Progeny 3 Inc. reduced its position in shares of Enterprise Products Partners L.P. (NYSE:EPD – Free Report) by 3.6% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,683,631 shares of the oil and gas producer’s stock after selling 63,675 shares during the period. Enterprise Products Partners comprises about 3.4% of Progeny 3 Inc.’s investment portfolio, making the stock its 11th biggest position. Progeny 3 Inc.’s holdings in Enterprise Products Partners were worth $63,709,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Family Manage LLC grew its stake in Enterprise Products Partners by 15.6% during the first quarter. Family Manage LLC now owns 20,398 shares of the oil and gas producer’s stock worth $772,000 after buying an additional 2,756 shares during the last quarter. Gateway Wealth Partners LLC bought a new position in shares of Enterprise Products Partners in the first quarter valued at approximately $409,000. Royal Capital Wealth Management LLC raised its stake in shares of Enterprise Products Partners by 29.0% in the first quarter. Royal Capital Wealth Management LLC now owns 10,506 shares of the oil and gas producer’s stock valued at $398,000 after acquiring an additional 2,362 shares during the last quarter. Cypress Capital Group acquired a new position in shares of Enterprise Products Partners in the 1st quarter worth approximately $556,000. Finally, Everest Financial Group LLC boosted its holdings in shares of Enterprise Products Partners by 3.6% in the 1st quarter. Everest Financial Group LLC now owns 7,886 shares of the oil and gas producer’s stock worth $298,000 after acquiring an additional 271 shares in the last quarter. 26.07% of the stock is currently owned by institutional investors and hedge funds.
Enterprise Products Partners Trading Down 0.1%
Shares of NYSE EPD opened at $38.71 on Monday. Enterprise Products Partners L.P. has a fifty-two week low of $30.01 and a fifty-two week high of $40.17. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.91 and a quick ratio of 0.61. The firm has a market capitalization of $83.68 billion, a P/E ratio of 14.34, a P/E/G ratio of 1.41 and a beta of 0.49. The company’s 50 day simple moving average is $37.67 and its 200 day simple moving average is $36.77.
Enterprise Products Partners Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Friday, July 31st will be paid a $0.56 dividend. The ex-dividend date of this dividend is Friday, July 31st. This is a boost from Enterprise Products Partners’s previous quarterly dividend of $0.55. This represents a $2.24 annualized dividend and a yield of 5.8%. Enterprise Products Partners’s payout ratio is currently 81.48%.
Analyst Ratings Changes
A number of equities research analysts recently weighed in on the company. Wall Street Zen cut Enterprise Products Partners from a “buy” rating to a “hold” rating in a report on Sunday, July 12th. Stifel Nicolaus boosted their price objective on Enterprise Products Partners from $41.00 to $42.00 and gave the stock a “buy” rating in a research note on Wednesday, April 29th. Weiss Ratings cut Enterprise Products Partners from a “buy (b+)” rating to a “buy (b)” rating in a report on Thursday, July 2nd. Truist Financial raised their target price on Enterprise Products Partners from $36.00 to $40.00 and gave the company a “hold” rating in a research note on Monday, May 4th. Finally, Citigroup reaffirmed a “buy” rating and issued a $44.00 price target (up from $39.00) on shares of Enterprise Products Partners in a report on Friday, May 1st. Eight equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $39.93.
Check Out Our Latest Analysis on Enterprise Products Partners
About Enterprise Products Partners
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.
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