Exchange Traded Concepts LLC Sells 51,046 Shares of Enterprise Products Partners L.P. $EPD

Exchange Traded Concepts LLC reduced its stake in Enterprise Products Partners L.P. (NYSE:EPD) by 5.3% during the second quarter, Holdings Channel.com reports. The institutional investor owned 909,248 shares of the oil and gas producer’s stock after selling 51,046 shares during the period. Exchange Traded Concepts LLC’s holdings in Enterprise Products Partners were worth $33,424,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently modified their holdings of EPD. Palisade Asset Management LLC bought a new position in Enterprise Products Partners during the third quarter valued at $31,000. Kestra Investment Management LLC bought a new stake in shares of Enterprise Products Partners in the second quarter valued at $48,000. State of Wyoming bought a new stake in shares of Enterprise Products Partners in the second quarter valued at $54,000. Tucker Asset Management LLC purchased a new position in shares of Enterprise Products Partners during the 4th quarter valued at $55,000. Finally, West Paces Advisors Inc. bought a new position in shares of Enterprise Products Partners during the 2nd quarter worth $55,000. 26.07% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. Truist Financial lifted their price objective on Enterprise Products Partners from $36.00 to $40.00 and gave the stock a “hold” rating in a report on Monday, May 4th. JPMorgan Chase & Co. increased their target price on shares of Enterprise Products Partners from $41.00 to $42.00 and gave the stock a “neutral” rating in a research report on Thursday, July 9th. UBS Group reiterated a “buy” rating and issued a $45.00 target price on shares of Enterprise Products Partners in a research note on Wednesday, June 17th. Stifel Nicolaus boosted their price target on shares of Enterprise Products Partners from $41.00 to $42.00 and gave the company a “buy” rating in a research report on Wednesday, April 29th. Finally, Weiss Ratings upgraded shares of Enterprise Products Partners from a “buy (b)” rating to a “buy (a-)” rating in a research note on Tuesday. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $39.93.

Enterprise Products Partners Stock Up 0.4%

EPD stock opened at $38.09 on Friday. The company has a current ratio of 0.91, a quick ratio of 0.61 and a debt-to-equity ratio of 1.03. The company’s 50 day moving average is $37.56 and its 200 day moving average is $37.33. The stock has a market cap of $82.24 billion, a price-to-earnings ratio of 13.22, a price-to-earnings-growth ratio of 1.36 and a beta of 0.49. Enterprise Products Partners L.P. has a 1-year low of $30.01 and a 1-year high of $40.17.

Enterprise Products Partners (NYSE:EPD) last announced its earnings results on Wednesday, July 29th. The oil and gas producer reported $0.84 earnings per share for the quarter, beating analysts’ consensus estimates of $0.75 by $0.09. Enterprise Products Partners had a net margin of 10.79% and a return on equity of 20.80%. The business had revenue of $18.27 billion for the quarter, compared to the consensus estimate of $13.69 billion. During the same period last year, the firm posted $0.66 earnings per share. Enterprise Products Partners’s quarterly revenue was up 60.8% on a year-over-year basis. Sell-side analysts predict that Enterprise Products Partners L.P. will post 2.96 EPS for the current fiscal year.

Enterprise Products Partners Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Friday, July 31st will be given a dividend of $0.56 per share. This is an increase from Enterprise Products Partners’s previous quarterly dividend of $0.55. The ex-dividend date is Friday, July 31st. This represents a $2.24 annualized dividend and a dividend yield of 5.9%. Enterprise Products Partners’s dividend payout ratio is 77.78%.

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.