Groesbeck Investment Management Corp NJ Purchases New Position in Enterprise Products Partners L.P. (NYSE:EPD)

Groesbeck Investment Management Corp NJ bought a new position in shares of Enterprise Products Partners L.P. (NYSE:EPD) in the fourth quarter, Holdings Channel reports. The firm bought 19,820 shares of the oil and gas producer’s stock, valued at approximately $622,000.

A number of other large investors have also recently added to or reduced their stakes in EPD. Bank of Montreal Can boosted its position in Enterprise Products Partners by 2.3% during the second quarter. Bank of Montreal Can now owns 25,371 shares of the oil and gas producer’s stock worth $739,000 after purchasing an additional 570 shares during the period. Park Avenue Securities LLC boosted its position in Enterprise Products Partners by 4.2% during the third quarter. Park Avenue Securities LLC now owns 36,633 shares of the oil and gas producer’s stock worth $1,066,000 after purchasing an additional 1,474 shares during the period. SL Advisors LLC boosted its position in Enterprise Products Partners by 3.1% during the third quarter. SL Advisors LLC now owns 73,064 shares of the oil and gas producer’s stock worth $2,127,000 after purchasing an additional 2,226 shares during the period. Strategic Wealth Partners Ltd. boosted its position in Enterprise Products Partners by 3.8% during the third quarter. Strategic Wealth Partners Ltd. now owns 9,731 shares of the oil and gas producer’s stock worth $283,000 after purchasing an additional 353 shares during the period. Finally, Future Financial Wealth Managment LLC bought a new stake in Enterprise Products Partners during the third quarter worth approximately $178,000. Institutional investors own 26.07% of the company’s stock.

Enterprise Products Partners Stock Performance

Shares of NYSE EPD opened at $32.97 on Wednesday. The business has a fifty day simple moving average of $32.55 and a 200 day simple moving average of $30.57. The company has a current ratio of 1.07, a quick ratio of 0.83 and a debt-to-equity ratio of 1.05. The firm has a market capitalization of $71.46 billion, a price-to-earnings ratio of 12.35, a PEG ratio of 1.54 and a beta of 1.09. Enterprise Products Partners L.P. has a one year low of $26.12 and a one year high of $34.63.

Enterprise Products Partners (NYSE:EPD) last issued its earnings results on Tuesday, February 4th. The oil and gas producer reported $0.74 EPS for the quarter, beating analysts’ consensus estimates of $0.69 by $0.05. The business had revenue of $14.20 billion during the quarter, compared to analyst estimates of $14.07 billion. Enterprise Products Partners had a return on equity of 20.31% and a net margin of 10.32%. Enterprise Products Partners’s revenue was down 2.9% on a year-over-year basis. During the same period in the prior year, the company posted $0.72 earnings per share. Sell-side analysts expect that Enterprise Products Partners L.P. will post 2.67 EPS for the current year.

Enterprise Products Partners Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Friday, January 31st will be paid a dividend of $0.535 per share. This is a positive change from Enterprise Products Partners’s previous quarterly dividend of $0.53. This represents a $2.14 annualized dividend and a yield of 6.49%. The ex-dividend date of this dividend is Friday, January 31st. Enterprise Products Partners’s dividend payout ratio is currently 80.15%.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. Wells Fargo & Company cut Enterprise Products Partners from an “overweight” rating to an “equal weight” rating and set a $35.00 target price for the company. in a research report on Wednesday, December 18th. Wolfe Research cut Enterprise Products Partners from an “outperform” rating to a “peer perform” rating in a research report on Friday, January 10th. US Capital Advisors raised Enterprise Products Partners from a “moderate buy” rating to a “strong-buy” rating in a research report on Monday, October 28th. Truist Financial increased their price objective on Enterprise Products Partners from $37.00 to $40.00 and gave the company a “buy” rating in a research report on Friday, January 3rd. Finally, Scotiabank began coverage on Enterprise Products Partners in a research report on Friday, January 10th. They issued a “sector perform” rating and a $33.00 price objective for the company. Four investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Enterprise Products Partners currently has a consensus rating of “Moderate Buy” and a consensus target price of $34.44.

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.