PNC Financial Services Group Inc. Sells 8,008 Shares of Enterprise Products Partners L.P. $EPD

PNC Financial Services Group Inc. lowered its position in Enterprise Products Partners L.P. (NYSE:EPD) by 0.7% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,215,749 shares of the oil and gas producer’s stock after selling 8,008 shares during the period. PNC Financial Services Group Inc. owned 0.06% of Enterprise Products Partners worth $37,700,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Brooklyn Investment Group bought a new stake in shares of Enterprise Products Partners during the first quarter worth $27,000. Wealth Preservation Advisors LLC acquired a new position in Enterprise Products Partners during the 1st quarter worth about $28,000. Crowley Wealth Management Inc. acquired a new position in Enterprise Products Partners during the 2nd quarter worth about $29,000. N.E.W. Advisory Services LLC bought a new stake in Enterprise Products Partners during the 1st quarter worth about $34,000. Finally, Pandora Wealth Inc. acquired a new stake in Enterprise Products Partners in the 1st quarter valued at about $48,000. 26.07% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on EPD. Stifel Nicolaus upped their target price on shares of Enterprise Products Partners from $35.00 to $38.00 and gave the stock a “buy” rating in a research report on Friday, October 31st. Weiss Ratings restated a “buy (b)” rating on shares of Enterprise Products Partners in a research report on Wednesday, October 8th. Morgan Stanley reduced their price objective on Enterprise Products Partners from $35.00 to $33.00 and set an “equal weight” rating on the stock in a report on Tuesday, August 26th. Finally, Scotiabank decreased their price objective on Enterprise Products Partners from $35.00 to $34.00 and set a “sector perform” rating on the stock in a research report on Tuesday, November 4th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $36.00.

Enterprise Products Partners Trading Up 0.6%

Shares of NYSE EPD opened at $31.76 on Friday. Enterprise Products Partners L.P. has a fifty-two week low of $27.77 and a fifty-two week high of $34.63. The firm has a market capitalization of $68.71 billion, a P/E ratio of 11.81, a P/E/G ratio of 2.22 and a beta of 0.67. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.96 and a quick ratio of 0.69. The company’s 50 day simple moving average is $31.27 and its 200 day simple moving average is $31.35.

Enterprise Products Partners (NYSE:EPD) last issued its earnings results on Wednesday, October 29th. The oil and gas producer reported $0.61 EPS for the quarter, missing the consensus estimate of $0.68 by ($0.07). The business had revenue of $12.02 billion for the quarter, compared to the consensus estimate of $11.83 billion. Enterprise Products Partners had a net margin of 10.71% and a return on equity of 19.81%. The business’s revenue was down 12.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.65 EPS. On average, analysts predict that Enterprise Products Partners L.P. will post 2.9 EPS for the current year.

Enterprise Products Partners Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Friday, October 31st will be paid a $0.545 dividend. The ex-dividend date of this dividend is Friday, October 31st. This represents a $2.18 annualized dividend and a yield of 6.9%. Enterprise Products Partners’s dividend payout ratio is presently 82.26%.

Enterprise Products Partners declared that its board has initiated a stock buyback program on Thursday, October 30th that authorizes the company to buyback $5.00 billion in shares. This buyback authorization authorizes the oil and gas producer to purchase up to 7.4% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s management believes its shares are undervalued.

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.