PNC Financial Services Group Inc. Reduces Holdings in Enterprise Products Partners L.P. $EPD

PNC Financial Services Group Inc. trimmed its stake in shares of Enterprise Products Partners L.P. (NYSE:EPD) by 1.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,200,531 shares of the oil and gas producer’s stock after selling 20,417 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Enterprise Products Partners were worth $45,428,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently bought and sold shares of EPD. Palisade Asset Management LLC purchased a new position in shares of Enterprise Products Partners in the third quarter worth $31,000. Daytona Street Capital LLC purchased a new stake in Enterprise Products Partners during the 4th quarter valued at $42,000. Groesbeck Investment Management Corp NJ purchased a new stake in Enterprise Products Partners during the 4th quarter valued at $45,000. Kestra Investment Management LLC bought a new stake in Enterprise Products Partners in the 2nd quarter worth $48,000. Finally, State of Wyoming bought a new stake in Enterprise Products Partners in the 2nd quarter worth $54,000. Institutional investors own 26.07% of the company’s stock.

Enterprise Products Partners Price Performance

EPD stock opened at $38.82 on Friday. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.91 and a quick ratio of 0.61. Enterprise Products Partners L.P. has a 1 year low of $30.01 and a 1 year high of $40.17. The firm has a 50-day moving average of $37.68 and a 200 day moving average of $36.73. The company has a market cap of $83.91 billion, a P/E ratio of 14.38, a PEG ratio of 1.41 and a beta of 0.49.

Enterprise Products Partners (NYSE:EPD) last posted its earnings results on Monday, April 27th. The oil and gas producer reported $0.68 earnings per share for the quarter, missing analysts’ consensus estimates of $0.71 by ($0.03). Enterprise Products Partners had a return on equity of 19.53% and a net margin of 11.45%.The firm had revenue of $14.39 billion for the quarter, compared to analysts’ expectations of $13.62 billion. During the same quarter last year, the company posted $0.64 EPS. The firm’s revenue was down 6.7% on a year-over-year basis. On average, sell-side analysts forecast that Enterprise Products Partners L.P. will post 2.92 EPS for the current year.

Enterprise Products Partners Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Friday, July 31st will be paid a $0.56 dividend. The ex-dividend date of this dividend is Friday, July 31st. This is a positive change from Enterprise Products Partners’s previous quarterly dividend of $0.55. This represents a $2.24 annualized dividend and a yield of 5.8%. Enterprise Products Partners’s payout ratio is currently 81.48%.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on EPD shares. TD Cowen reaffirmed a “hold” rating and set a $38.00 price objective (up from $34.00) on shares of Enterprise Products Partners in a research note on Thursday, April 16th. JPMorgan Chase & Co. raised their target price on Enterprise Products Partners from $41.00 to $42.00 and gave the stock a “neutral” rating in a research note on Thursday, July 9th. Scotiabank restated a “sector perform” rating and set a $40.00 price target (up from $39.00) on shares of Enterprise Products Partners in a report on Tuesday, May 12th. The Goldman Sachs Group reiterated a “neutral” rating and issued a $38.00 price objective on shares of Enterprise Products Partners in a report on Wednesday, June 17th. Finally, Morgan Stanley set a $40.00 price objective on Enterprise Products Partners and gave the stock an “underweight” rating in a research report on Tuesday. Eight research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $39.93.

About Enterprise Products Partners

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.