PNC Financial Services Group Inc. Purchases 36,339 Shares of Enterprise Products Partners L.P. $EPD

PNC Financial Services Group Inc. lifted its position in Enterprise Products Partners L.P. (NYSE:EPD) by 3.0% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,252,088 shares of the oil and gas producer’s stock after purchasing an additional 36,339 shares during the period. PNC Financial Services Group Inc. owned about 0.06% of Enterprise Products Partners worth $39,153,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently modified their holdings of the company. Brighton Jones LLC raised its holdings in Enterprise Products Partners by 19.9% during the fourth quarter. Brighton Jones LLC now owns 32,620 shares of the oil and gas producer’s stock valued at $1,023,000 after acquiring an additional 5,425 shares during the period. Chevy Chase Trust Holdings LLC raised its stake in Enterprise Products Partners by 13.3% during the 2nd quarter. Chevy Chase Trust Holdings LLC now owns 8,500 shares of the oil and gas producer’s stock valued at $264,000 after purchasing an additional 1,000 shares during the period. Stephens Inc. AR lifted its holdings in Enterprise Products Partners by 15.4% in the 2nd quarter. Stephens Inc. AR now owns 530,446 shares of the oil and gas producer’s stock worth $16,880,000 after purchasing an additional 70,613 shares in the last quarter. CORDA Investment Management LLC. boosted its position in shares of Enterprise Products Partners by 6.6% during the second quarter. CORDA Investment Management LLC. now owns 38,060 shares of the oil and gas producer’s stock worth $1,180,000 after acquiring an additional 2,340 shares during the last quarter. Finally, Schnieders Capital Management LLC. grew its position in shares of Enterprise Products Partners by 9.3% during the second quarter. Schnieders Capital Management LLC. now owns 58,918 shares of the oil and gas producer’s stock valued at $1,827,000 after purchasing an additional 5,000 shares in the last quarter. Hedge funds and other institutional investors own 26.07% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Barclays reiterated an “overweight” rating and set a $38.00 price objective (up previously from $35.00) on shares of Enterprise Products Partners in a research report on Wednesday, February 4th. TD Cowen raised their price target on Enterprise Products Partners from $33.00 to $34.00 and gave the stock a “hold” rating in a research note on Wednesday, February 4th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $40.00 target price on shares of Enterprise Products Partners in a research note on Wednesday, February 4th. Wells Fargo & Company boosted their target price on shares of Enterprise Products Partners from $36.00 to $38.00 and gave the company an “equal weight” rating in a research note on Thursday, February 5th. Finally, Scotiabank restated a “sector perform” rating and issued a $37.00 price target (up from $35.00) on shares of Enterprise Products Partners in a report on Thursday, February 5th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, six have issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $36.00.

Insider Activity at Enterprise Products Partners

In related news, Director John R. Rutherford purchased 15,000 shares of the business’s stock in a transaction on Monday, December 29th. The shares were bought at an average cost of $32.09 per share, with a total value of $481,350.00. Following the transaction, the director owned 173,586 shares of the company’s stock, valued at approximately $5,570,374.74. This trade represents a 9.46% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 32.60% of the stock is owned by company insiders.

Enterprise Products Partners Price Performance

Shares of EPD stock opened at $37.16 on Tuesday. The company has a market cap of $80.38 billion, a P/E ratio of 13.97, a PEG ratio of 2.64 and a beta of 0.60. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.88 and a quick ratio of 0.60. The stock’s 50-day moving average is $33.02 and its 200 day moving average is $32.06. Enterprise Products Partners L.P. has a 1-year low of $27.77 and a 1-year high of $37.31.

Enterprise Products Partners (NYSE:EPD) last posted its earnings results on Tuesday, February 3rd. The oil and gas producer reported $0.75 EPS for the quarter, beating analysts’ consensus estimates of $0.69 by $0.06. The company had revenue of $13.79 billion during the quarter, compared to analysts’ expectations of $12.44 billion. Enterprise Products Partners had a net margin of 11.05% and a return on equity of 19.43%. Enterprise Products Partners’s revenue for the quarter was down 2.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.74 earnings per share. Research analysts predict that Enterprise Products Partners L.P. will post 2.9 earnings per share for the current fiscal year.

Enterprise Products Partners Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 13th. Shareholders of record on Friday, January 30th were given a dividend of $0.55 per share. The ex-dividend date of this dividend was Friday, January 30th. This represents a $2.20 dividend on an annualized basis and a yield of 5.9%. This is a boost from Enterprise Products Partners’s previous quarterly dividend of $0.55. Enterprise Products Partners’s payout ratio is 82.71%.

Enterprise Products Partners announced that its board has approved a stock buyback program on Thursday, October 30th that authorizes the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization authorizes the oil and gas producer to reacquire up to 7.4% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its stock is undervalued.

Enterprise Products Partners 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.