Icon Wealth Advisors LLC Reduces Stock Position in Enterprise Products Partners L.P. (NYSE:EPD)

Icon Wealth Advisors LLC cut its stake in shares of Enterprise Products Partners L.P. (NYSE:EPD) by 99.8% in the third quarter, Holdings Channel.com reports. The institutional investor owned 881 shares of the oil and gas producer’s stock after selling 584,836 shares during the quarter. Icon Wealth Advisors LLC’s holdings in Enterprise Products Partners were worth $26,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Hantz Financial Services Inc. purchased a new stake in Enterprise Products Partners during the second quarter valued at $25,000. Mascoma Wealth Management LLC bought a new stake in shares of Enterprise Products Partners during the 2nd quarter valued at about $29,000. DiNuzzo Private Wealth Inc. increased its position in shares of Enterprise Products Partners by 1,000.0% during the 3rd 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 last quarter. Assetmark Inc. lifted its stake in shares of Enterprise Products Partners by 19,800.0% in the 3rd quarter. Assetmark Inc. now owns 1,194 shares of the oil and gas producer’s stock worth $35,000 after purchasing an additional 1,188 shares during the period. Finally, Sanctuary Wealth Management L.L.C. purchased a new position in shares of Enterprise Products Partners in the third quarter worth approximately $36,000. 26.07% of the stock is owned by institutional investors.

Enterprise Products Partners Stock Performance

NYSE:EPD opened at $32.34 on Tuesday. The stock has a 50-day moving average price of $29.77 and a 200 day moving average price of $29.22. The stock has a market capitalization of $70.10 billion, a P/E ratio of 12.11, a P/E/G ratio of 1.69 and a beta of 1.04. Enterprise Products Partners L.P. has a 12-month low of $25.96 and a 12-month high of $33.22. The company has a current ratio of 1.07, a quick ratio of 0.83 and a debt-to-equity ratio of 1.05.

Enterprise Products Partners (NYSE:EPD) last announced its quarterly earnings data on Tuesday, October 29th. The oil and gas producer reported $0.65 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.66 by ($0.01). Enterprise Products Partners had a net margin of 10.32% and a return on equity of 20.31%. The company had revenue of $13.78 billion for the quarter, compared to analysts’ expectations of $13.87 billion. During the same period last year, the business earned $0.60 earnings per share. The company’s quarterly revenue was up 14.8% compared to the same quarter last year. Equities research analysts forecast that Enterprise Products Partners L.P. will post 2.69 EPS for the current fiscal year.

Enterprise Products Partners Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Thursday, October 31st were issued a dividend of $0.525 per share. This represents a $2.10 annualized dividend and a dividend yield of 6.49%. The ex-dividend date was Thursday, October 31st. Enterprise Products Partners’s dividend payout ratio (DPR) is presently 78.65%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on EPD shares. US Capital Advisors upgraded shares of Enterprise Products Partners from a “moderate buy” rating to a “strong-buy” rating in a research report on Monday, October 28th. Bank of America initiated coverage on Enterprise Products Partners in a report on Thursday, October 17th. They issued a “buy” rating and a $35.00 target price on the stock. Royal Bank of Canada reissued an “outperform” rating and set a $36.00 price target on shares of Enterprise Products Partners in a report on Wednesday, October 30th. Truist Financial raised their price objective on Enterprise Products Partners from $35.00 to $37.00 and gave the stock a “buy” rating in a research note on Wednesday, July 31st. Finally, StockNews.com cut Enterprise Products Partners from a “strong-buy” rating to a “buy” rating in a research report on Monday, August 12th. One research analyst has rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Enterprise Products Partners has a consensus rating of “Buy” and a consensus target price of $34.00.

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.