Summit Financial LLC Purchases 13,281 Shares of Enterprise Products Partners L.P. (NYSE:EPD)

Summit Financial LLC grew its position in shares of Enterprise Products Partners L.P. (NYSE:EPD) by 72.7% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 31,558 shares of the oil and gas producer’s stock after purchasing an additional 13,281 shares during the period. Summit Financial LLC’s holdings in Enterprise Products Partners were worth $915,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. JRM Investment Counsel LLC grew its position in Enterprise Products Partners by 2.1% during the fourth quarter. JRM Investment Counsel LLC now owns 505,364 shares of the oil and gas producer’s stock valued at $13,316,000 after acquiring an additional 10,404 shares during the last quarter. Linscomb & Williams Inc. lifted its stake in Enterprise Products Partners by 16.6% in the fourth quarter. Linscomb & Williams Inc. now owns 204,907 shares of the oil and gas producer’s stock worth $5,399,000 after purchasing an additional 29,112 shares during the last quarter. Natixis Advisors L.P. purchased a new stake in Enterprise Products Partners during the fourth quarter valued at about $314,000. Cbre Investment Management Listed Real Assets LLC grew its stake in shares of Enterprise Products Partners by 37.5% during the fourth quarter. Cbre Investment Management Listed Real Assets LLC now owns 881,700 shares of the oil and gas producer’s stock valued at $23,233,000 after buying an additional 240,300 shares during the last quarter. Finally, O Shaughnessy Asset Management LLC increased its holdings in shares of Enterprise Products Partners by 19.1% in the first quarter. O Shaughnessy Asset Management LLC now owns 23,469 shares of the oil and gas producer’s stock worth $685,000 after buying an additional 3,770 shares during the period. 26.07% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

EPD has been the subject of several recent research reports. StockNews.com downgraded Enterprise Products Partners from a “strong-buy” rating to a “buy” rating in a research report on Monday, August 12th. Morgan Stanley dropped their price target on shares of Enterprise Products Partners from $35.00 to $34.00 and set an “equal weight” rating for the company in a research report on Monday, June 10th. Truist Financial boosted their price objective on shares of Enterprise Products Partners from $35.00 to $37.00 and gave the company a “buy” rating in a research report on Wednesday, July 31st. Finally, JPMorgan Chase & Co. dropped their target price on shares of Enterprise Products Partners from $33.00 to $32.00 and set an “overweight” rating for the company in a report on Thursday, May 16th. Two research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Enterprise Products Partners has a consensus rating of “Moderate Buy” and an average price target of $33.08.

Enterprise Products Partners Price Performance

EPD opened at $29.34 on Tuesday. The company has a current ratio of 0.91, a quick ratio of 0.68 and a debt-to-equity ratio of 0.98. The company has a market cap of $63.68 billion, a price-to-earnings ratio of 11.51, a price-to-earnings-growth ratio of 1.50 and a beta of 1.04. The stock has a fifty day simple moving average of $29.18 and a two-hundred day simple moving average of $28.73. Enterprise Products Partners L.P. has a 12-month low of $25.61 and a 12-month high of $30.05.

Enterprise Products Partners (NYSE:EPD) last issued its quarterly earnings results on Tuesday, July 30th. The oil and gas producer reported $0.64 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.66 by ($0.02). Enterprise Products Partners had a net margin of 10.48% and a return on equity of 20.13%. The business had revenue of $13.48 billion for the quarter, compared to analysts’ expectations of $14.23 billion. During the same period last year, the business earned $0.57 earnings per share. The company’s revenue was up 26.6% on a year-over-year basis. Research analysts predict that Enterprise Products Partners L.P. will post 2.72 earnings per share for the current fiscal year.

Enterprise Products Partners Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, August 14th. Stockholders of record on Wednesday, July 31st were given a $0.525 dividend. This is a boost from Enterprise Products Partners’s previous quarterly dividend of $0.52. This represents a $2.10 dividend on an annualized basis and a dividend yield of 7.16%. The ex-dividend date of this dividend was Wednesday, July 31st. Enterprise Products Partners’s payout ratio is currently 82.35%.

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.