Perigon Wealth Management LLC Acquires New Stake in Enterprise Products Partners L.P. $EPD

Perigon Wealth Management LLC acquired a new stake in Enterprise Products Partners L.P. (NYSE:EPD) during the 2nd quarter, Holdings Channel reports. The institutional investor acquired 96,653 shares of the oil and gas producer’s stock, valued at approximately $3,553,000.

Several other hedge funds also recently made changes to their positions in the company. Auto Owners Insurance Co increased its stake in shares of Enterprise Products Partners by 3,106.0% during the fourth quarter. Auto Owners Insurance Co now owns 32,060,000 shares of the oil and gas producer’s stock worth $102,784,000 after acquiring an additional 31,060,000 shares during the period. Goldman Sachs Group Inc. boosted its holdings in Enterprise Products Partners by 12.0% in the 4th quarter. Goldman Sachs Group Inc. now owns 18,163,343 shares of the oil and gas producer’s stock valued at $582,317,000 after purchasing an additional 1,940,583 shares in the last quarter. Corient Private Wealth LLC increased its position in Enterprise Products Partners by 119.4% during the 2nd quarter. Corient Private Wealth LLC now owns 2,414,035 shares of the oil and gas producer’s stock worth $74,859,000 after purchasing an additional 1,313,976 shares during the period. Barclays PLC increased its position in Enterprise Products Partners by 57.5% during the 4th quarter. Barclays PLC now owns 2,928,068 shares of the oil and gas producer’s stock worth $93,874,000 after purchasing an additional 1,069,304 shares during the period. Finally, Longfellow Investment Management Co. LLC purchased a new position in shares of Enterprise Products Partners during the 2nd quarter worth approximately $37,905,000. Institutional investors and hedge funds own 26.07% of the company’s stock.

Enterprise Products Partners Trading Down 0.7%

NYSE:EPD opened at $38.61 on Tuesday. The company has a market capitalization of $83.38 billion, a PE ratio of 13.41, a price-to-earnings-growth ratio of 1.30 and a beta of 0.49. The company has a quick ratio of 0.66, a current ratio of 0.93 and a debt-to-equity ratio of 1.00. Enterprise Products Partners L.P. has a 52-week low of $30.01 and a 52-week high of $40.17. The stock has a fifty day simple moving average of $37.60 and a 200-day simple moving average of $37.41.

Enterprise Products Partners (NYSE:EPD) last issued its quarterly earnings data on Wednesday, July 29th. The oil and gas producer reported $0.84 EPS for the quarter, beating analysts’ consensus estimates of $0.75 by $0.09. The firm had revenue of $18.27 billion for the quarter, compared to analysts’ expectations of $13.69 billion. Enterprise Products Partners had a net margin of 10.79% and a return on equity of 20.67%. The firm’s revenue was up 60.8% on a year-over-year basis. During the same period in the prior year, the company earned $0.66 EPS. On average, equities research analysts expect that Enterprise Products Partners L.P. will post 2.98 earnings per share for the current fiscal year.

Enterprise Products Partners Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, July 31st were paid a dividend of $0.56 per share. This is a positive change from Enterprise Products Partners’s previous quarterly dividend of $0.55. The ex-dividend date of this dividend was Friday, July 31st. This represents a $2.24 dividend on an annualized basis and a dividend yield of 5.8%. Enterprise Products Partners’s dividend payout ratio is 77.78%.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on EPD shares. The Goldman Sachs Group restated a “neutral” rating and issued a $38.00 price target on shares of Enterprise Products Partners in a research note on Wednesday, June 17th. Truist Financial upped their price target on shares of Enterprise Products Partners from $36.00 to $40.00 and gave the stock a “hold” rating in a research note on Monday, May 4th. Scotiabank reiterated a “sector perform” rating and issued a $40.00 price target (up from $39.00) on shares of Enterprise Products Partners in a report on Tuesday, May 12th. Weiss Ratings upgraded shares of Enterprise Products Partners from a “buy (b)” rating to a “buy (a-)” rating in a research note on Tuesday, August 11th. Finally, Stifel Nicolaus upped their target price on shares of Enterprise Products Partners from $41.00 to $42.00 and gave the stock a “buy” rating in a research report on Wednesday, April 29th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Enterprise Products Partners presently has an average rating of “Moderate Buy” and a consensus price target of $39.93.

Enterprise Products Partners Company Profile

Enterprise Products Partners L.P. (NYSE: EPD) is a Houston-based master limited partnership that provides midstream energy services across North America. The company owns and operates an extensive network of pipelines, storage facilities, processing plants and export terminals that transport and handle natural gas, natural gas liquids (NGLs), crude oil and refined and petrochemical products. Its core activities include gathering and transportation, fractionation of NGLs, natural gas processing, crude oil and condensate pipelines, and marine and terminal services that enable domestic distribution and exports.

Enterprise serves a diverse set of customers including producers, refiners, petrochemical companies, marketers and end users.