Enterprise Products Partners L.P. (NYSE:EPD) Shares Sold by Covenant Asset Management LLC

Covenant Asset Management LLC cut its holdings in Enterprise Products Partners L.P. (NYSE:EPD) by 7.8% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 58,646 shares of the oil and gas producer’s stock after selling 4,958 shares during the period. Covenant Asset Management LLC’s holdings in Enterprise Products Partners were worth $1,839,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the business. Rosenberg Matthew Hamilton raised its position in Enterprise Products Partners by 364.4% in the fourth quarter. Rosenberg Matthew Hamilton now owns 836 shares of the oil and gas producer’s stock valued at $26,000 after purchasing an additional 656 shares during the period. DiNuzzo Private Wealth Inc. raised its position in Enterprise Products Partners by 1,000.0% in the third quarter. DiNuzzo Private Wealth Inc. now owns 1,100 shares of the oil and gas producer’s stock valued at $32,000 after purchasing an additional 1,000 shares during the period. Assetmark Inc. raised its position in Enterprise Products Partners by 19,800.0% in the third quarter. Assetmark Inc. now owns 1,194 shares of the oil and gas producer’s stock valued at $35,000 after purchasing an additional 1,188 shares during the period. Sanctuary Wealth Management L.L.C. purchased a new stake in Enterprise Products Partners in the third quarter valued at approximately $36,000. Finally, Bangor Savings Bank raised its position in Enterprise Products Partners by 558.3% in the fourth quarter. Bangor Savings Bank now owns 1,264 shares of the oil and gas producer’s stock valued at $40,000 after purchasing an additional 1,072 shares during the period. 26.07% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

EPD has been the topic of a number of recent research reports. Royal Bank of Canada reaffirmed an “outperform” rating and set a $36.00 price objective on shares of Enterprise Products Partners in a research report on Wednesday, October 30th. Scotiabank initiated coverage on Enterprise Products Partners in a research report on Friday, January 10th. They set a “sector perform” rating and a $33.00 price objective on the stock. Wells Fargo & Company lowered Enterprise Products Partners from an “overweight” rating to an “equal weight” rating and set a $35.00 price objective on the stock. in a research report on Wednesday, December 18th. Citigroup upped their price objective on Enterprise Products Partners from $36.00 to $37.00 and gave the stock a “buy” rating in a research report on Thursday, February 6th. Finally, US Capital Advisors upgraded shares of Enterprise Products Partners from a “moderate buy” rating to a “strong-buy” rating in a research note on Monday, October 28th. Four analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Enterprise Products Partners currently has an average rating of “Moderate Buy” and a consensus target price of $34.70.

Enterprise Products Partners Price Performance

Shares of EPD opened at $33.52 on Friday. Enterprise Products Partners L.P. has a fifty-two week low of $26.64 and a fifty-two week high of $34.63. The company has a market capitalization of $72.65 billion, a price-to-earnings ratio of 12.46, a price-to-earnings-growth ratio of 1.54 and a beta of 1.09. The firm has a 50-day simple moving average of $32.49 and a 200-day simple moving average of $30.74. 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 (NYSE:EPD) last announced its earnings results on Tuesday, February 4th. The oil and gas producer reported $0.74 earnings per share for the quarter, topping the consensus estimate 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 business had revenue of $14.20 billion during the quarter, compared to the consensus estimate of $14.07 billion. During the same quarter in the prior year, the firm earned $0.72 earnings per share. The business’s quarterly revenue was down 2.9% compared to the same quarter last year. On average, equities research analysts anticipate that Enterprise Products Partners L.P. will post 2.87 earnings per share for the current year.

Enterprise Products Partners Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were issued a dividend of $0.535 per share. This is a boost from Enterprise Products Partners’s previous quarterly dividend of $0.53. This represents a $2.14 annualized dividend and a yield of 6.39%. The ex-dividend date of this dividend was Friday, January 31st. Enterprise Products Partners’s dividend payout ratio is currently 79.55%.

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.