13,054 Shares in Enterprise Products Partners L.P. $EPD Purchased by Summit Asset Management LLC

Summit Asset Management LLC bought a new stake in Enterprise Products Partners L.P. (NYSE:EPD) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 13,054 shares of the oil and gas producer’s stock, valued at approximately $480,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Everest Financial Group LLC boosted its holdings in shares of Enterprise Products Partners by 3.6% in the first quarter. Everest Financial Group LLC now owns 7,886 shares of the oil and gas producer’s stock valued at $298,000 after acquiring an additional 271 shares in the last quarter. Walker Asset Management LLC raised its holdings in Enterprise Products Partners by 1.4% during the second quarter. Walker Asset Management LLC now owns 20,256 shares of the oil and gas producer’s stock worth $745,000 after purchasing an additional 282 shares in the last quarter. Hobbs Group Advisors LLC lifted its position in Enterprise Products Partners by 1.4% in the first quarter. Hobbs Group Advisors LLC now owns 20,895 shares of the oil and gas producer’s stock worth $791,000 after purchasing an additional 298 shares during the period. Hunter Associates Investment Management LLC boosted its stake in Enterprise Products Partners by 3.8% during the 1st quarter. Hunter Associates Investment Management LLC now owns 8,106 shares of the oil and gas producer’s stock valued at $307,000 after purchasing an additional 300 shares in the last quarter. Finally, Mission Wealth Management LP boosted its stake in Enterprise Products Partners by 1.0% during the 4th quarter. Mission Wealth Management LP now owns 32,348 shares of the oil and gas producer’s stock valued at $1,037,000 after purchasing an additional 328 shares in the last quarter. 26.07% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

EPD has been the topic of a number of research reports. Wolfe Research raised Enterprise Products Partners from a “strong sell” rating to a “hold” rating in a research note on Tuesday, April 21st. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $38.00 target price on shares of Enterprise Products Partners in a report on Wednesday, June 17th. Stifel Nicolaus upped their price target on shares of Enterprise Products Partners from $41.00 to $42.00 and gave the company a “buy” rating in a report on Wednesday, April 29th. UBS Group restated a “buy” rating and set a $45.00 price objective on shares of Enterprise Products Partners in a research report on Wednesday, June 17th. Finally, Scotiabank reaffirmed a “sector perform” rating and issued a $40.00 price objective (up from $39.00) on shares of Enterprise Products Partners in a research note on Tuesday, May 12th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Enterprise Products Partners presently has a consensus rating of “Moderate Buy” and a consensus target price of $39.93.

Enterprise Products Partners Price Performance

NYSE EPD opened at $38.84 on Friday. The stock’s 50-day moving average price is $37.58 and its two-hundred day moving average price is $37.34. The company has a current ratio of 0.93, a quick ratio of 0.61 and a debt-to-equity ratio of 1.00. The company has a market cap of $83.88 billion, a PE ratio of 13.49, a PEG ratio of 1.39 and a beta of 0.49. Enterprise Products Partners L.P. has a 1 year low of $30.01 and a 1 year high of $40.17.

Enterprise Products Partners (NYSE:EPD) last announced its earnings results on Wednesday, July 29th. The oil and gas producer reported $0.84 EPS for the quarter, topping the consensus estimate 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 net margin of 10.79% and a return on equity of 20.67%. The business’s revenue for the quarter was up 60.8% on a year-over-year basis. During the same period last year, the company posted $0.66 earnings per share. On average, analysts predict that Enterprise Products Partners L.P. will post 2.98 EPS for the current year.

Enterprise Products Partners Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Friday, July 31st were paid a $0.56 dividend. The ex-dividend date of this dividend was Friday, July 31st. This represents a $2.24 dividend on an annualized basis and a yield of 5.8%. This is a positive change from Enterprise Products Partners’s previous quarterly dividend of $0.55. Enterprise Products Partners’s dividend payout ratio (DPR) is 77.78%.

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.