Auto Owners Insurance Co Buys 550,000 Shares of Enterprise Products Partners L.P. $EPD

Auto Owners Insurance Co grew its stake in shares of Enterprise Products Partners L.P. (NYSE:EPD) by 122.2% during the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,000,000 shares of the oil and gas producer’s stock after buying an additional 550,000 shares during the quarter. Auto Owners Insurance Co’s holdings in Enterprise Products Partners were worth $31,010,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Alps Advisors Inc. grew its stake in shares of Enterprise Products Partners by 5.0% during the first quarter. Alps Advisors Inc. now owns 41,326,613 shares of the oil and gas producer’s stock worth $1,410,891,000 after buying an additional 1,967,188 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Enterprise Products Partners by 4.3% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,003,573 shares of the oil and gas producer’s stock worth $375,662,000 after purchasing an additional 457,045 shares during the period. Chickasaw Capital Management LLC lifted its holdings in shares of Enterprise Products Partners by 1.5% during the second quarter. Chickasaw Capital Management LLC now owns 5,515,066 shares of the oil and gas producer’s stock worth $171,022,000 after purchasing an additional 81,135 shares during the period. Hamlin Capital Management LLC lifted its holdings in shares of Enterprise Products Partners by 1.8% during the second quarter. Hamlin Capital Management LLC now owns 4,995,047 shares of the oil and gas producer’s stock worth $154,896,000 after purchasing an additional 89,987 shares during the period. Finally, BROOKFIELD Corp ON lifted its holdings in shares of Enterprise Products Partners by 2.8% during the first quarter. BROOKFIELD Corp ON now owns 4,698,769 shares of the oil and gas producer’s stock worth $160,416,000 after purchasing an additional 128,545 shares during the period. Institutional investors own 26.07% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Scotiabank cut their price target on shares of Enterprise Products Partners from $36.00 to $35.00 and set a “sector perform” rating on the stock in a report on Friday, September 19th. Mizuho set a $38.00 price target on shares of Enterprise Products Partners and gave the stock an “outperform” rating in a report on Friday, July 11th. TD Cowen assumed coverage on shares of Enterprise Products Partners in a report on Monday, July 7th. They set a “hold” rating and a $33.00 price target on the stock. Morgan Stanley cut their price target on shares of Enterprise Products Partners from $35.00 to $33.00 and set an “equal weight” rating on the stock in a report on Tuesday, August 26th. Finally, Barclays cut their price target on shares of Enterprise Products Partners from $36.00 to $35.00 and set an “overweight” rating on the stock in a report on Wednesday, July 2nd. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $35.82.

Enterprise Products Partners Price Performance

EPD stock opened at $31.20 on Wednesday. The firm has a market cap of $67.54 billion, a price-to-earnings ratio of 11.60, a PEG ratio of 2.23 and a beta of 0.64. The company has a quick ratio of 0.69, a current ratio of 0.96 and a debt-to-equity ratio of 1.04. Enterprise Products Partners L.P. has a 12-month low of $27.77 and a 12-month high of $34.63. The company’s fifty day simple moving average is $31.45 and its 200 day simple moving average is $31.32.

Enterprise Products Partners (NYSE:EPD) last released its earnings results on Monday, July 28th. The oil and gas producer reported $0.66 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.67 by ($0.01). The firm had revenue of $11.36 billion during 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% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.64 EPS. On average, analysts expect that Enterprise Products Partners L.P. will post 2.9 earnings per share for the current year.

Enterprise Products Partners Announces Dividend

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

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.