NewEdge Advisors LLC Sells 75,889 Shares of Enterprise Products Partners L.P. $EPD

NewEdge Advisors LLC cut its stake in shares of Enterprise Products Partners L.P. (NYSE:EPD) by 20.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 302,236 shares of the oil and gas producer’s stock after selling 75,889 shares during the period. NewEdge Advisors LLC’s holdings in Enterprise Products Partners were worth $11,437,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the company. Arkadios Wealth Advisors raised its position in Enterprise Products Partners by 5.9% in the first quarter. Arkadios Wealth Advisors now owns 87,821 shares of the oil and gas producer’s stock worth $3,323,000 after acquiring an additional 4,878 shares during the period. EverSource Wealth Advisors LLC lifted its position in Enterprise Products Partners by 19.1% during the first quarter. EverSource Wealth Advisors LLC now owns 14,063 shares of the oil and gas producer’s stock valued at $532,000 after purchasing an additional 2,251 shares in the last quarter. Empowered Funds LLC grew its holdings in Enterprise Products Partners by 10.9% during the first quarter. Empowered Funds LLC now owns 352,437 shares of the oil and gas producer’s stock valued at $13,336,000 after purchasing an additional 34,669 shares during the period. Evercore Wealth Management LLC grew its holdings in Enterprise Products Partners by 1.6% during the first quarter. Evercore Wealth Management LLC now owns 219,962 shares of the oil and gas producer’s stock valued at $8,323,000 after purchasing an additional 3,469 shares during the period. Finally, Ashford Capital Management Inc. increased its position in Enterprise Products Partners by 1.4% in the first quarter. Ashford Capital Management Inc. now owns 146,610 shares of the oil and gas producer’s stock worth $5,548,000 after buying an additional 2,000 shares in the last quarter. Institutional investors own 26.07% of the company’s stock.

Analyst Ratings Changes

A number of research firms have commented on EPD. JPMorgan Chase & Co. raised their price target on Enterprise Products Partners from $41.00 to $42.00 and gave the company a “neutral” rating in a report on Thursday, July 9th. UBS Group reiterated a “buy” rating and set a $45.00 target price on shares of Enterprise Products Partners in a research report on Wednesday, June 17th. Weiss Ratings downgraded Enterprise Products Partners from a “buy (b+)” rating to a “buy (b)” rating in a research note on Thursday, July 2nd. Truist Financial upped their price target on Enterprise Products Partners from $36.00 to $40.00 and gave the stock a “hold” rating in a research note on Monday, May 4th. Finally, The Goldman Sachs Group reaffirmed a “neutral” rating and set a $38.00 price objective on shares of Enterprise Products Partners in a report on Wednesday, June 17th. Eight investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $39.93.

Enterprise Products Partners Trading Up 0.2%

Shares of NYSE EPD opened at $38.69 on Thursday. Enterprise Products Partners L.P. has a fifty-two week low of $30.01 and a fifty-two week high of $40.17. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.61 and a current ratio of 0.91. The company has a market cap of $83.65 billion, a price-to-earnings ratio of 14.33, a PEG ratio of 1.40 and a beta of 0.49. The business’s 50 day moving average price is $37.61 and its 200-day moving average price is $36.92.

Enterprise Products Partners (NYSE:EPD) last posted its quarterly earnings data on Wednesday, July 29th. The oil and gas producer reported $0.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.75 by $0.09. The company had revenue of $18.27 billion during the quarter, compared to analysts’ expectations of $13.69 billion. Enterprise Products Partners had a return on equity of 19.53% and a net margin of 11.45%. On average, sell-side analysts expect that Enterprise Products Partners L.P. will post 2.93 earnings per share for the current year.

Enterprise Products Partners Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Friday, July 31st will be issued a $0.56 dividend. The ex-dividend date is Friday, July 31st. This is a boost from Enterprise Products Partners’s previous quarterly dividend of $0.55. This represents a $2.24 dividend on an annualized basis and a dividend yield of 5.8%. Enterprise Products Partners’s dividend payout ratio (DPR) is currently 81.48%.

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.