CIBC Bancorp USA Inc. Acquires New Position in Enterprise Products Partners L.P. $EPD

CIBC Bancorp USA Inc. bought a new position in shares of Enterprise Products Partners L.P. (NYSE:EPD) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 9,344,233 shares of the oil and gas producer’s stock, valued at approximately $292,194,000. Enterprise Products Partners accounts for 1.0% of CIBC Bancorp USA Inc.’s portfolio, making the stock its 16th largest holding. CIBC Bancorp USA Inc. owned 0.43% of Enterprise Products Partners at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the company. Tred Avon Family Wealth LLC purchased a new stake in Enterprise Products Partners in the 3rd quarter worth $1,015,000. Tectonic Advisors LLC lifted its position in shares of Enterprise Products Partners by 10.0% in the third quarter. Tectonic Advisors LLC now owns 678,769 shares of the oil and gas producer’s stock valued at $21,225,000 after acquiring an additional 61,669 shares in the last quarter. Advisors Asset Management Inc. lifted its position in shares of Enterprise Products Partners by 20.2% in the third quarter. Advisors Asset Management Inc. now owns 229,911 shares of the oil and gas producer’s stock valued at $7,189,000 after acquiring an additional 38,660 shares in the last quarter. PNC Financial Services Group Inc. boosted its stake in shares of Enterprise Products Partners by 3.0% in the third quarter. PNC Financial Services Group Inc. now owns 1,252,088 shares of the oil and gas producer’s stock worth $39,153,000 after acquiring an additional 36,339 shares during the period. Finally, Corient Private Wealth LLC boosted its stake in shares of Enterprise Products Partners by 118.9% in the second quarter. Corient Private Wealth LLC now owns 2,407,544 shares of the oil and gas producer’s stock worth $74,658,000 after acquiring an additional 1,307,485 shares during the period. Hedge funds and other institutional investors own 26.07% of the company’s stock.

Insider Activity at Enterprise Products Partners

In other news, Director John R. Rutherford purchased 15,000 shares of the company’s stock in a transaction that occurred on Monday, December 29th. The stock was purchased at an average cost of $32.09 per share, with a total value of $481,350.00. Following the purchase, the director owned 173,586 shares in the company, valued at approximately $5,570,374.74. This trade represents a 9.46% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 32.60% of the company’s stock.

Wall Street Analysts Forecast Growth

EPD has been the topic of several recent analyst reports. Stifel Nicolaus lifted their target price on Enterprise Products Partners from $38.00 to $41.00 and gave the company a “buy” rating in a research note on Wednesday, March 4th. Barclays upped their price target on Enterprise Products Partners from $38.00 to $39.00 and gave the stock an “overweight” rating in a research note on Thursday, March 5th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Enterprise Products Partners in a report on Thursday, January 22nd. Citigroup reiterated a “buy” rating and set a $39.00 price objective (up from $36.00) on shares of Enterprise Products Partners in a research report on Wednesday, February 4th. Finally, The Goldman Sachs Group restated a “neutral” rating and set a $32.00 target price on shares of Enterprise Products Partners in a research report on Friday, December 19th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, six have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, Enterprise Products Partners has a consensus rating of “Hold” and an average price target of $36.86.

Enterprise Products Partners Stock Performance

NYSE EPD opened at $37.54 on Wednesday. The business’s 50 day moving average price is $35.00 and its 200-day moving average price is $32.84. Enterprise Products Partners L.P. has a fifty-two week low of $27.77 and a fifty-two week high of $38.22. The company has a market cap of $81.15 billion, a P/E ratio of 14.11, a P/E/G ratio of 1.50 and a beta of 0.58. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.74 and a current ratio of 1.04.

Enterprise Products Partners (NYSE:EPD) last issued its quarterly earnings results on Monday, February 2nd. The oil and gas producer reported $0.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.69 by $0.06. Enterprise Products Partners had a return on equity of 19.33% and a net margin of 11.05%.The company had revenue of $13.79 billion during the quarter, compared to the consensus estimate of $12.44 billion. During the same period last year, the company earned $0.74 earnings per share. Enterprise Products Partners’s revenue was down 2.9% on a year-over-year basis. Sell-side analysts predict that Enterprise Products Partners L.P. will post 2.9 earnings per share for the current year.

Enterprise Products Partners Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 13th. Stockholders of record on Friday, January 30th were issued a $0.55 dividend. This is a boost from Enterprise Products Partners’s previous quarterly dividend of $0.55. The ex-dividend date was Friday, January 30th. This represents a $2.20 annualized dividend and a dividend yield of 5.9%. Enterprise Products Partners’s dividend payout ratio (DPR) is 82.71%.

Enterprise Products Partners Company Profile

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.