Cornerstone Wealth Group LLC Takes $231,000 Position in Enterprise Products Partners L.P. $EPD

Cornerstone Wealth Group LLC purchased a new position in shares of Enterprise Products Partners L.P. (NYSE:EPD) in the 2nd quarter, Holdings Channel.com reports. The firm purchased 7,456 shares of the oil and gas producer’s stock, valued at approximately $231,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of EPD. Brighton Jones LLC lifted its stake in shares of Enterprise Products Partners by 19.9% in the 4th quarter. Brighton Jones LLC now owns 32,620 shares of the oil and gas producer’s stock worth $1,023,000 after acquiring an additional 5,425 shares during the period. GAMMA Investing LLC lifted its position in Enterprise Products Partners by 3,314.0% in the first quarter. GAMMA Investing LLC now owns 17,070 shares of the oil and gas producer’s stock valued at $583,000 after purchasing an additional 16,570 shares during the period. SG Americas Securities LLC purchased a new stake in Enterprise Products Partners in the 1st quarter valued at approximately $954,000. CX Institutional acquired a new position in Enterprise Products Partners during the 1st quarter worth approximately $56,000. Finally, Wealth Enhancement Advisory Services LLC increased its position in Enterprise Products Partners by 4.5% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 1,116,068 shares of the oil and gas producer’s stock worth $38,103,000 after purchasing an additional 47,784 shares during the period. 26.07% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Enterprise Products Partners

In other Enterprise Products Partners news, Director William C. Montgomery purchased 16,000 shares of the business’s stock in a transaction on Wednesday, July 30th. The stock was bought at an average cost of $31.55 per share, for a total transaction of $504,800.00. Following the acquisition, the director owned 136,920 shares of the company’s stock, valued at approximately $4,319,826. The trade was a 13.23% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, Director John R. Rutherford acquired 15,000 shares of the firm’s stock in a transaction dated Tuesday, July 29th. The shares were acquired at an average price of $31.35 per share, for a total transaction of $470,250.00. Following the acquisition, the director directly owned 158,586 shares of the company’s stock, valued at approximately $4,971,671.10. The trade was a 10.45% increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 32.60% of the company’s stock.

Wall Street Analysts Forecast Growth

EPD has been the topic of a number of analyst reports. Scotiabank decreased their price target on Enterprise Products Partners from $36.00 to $35.00 and set a “sector perform” rating on the stock in a research note on Friday, September 19th. Morgan Stanley decreased their target price on shares of Enterprise Products Partners from $35.00 to $33.00 and set an “equal weight” rating on the stock in a research report on Tuesday, August 26th. Barclays cut their price target on shares of Enterprise Products Partners from $36.00 to $35.00 and set an “overweight” rating for the company in a report on Wednesday, July 2nd. TD Cowen started coverage on shares of Enterprise Products Partners in a report on Monday, July 7th. They set a “hold” rating and a $33.00 price objective on the stock. Finally, Stifel Nicolaus lowered their target price on shares of Enterprise Products Partners from $36.00 to $35.00 and set a “buy” rating on the stock in a research report on Tuesday, July 29th. Two analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $35.75.

Enterprise Products Partners Price Performance

Shares of NYSE:EPD opened at $30.53 on Thursday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.69 and a current ratio of 0.96. The business’s fifty day moving average price is $31.56 and its two-hundred day moving average price is $31.33. The stock has a market cap of $66.11 billion, a PE ratio of 11.35, a price-to-earnings-growth ratio of 2.19 and a beta of 0.64. Enterprise Products Partners L.P. has a one year low of $27.77 and a one year high of $34.63.

Enterprise Products Partners (NYSE:EPD) last issued its quarterly earnings data on Monday, July 28th. The oil and gas producer reported $0.66 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.67 by ($0.01). The company had revenue of $11.36 billion during the quarter, compared to analysts’ expectations of $15.24 billion. Enterprise Products Partners had a net margin of 10.71% and a return on equity of 19.81%. The firm’s revenue was down 15.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.64 earnings per share. On average, analysts forecast that Enterprise Products Partners L.P. will post 2.9 EPS for the current fiscal year.

Enterprise Products Partners Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Friday, October 31st will be issued a dividend of $0.545 per share. The ex-dividend date is Friday, October 31st. This represents a $2.18 dividend on an annualized basis and a dividend yield of 7.1%. Enterprise Products Partners’s payout ratio is 81.04%.

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.