Columbia Bank Buys Shares of 17,996 Enterprise Products Partners L.P. $EPD

Columbia Bank bought a new position in Enterprise Products Partners L.P. (NYSE:EPD) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 17,996 shares of the oil and gas producer’s stock, valued at approximately $571,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Vanguard Personalized Indexing Management LLC raised its holdings in shares of Enterprise Products Partners by 7.0% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 151,631 shares of the oil and gas producer’s stock valued at $4,703,000 after purchasing an additional 9,979 shares during the last quarter. Quantum Financial Planning Services Inc. bought a new stake in Enterprise Products Partners in the 2nd quarter worth approximately $310,000. Westbourne Investment Advisors Inc. purchased a new stake in Enterprise Products Partners during the 2nd quarter valued at $657,000. Corigliano Investment Advisers LLC bought a new position in shares of Enterprise Products Partners during the 1st quarter valued at $4,384,000. Finally, CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT boosted its stake in shares of Enterprise Products Partners by 1.6% in the 2nd quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 1,957,500 shares of the oil and gas producer’s stock worth $60,702,000 after buying an additional 31,652 shares during the last quarter. 26.07% of the stock is owned by institutional investors.

Enterprise Products Partners Price Performance

Shares of NYSE:EPD opened at $32.57 on Tuesday. The company has a market capitalization of $70.46 billion, a P/E ratio of 12.11, a P/E/G ratio of 2.22 and a beta of 0.67. Enterprise Products Partners L.P. has a 1-year low of $27.77 and a 1-year high of $34.63. The firm’s 50 day simple moving average is $31.32 and its two-hundred day simple moving average is $31.45. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.96 and a quick ratio of 0.69.

Enterprise Products Partners (NYSE:EPD) last announced its quarterly earnings data on Wednesday, October 29th. The oil and gas producer reported $0.61 EPS for the quarter, missing the consensus estimate of $0.68 by ($0.07). Enterprise Products Partners had a net margin of 10.71% and a return on equity of 19.81%. The firm had revenue of $12.02 billion for the quarter, compared to the consensus estimate of $11.83 billion. During the same quarter in the previous year, the business earned $0.65 earnings per share. The firm’s revenue for the quarter was down 12.7% on a year-over-year basis. Research analysts expect that Enterprise Products Partners L.P. will post 2.9 EPS for the current fiscal year.

Enterprise Products Partners announced that its Board of Directors has initiated a stock repurchase plan on Thursday, October 30th that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the oil and gas producer to reacquire up to 7.4% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s management believes its shares are undervalued.

Enterprise Products Partners Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 14th. Stockholders of record on Friday, October 31st were paid a $0.545 dividend. The ex-dividend date of this dividend was Friday, October 31st. This represents a $2.18 dividend on an annualized basis and a dividend yield of 6.7%. Enterprise Products Partners’s dividend payout ratio is 82.26%.

Analyst Ratings Changes

EPD has been the subject of a number of research reports. Stifel Nicolaus upped their price objective on Enterprise Products Partners from $35.00 to $38.00 and gave the company a “buy” rating in a research report on Friday, October 31st. Morgan Stanley reduced their price target on shares of Enterprise Products Partners from $35.00 to $33.00 and set an “equal weight” rating for the company in a research report on Tuesday, August 26th. Weiss Ratings reissued a “buy (b)” rating on shares of Enterprise Products Partners in a report on Wednesday, October 8th. Finally, Scotiabank cut their target price on shares of Enterprise Products Partners from $35.00 to $34.00 and set a “sector perform” rating for the company in a research report on Tuesday, November 4th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $36.00.

About Enterprise Products Partners

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.