Pinnacle Associates Ltd. Raises Stock Holdings in Enterprise Products Partners L.P. (NYSE:EPD)

Pinnacle Associates Ltd. raised its position in Enterprise Products Partners L.P. (NYSE:EPD) by 14.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 132,696 shares of the oil and gas producer’s stock after buying an additional 16,371 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Enterprise Products Partners were worth $3,863,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in EPD. Hantz Financial Services Inc. acquired a new position in shares of Enterprise Products Partners in the second quarter valued at approximately $25,000. Palisade Asset Management LLC acquired a new position in shares of Enterprise Products Partners in the first quarter valued at approximately $29,000. Mascoma Wealth Management LLC acquired a new position in shares of Enterprise Products Partners in the second quarter valued at approximately $29,000. DiNuzzo Private Wealth Inc. increased its holdings in shares of Enterprise Products Partners by 1,000.0% in the third quarter. DiNuzzo Private Wealth Inc. now owns 1,100 shares of the oil and gas producer’s stock valued at $32,000 after purchasing an additional 1,000 shares during the period. Finally, MFA Wealth Advisors LLC acquired a new position in shares of Enterprise Products Partners in the second quarter valued at approximately $37,000. Hedge funds and other institutional investors own 26.07% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the company. Bank of America assumed coverage on Enterprise Products Partners in a report on Thursday, October 17th. They issued a “buy” rating and a $35.00 target price on the stock. StockNews.com lowered Enterprise Products Partners from a “strong-buy” rating to a “buy” rating in a report on Monday, August 12th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $36.00 price objective on shares of Enterprise Products Partners in a report on Wednesday. US Capital Advisors raised Enterprise Products Partners from a “moderate buy” rating to a “strong-buy” rating in a report on Monday. Finally, Truist Financial upped their price objective on Enterprise Products Partners from $35.00 to $37.00 and gave the stock a “buy” rating in a report on Wednesday, July 31st. One equities research analyst has rated the stock with a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, Enterprise Products Partners currently has an average rating of “Buy” and an average price target of $33.73.

Enterprise Products Partners Stock Down 2.1 %

Shares of NYSE:EPD opened at $28.66 on Friday. The company has a quick ratio of 0.68, a current ratio of 0.91 and a debt-to-equity ratio of 0.98. Enterprise Products Partners L.P. has a 52-week low of $25.61 and a 52-week high of $30.05. The stock’s fifty day simple moving average is $29.23 and its 200-day simple moving average is $28.94. The company has a market capitalization of $62.20 billion, a P/E ratio of 10.94, a P/E/G ratio of 1.32 and a beta of 1.03.

Enterprise Products Partners (NYSE:EPD) last issued its quarterly earnings data on Tuesday, October 29th. The oil and gas producer reported $0.65 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.66 by ($0.01). Enterprise Products Partners had a net margin of 10.48% and a return on equity of 20.13%. The company had revenue of $13.78 billion during the quarter, compared to analysts’ expectations of $13.87 billion. During the same quarter in the prior year, the company earned $0.60 earnings per share. The firm’s revenue was up 14.8% compared to the same quarter last year. As a group, equities research analysts forecast that Enterprise Products Partners L.P. will post 2.7 earnings per share for the current fiscal year.

Enterprise Products Partners Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Thursday, October 31st will be given a $0.525 dividend. The ex-dividend date is Thursday, October 31st. This represents a $2.10 annualized dividend and a dividend yield of 7.33%. Enterprise Products Partners’s dividend payout ratio is currently 80.15%.

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.