Resonant Capital Advisors LLC Boosts Stock Position in Enterprise Products Partners L.P. $EPD

Resonant Capital Advisors LLC raised its stake in shares of Enterprise Products Partners L.P. (NYSE:EPD) by 19.9% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 10,493 shares of the oil and gas producer’s stock after acquiring an additional 1,743 shares during the period. Resonant Capital Advisors LLC’s holdings in Enterprise Products Partners were worth $325,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. ING Groep NV acquired a new position in Enterprise Products Partners during the 1st quarter worth approximately $71,052,000. Alps Advisors Inc. increased its position in Enterprise Products Partners by 5.0% during the 1st quarter. Alps Advisors Inc. now owns 41,326,613 shares of the oil and gas producer’s stock worth $1,410,891,000 after purchasing an additional 1,967,188 shares during the period. JPMorgan Chase & Co. increased its position in Enterprise Products Partners by 65.3% during the 1st quarter. JPMorgan Chase & Co. now owns 4,347,247 shares of the oil and gas producer’s stock worth $148,415,000 after purchasing an additional 1,717,768 shares during the period. Northside Capital Management LLC acquired a new position in Enterprise Products Partners during the 2nd quarter worth approximately $47,628,000. Finally, Truist Financial Corp increased its position in Enterprise Products Partners by 293.6% during the 1st quarter. Truist Financial Corp now owns 2,018,964 shares of the oil and gas producer’s stock worth $68,927,000 after purchasing an additional 1,506,055 shares during the period. 26.07% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

EPD has been the topic of several recent analyst reports. Barclays dropped their target price on Enterprise Products Partners from $36.00 to $35.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 2nd. Scotiabank dropped their target price on Enterprise Products Partners from $36.00 to $35.00 and set a “sector perform” rating on the stock in a research report on Friday, September 19th. Weiss Ratings reiterated a “buy (b)” rating on shares of Enterprise Products Partners in a research report on Wednesday, October 8th. TD Cowen initiated coverage on Enterprise Products Partners in a report on Monday, July 7th. They issued a “hold” rating and a $33.00 price target on the stock. Finally, Stifel Nicolaus lowered their price target on Enterprise Products Partners from $36.00 to $35.00 and set a “buy” rating on the stock in a report on Tuesday, July 29th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $35.82.

Enterprise Products Partners Price Performance

Shares of NYSE:EPD opened at $31.21 on Tuesday. The business’s fifty day moving average price is $31.45 and its two-hundred day moving average price is $31.30. The stock has a market cap of $67.57 billion, a PE ratio of 11.60, a price-to-earnings-growth ratio of 2.21 and a beta of 0.64. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.69 and a current ratio of 0.96. Enterprise Products Partners L.P. has a one year low of $27.77 and a one year high of $34.63.

Enterprise Products Partners (NYSE:EPD) last announced its earnings results on Monday, July 28th. The oil and gas producer reported $0.66 EPS for the quarter, missing analysts’ consensus estimates of $0.67 by ($0.01). The company had revenue of $11.36 billion for the quarter, compared to analyst estimates of $15.24 billion. Enterprise Products Partners had a net margin of 10.71% and a return on equity of 19.81%. Enterprise Products Partners’s quarterly revenue was down 15.7% compared to the same quarter last year. During the same quarter last year, the company posted $0.64 EPS. On average, analysts forecast that Enterprise Products Partners L.P. will post 2.9 EPS for the current fiscal year.

Enterprise Products Partners Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Friday, October 31st will be issued a dividend of $0.545 per share. This represents a $2.18 dividend on an annualized basis and a yield of 7.0%. The ex-dividend date is Friday, October 31st. Enterprise Products Partners’s dividend payout ratio is 81.04%.

Insider Buying and Selling

In related news, Director William C. Montgomery bought 16,000 shares of the stock in a transaction on Wednesday, July 30th. The shares were purchased at an average price of $31.55 per share, for a total transaction of $504,800.00. Following the acquisition, the director owned 136,920 shares in the company, valued at $4,319,826. This represents a 13.23% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Company insiders own 32.60% of the company’s stock.

Enterprise Products Partners Company Profile

Enterprise Products Partners L.P. provides midstream energy services to producers and consumers of natural gas, natural gas liquids (NGLs), crude oil, petrochemicals, and refined products. It operates in four segments: NGL Pipelines & Services, Crude Oil Pipelines & Services, Natural Gas Pipelines & Services, and Petrochemical & Refined Products Services.