Verity & Verity LLC Reduces Stock Position in Enterprise Products Partners L.P. (NYSE:EPD)

Verity & Verity LLC trimmed its holdings in shares of Enterprise Products Partners L.P. (NYSE:EPD) by 2.9% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 84,864 shares of the oil and gas producer’s stock after selling 2,540 shares during the period. Verity & Verity LLC’s holdings in Enterprise Products Partners were worth $2,459,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also made changes to their positions in the business. Cadence Bank raised its holdings in Enterprise Products Partners by 0.7% during the first quarter. Cadence Bank now owns 52,428 shares of the oil and gas producer’s stock worth $1,530,000 after purchasing an additional 365 shares in the last quarter. McAdam LLC raised its stake in Enterprise Products Partners by 1.3% during the 2nd quarter. McAdam LLC now owns 28,670 shares of the oil and gas producer’s stock worth $831,000 after acquiring an additional 372 shares in the last quarter. Advisor OS LLC lifted its position in Enterprise Products Partners by 1.3% in the second quarter. Advisor OS LLC now owns 29,485 shares of the oil and gas producer’s stock valued at $854,000 after acquiring an additional 379 shares during the last quarter. Ellsworth Advisors LLC boosted its stake in Enterprise Products Partners by 1.8% in the second quarter. Ellsworth Advisors LLC now owns 21,959 shares of the oil and gas producer’s stock valued at $636,000 after acquiring an additional 383 shares in the last quarter. Finally, Stokes Family Office LLC increased its position in shares of Enterprise Products Partners by 2.5% during the second quarter. Stokes Family Office LLC now owns 16,139 shares of the oil and gas producer’s stock worth $468,000 after purchasing an additional 399 shares in the last quarter. 26.07% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on EPD. Morgan Stanley decreased their target price on 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 increased their price objective on Enterprise Products Partners from $35.00 to $37.00 and gave the company a “buy” rating in a report on Wednesday, July 31st. Finally, StockNews.com cut shares of Enterprise Products Partners from a “strong-buy” rating to a “buy” rating in a report on Monday, August 12th. Two analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $33.08.

Enterprise Products Partners Stock Performance

NYSE:EPD opened at $29.32 on Wednesday. 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 fifty-two week low of $25.61 and a fifty-two week high of $30.05. The firm’s fifty day simple moving average is $29.14 and its 200-day simple moving average is $28.94. The stock has a market cap of $63.66 billion, a PE ratio of 11.50, a price-to-earnings-growth ratio of 1.50 and a beta of 1.03.

Enterprise Products Partners (NYSE:EPD) last posted its earnings results on Tuesday, July 30th. The oil and gas producer reported $0.64 earnings per share for the quarter, missing the consensus estimate of $0.66 by ($0.02). The business had revenue of $13.48 billion for the quarter, compared to analysts’ expectations of $14.23 billion. Enterprise Products Partners had a net margin of 10.48% and a return on equity of 20.13%. The business’s revenue was up 26.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.57 earnings per share. Analysts expect 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 disclosed a quarterly dividend, which was paid on Wednesday, August 14th. Investors of record on Wednesday, July 31st were given a dividend of $0.525 per share. This represents a $2.10 dividend on an annualized basis and a yield of 7.16%. The ex-dividend date of this dividend was Wednesday, July 31st. This is a boost from Enterprise Products Partners’s previous quarterly dividend of $0.52. Enterprise Products Partners’s dividend payout ratio (DPR) is currently 82.35%.

Enterprise Products Partners 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.