Essex Financial Services Inc. Decreases Holdings in Enterprise Products Partners L.P. (NYSE:EPD)

Essex Financial Services Inc. lowered its holdings in Enterprise Products Partners L.P. (NYSE:EPD) by 6.4% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 38,456 shares of the oil and gas producer’s stock after selling 2,627 shares during the quarter. Essex Financial Services Inc.’s holdings in Enterprise Products Partners were worth $1,206,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in EPD. Mill Creek Capital Advisors LLC increased its stake in Enterprise Products Partners by 55.4% in the fourth quarter. Mill Creek Capital Advisors LLC now owns 32,533 shares of the oil and gas producer’s stock valued at $1,020,000 after purchasing an additional 11,595 shares during the last quarter. Sapient Capital LLC boosted its holdings in shares of Enterprise Products Partners by 5.9% in the 4th quarter. Sapient Capital LLC now owns 129,816 shares of the oil and gas producer’s stock valued at $4,071,000 after buying an additional 7,175 shares in the last quarter. Principle Wealth Partners LLC grew its position in shares of Enterprise Products Partners by 6.5% in the 4th quarter. Principle Wealth Partners LLC now owns 9,211 shares of the oil and gas producer’s stock valued at $289,000 after buying an additional 565 shares during the last quarter. Angeles Wealth Management LLC raised its stake in Enterprise Products Partners by 70.6% during the 4th quarter. Angeles Wealth Management LLC now owns 40,850 shares of the oil and gas producer’s stock worth $1,281,000 after acquiring an additional 16,900 shares in the last quarter. Finally, Wealthstar Advisors LLC purchased a new stake in Enterprise Products Partners in the fourth quarter valued at $652,000. Institutional investors and hedge funds own 26.07% of the company’s stock.

Enterprise Products Partners Stock Up 0.3 %

EPD stock opened at $33.24 on Wednesday. The stock has a market capitalization of $72.04 billion, a PE ratio of 12.36, a price-to-earnings-growth ratio of 1.54 and a beta of 1.09. The company has a fifty day moving average of $32.48 and a 200-day moving average of $30.68. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.83 and a current ratio of 1.07. Enterprise Products Partners L.P. has a one year low of $26.31 and a one year high of $34.63.

Enterprise Products Partners (NYSE:EPD) last announced its quarterly earnings data on Tuesday, February 4th. The oil and gas producer reported $0.74 EPS for the quarter, beating analysts’ consensus estimates of $0.69 by $0.05. Enterprise Products Partners had a net margin of 10.49% and a return on equity of 20.48%. The firm had revenue of $14.20 billion during the quarter, compared to the consensus estimate of $14.07 billion. During the same quarter last year, the firm earned $0.72 earnings per share. The firm’s revenue was down 2.9% compared to the same quarter last year. As a group, analysts expect that Enterprise Products Partners L.P. will post 2.87 EPS for the current year.

Enterprise Products Partners Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Friday, January 31st will be issued a dividend of $0.535 per share. This represents a $2.14 dividend on an annualized basis and a yield of 6.44%. The ex-dividend date is Friday, January 31st. This is a positive change from Enterprise Products Partners’s previous quarterly dividend of $0.53. Enterprise Products Partners’s dividend payout ratio is currently 79.55%.

Analyst Ratings Changes

Several equities analysts have issued reports on EPD shares. Citigroup raised their price objective on Enterprise Products Partners from $36.00 to $37.00 and gave the stock a “buy” rating in a report on Thursday, February 6th. Wolfe Research downgraded Enterprise Products Partners from an “outperform” rating to a “peer perform” rating in a research note on Friday, January 10th. Bank of America started coverage on Enterprise Products Partners in a research note on Thursday, October 17th. They issued a “buy” rating and a $35.00 price objective for the company. Truist Financial raised their target price on shares of Enterprise Products Partners from $37.00 to $40.00 and gave the stock a “buy” rating in a research report on Friday, January 3rd. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $36.00 price target on shares of Enterprise Products Partners in a research report on Wednesday, October 30th. Four research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $34.70.

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.