners had a net margin of 12.67% and a return on equity of 19.50%. The business’s quarterly revenue was down 8.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.41 EPS. Equities research analysts expect that Enterprise Products Partners L.P. will post 2.13 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, August 13th. Stockholders of record on Wednesday, July 31st will be given a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a dividend yield of 5.80%. This is a boost from Enterprise Products Partners’s previous quarterly dividend of $0.44. The ex-dividend date is Tuesday, July 30th. Enterprise Products Partners’s dividend payout ratio (DPR) is currently 90.21%.
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. 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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