Verity Asset Management Inc. Has $2.67 Million Position in Enterprise Products Partners L.P. $EPD

Verity Asset Management Inc. lessened its stake in shares of Enterprise Products Partners L.P. (NYSE:EPD) by 48.1% during the second quarter, Holdings Channel reports. The fund owned 85,982 shares of the oil and gas producer’s stock after selling 79,772 shares during the quarter. Enterprise Products Partners comprises 1.3% of Verity Asset Management Inc.’s investment portfolio, making the stock its 16th largest position. Verity Asset Management Inc.’s holdings in Enterprise Products Partners were worth $2,666,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of EPD. Brooklyn Investment Group acquired a new position in shares of Enterprise Products Partners during the first quarter valued at about $27,000. Wealth Preservation Advisors LLC acquired a new position in shares of Enterprise Products Partners during the first quarter valued at about $28,000. Crowley Wealth Management Inc. acquired a new position in shares of Enterprise Products Partners during the second quarter valued at about $29,000. N.E.W. Advisory Services LLC acquired a new position in Enterprise Products Partners during the 1st quarter worth approximately $34,000. Finally, Pandora Wealth Inc. acquired a new position in Enterprise Products Partners during the 1st quarter worth approximately $48,000. Institutional investors and hedge funds own 26.07% of the company’s stock.

Wall Street Analysts Forecast Growth

EPD has been the topic of a number of research reports. Scotiabank dropped their price target on Enterprise Products Partners from $36.00 to $35.00 and set a “sector perform” rating on the stock in a research note on Friday, September 19th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Enterprise Products Partners in a research report on Wednesday, October 8th. TD Cowen started coverage on Enterprise Products Partners in a research report on Monday, July 7th. They set a “hold” rating and a $33.00 target price on the stock. Morgan Stanley lowered their target price on Enterprise Products Partners from $35.00 to $33.00 and set an “equal weight” rating on the stock in a research report on Tuesday, August 26th. Finally, Mizuho set a $38.00 price objective on shares of Enterprise Products Partners and gave the stock an “outperform” rating in a report on Friday, July 11th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $36.09.

Enterprise Products Partners Stock Performance

Shares of Enterprise Products Partners stock opened at $30.75 on Monday. The company has a market cap of $66.57 billion, a PE ratio of 11.43, a price-to-earnings-growth ratio of 2.22 and a beta of 0.64. Enterprise Products Partners L.P. has a 52 week low of $27.77 and a 52 week high of $34.63. The business has a 50 day moving average price of $31.42 and a 200-day moving average price of $31.34. 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 (NYSE:EPD) last released its quarterly earnings results on Thursday, October 30th. The oil and gas producer reported $0.61 EPS for the quarter, missing analysts’ consensus estimates of $0.68 by ($0.07). The company had revenue of $12.02 billion during the quarter, compared to analysts’ expectations of $11.83 billion. Enterprise Products Partners had a net margin of 10.71% and a return on equity of 19.81%. The company’s quarterly revenue was down 12.7% compared to the same quarter last year. During the same period in the previous year, the company posted $0.65 earnings per share. Equities analysts anticipate that Enterprise Products Partners L.P. will post 2.9 earnings per share for the current fiscal year.

Enterprise Products Partners Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Stockholders 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 dividend yield of 7.1%. Enterprise Products Partners’s dividend payout ratio is currently 82.26%.

Enterprise Products Partners announced that its Board of Directors has approved a stock buyback plan on Thursday, October 30th that permits the company to repurchase $5.00 billion in shares. This repurchase authorization permits the oil and gas producer to buy up to 7.4% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its stock is undervalued.

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.