Edgemoor Investment Advisors Inc. boosted its stake in Enterprise Products Partners L.P. (NYSE:EPD) by 6.7% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 323,572 shares of the oil and gas producer’s stock after buying an additional 20,255 shares during the period. Edgemoor Investment Advisors Inc.’s holdings in Enterprise Products Partners were worth $9,416,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently modified their holdings of the company. Bank of New York Mellon Corp raised its position in shares of Enterprise Products Partners by 1.5% in the third quarter. Bank of New York Mellon Corp now owns 564,583 shares of the oil and gas producer’s stock worth $16,221,000 after buying an additional 8,265 shares in the last quarter. Lavaca Capital LLC purchased a new stake in Enterprise Products Partners during the fourth quarter valued at about $2,426,000. Boenning & Scattergood Inc. raised its position in Enterprise Products Partners by 32.3% during the fourth quarter. Boenning & Scattergood Inc. now owns 101,418 shares of the oil and gas producer’s stock valued at $2,494,000 after purchasing an additional 24,783 shares in the last quarter. Summit Securities Group LLC raised its position in Enterprise Products Partners by 110.5% during the fourth quarter. Summit Securities Group LLC now owns 36,400 shares of the oil and gas producer’s stock valued at $895,000 after purchasing an additional 19,104 shares in the last quarter. Finally, Andesa Financial Management Inc. purchased a new position in shares of Enterprise Products Partners in the fourth quarter worth about $306,000. Institutional investors and hedge funds own 36.74% of the company’s stock.
Enterprise Products Partners stock opened at $28.59 on Tuesday. The company has a current ratio of 0.77, a quick ratio of 0.58 and a debt-to-equity ratio of 0.99. The company has a market cap of $62.50 billion, a price-to-earnings ratio of 14.74, a PEG ratio of 3.53 and a beta of 0.95. Enterprise Products Partners L.P. has a fifty-two week low of $23.33 and a fifty-two week high of $30.05.
The business also recently declared a quarterly dividend, which was paid on Monday, May 13th. Stockholders of record on Tuesday, April 30th were given a $0.4375 dividend. This is a boost from Enterprise Products Partners’s previous quarterly dividend of $0.44. This represents a $1.75 dividend on an annualized basis and a dividend yield of 6.12%. The ex-dividend date was Monday, April 29th. Enterprise Products Partners’s payout ratio is currently 90.21%.
Several research analysts have recently commented on EPD shares. Zacks Investment Research upgraded Enterprise Products Partners from a “hold” rating to a “buy” rating and set a $31.00 price objective on the stock in a report on Wednesday, February 13th. Goldman Sachs Group upgraded Enterprise Products Partners from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $30.00 to $32.00 in a report on Tuesday, April 2nd. Evercore ISI started coverage on Enterprise Products Partners in a report on Tuesday, February 5th. They issued an “outperform” rating on the stock. Finally, Bank of America set a $32.00 price objective on Enterprise Products Partners and gave the stock a “buy” rating in a report on Tuesday, January 29th. One investment analyst has rated the stock with a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $33.27.
Enterprise Products Partners Company 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. 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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