Cullen Capital Management LLC trimmed its position in shares of Enterprise Products Partners L.P. (NYSE:EPD – Free Report) by 19.8% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 80,089 shares of the oil and gas producer’s stock after selling 19,726 shares during the period. Cullen Capital Management LLC’s holdings in Enterprise Products Partners were worth $2,944,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also modified their holdings of EPD. Palisade Asset Management LLC acquired a new position in Enterprise Products Partners during the 3rd quarter worth about $31,000. N.E.W. Advisory Services LLC acquired a new position in Enterprise Products Partners in the 2nd quarter valued at about $37,000. Bravera Wealth increased its stake in Enterprise Products Partners by 666.7% during the second quarter. Bravera Wealth now owns 1,035 shares of the oil and gas producer’s stock worth $38,000 after purchasing an additional 900 shares during the period. BOK Financial Private Wealth Inc. purchased a new stake in Enterprise Products Partners during the second quarter worth about $48,000. Finally, Kestra Investment Management LLC acquired a new stake in shares of Enterprise Products Partners during the second quarter worth about $48,000. 26.07% of the stock is currently owned by hedge funds and other institutional investors.
Enterprise Products Partners Stock Up 1.0%
Shares of Enterprise Products Partners stock opened at $38.38 on Tuesday. The company has a quick ratio of 0.66, a current ratio of 0.93 and a debt-to-equity ratio of 1.00. Enterprise Products Partners L.P. has a 52-week low of $30.01 and a 52-week high of $40.17. The company has a market capitalization of $82.89 billion, a P/E ratio of 13.33, a P/E/G ratio of 1.25 and a beta of 0.49. The company has a 50 day moving average of $37.70 and a 200 day moving average of $37.57.
Enterprise Products Partners Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Friday, July 31st were paid a dividend of $0.56 per share. The ex-dividend date was Friday, July 31st. This is an increase from Enterprise Products Partners’s previous quarterly dividend of $0.55. This represents a $2.24 dividend on an annualized basis and a dividend yield of 5.8%. Enterprise Products Partners’s payout ratio is presently 77.78%.
Analysts Set New Price Targets
A number of brokerages recently weighed in on EPD. Scotiabank restated a “sector perform” rating and issued a $40.00 price objective (up from $39.00) on shares of Enterprise Products Partners in a report on Tuesday, May 12th. Truist Financial raised their price target on shares of Enterprise Products Partners from $36.00 to $40.00 and gave the company a “hold” rating in a research report on Monday, May 4th. TD Cowen restated a “hold” rating and issued a $38.00 price target (down from $39.00) on shares of Enterprise Products Partners in a research note on Monday, August 3rd. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $38.00 price objective on shares of Enterprise Products Partners in a research report on Wednesday, June 17th. Finally, UBS Group reiterated a “buy” rating and issued a $45.00 target price on shares of Enterprise Products Partners in a report on Wednesday, June 17th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $40.00.
Get Our Latest Stock Report on Enterprise Products Partners
Enterprise Products Partners Company Profile
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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