Meritage Portfolio Management decreased its stake in Enterprise Products Partners L.P. (NYSE:EPD) by 1.7% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 119,515 shares of the oil and gas producer’s stock after selling 2,075 shares during the period. Meritage Portfolio Management’s holdings in Enterprise Products Partners were worth $3,434,000 as of its most recent filing with the SEC.
A number of other hedge funds also recently made changes to their positions in EPD. Tompkins Financial Corp raised its position in Enterprise Products Partners by 150.3% in the second quarter. Tompkins Financial Corp now owns 3,830 shares of the oil and gas producer’s stock worth $106,000 after acquiring an additional 2,300 shares during the period. Stelac Advisory Services LLC bought a new stake in Enterprise Products Partners in the second quarter worth about $109,000. Poehling Capital Management LLC bought a new stake in Enterprise Products Partners in the second quarter worth about $111,000. Arlington Partners LLC bought a new stake in Enterprise Products Partners in the third quarter worth about $115,000. Finally, Horrell Capital Management Inc. bought a new stake in Enterprise Products Partners in the second quarter worth about $122,000. 36.50% of the stock is currently owned by institutional investors and hedge funds.
Several research firms have recently issued reports on EPD. Bank of America boosted their price target on shares of Enterprise Products Partners from $29.00 to $31.00 and gave the company a “buy” rating in a research report on Thursday, August 2nd. Barclays boosted their price target on shares of Enterprise Products Partners from $33.00 to $34.00 and gave the company a “buy” rating in a research report on Wednesday, August 1st. Scotiabank set a $33.00 price target on shares of Enterprise Products Partners and gave the company a “buy” rating in a research report on Monday, August 20th. Zacks Investment Research lowered shares of Enterprise Products Partners from a “buy” rating to a “hold” rating in a research report on Friday, September 7th. Finally, Raymond James boosted their price target on shares of Enterprise Products Partners from $34.00 to $35.00 and gave the company a “strong-buy” rating in a research report on Thursday, October 4th. Two investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $32.67.
Enterprise Products Partners (NYSE:EPD) last issued its quarterly earnings data on Wednesday, October 31st. The oil and gas producer reported $0.60 EPS for the quarter, beating the consensus estimate of $0.45 by $0.15. The company had revenue of $9.59 billion during the quarter, compared to analysts’ expectations of $9.72 billion. Enterprise Products Partners had a net margin of 8.95% and a return on equity of 14.42%. Enterprise Products Partners’s revenue for the quarter was up 39.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.28 earnings per share. As a group, equities research analysts anticipate that Enterprise Products Partners L.P. will post 1.76 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 8th. Investors of record on Wednesday, October 31st will be paid a dividend of $0.4325 per share. The ex-dividend date is Tuesday, October 30th. This represents a $1.73 annualized dividend and a yield of 6.45%. This is a boost from Enterprise Products Partners’s previous quarterly dividend of $0.43. Enterprise Products Partners’s payout ratio is currently 131.06%.
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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