SteelPeak Wealth LLC Raises Stake in Enterprise Products Partners L.P. $EPD

SteelPeak Wealth LLC lifted its position in shares of Enterprise Products Partners L.P. (NYSE:EPD) by 13.8% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 40,621 shares of the oil and gas producer’s stock after buying an additional 4,938 shares during the quarter. SteelPeak Wealth LLC’s holdings in Enterprise Products Partners were worth $1,260,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Brooklyn Investment Group purchased a new stake in Enterprise Products Partners in the first quarter valued at approximately $27,000. Wealth Preservation Advisors LLC purchased a new stake in Enterprise Products Partners in the first quarter valued at approximately $28,000. Crowley Wealth Management Inc. purchased a new stake in Enterprise Products Partners in the second quarter valued at approximately $29,000. Security National Bank purchased a new stake in Enterprise Products Partners in the first quarter valued at approximately $30,000. Finally, Alpine Bank Wealth Management purchased a new stake in Enterprise Products Partners in the first quarter valued at approximately $31,000. 26.07% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on EPD shares. TD Cowen started coverage on shares of Enterprise Products Partners in a report on Monday, July 7th. They issued a “hold” rating and a $33.00 target price for the company. Mizuho set a $38.00 price target on shares of Enterprise Products Partners and gave the company an “outperform” rating in a research report on Friday, July 11th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Enterprise Products Partners in a research report on Saturday, September 27th. Morgan Stanley reduced their price target 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. Finally, Stifel Nicolaus reduced their price target 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 equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $35.75.

Enterprise Products Partners Trading Up 0.7%

NYSE EPD opened at $31.72 on Wednesday. The company’s fifty day simple moving average is $31.57 and its 200-day simple moving average is $31.44. Enterprise Products Partners L.P. has a 52 week low of $27.77 and a 52 week high of $34.63. The company has a current ratio of 0.96, a quick ratio of 0.69 and a debt-to-equity ratio of 1.04. The stock has a market cap of $68.69 billion, a P/E ratio of 11.79, a PEG ratio of 2.24 and a beta of 0.64.

Enterprise Products Partners (NYSE:EPD) last posted its earnings results on Monday, July 28th. The oil and gas producer reported $0.66 EPS for the quarter, missing analysts’ consensus estimates of $0.67 by ($0.01). Enterprise Products Partners had a return on equity of 19.81% and a net margin of 10.71%.The firm had revenue of $11.36 billion for the quarter, compared to analyst estimates of $15.24 billion. During the same period in the previous year, the firm posted $0.64 earnings per share. The company’s revenue for the quarter was down 15.7% on a year-over-year basis. Equities research analysts predict that Enterprise Products Partners L.P. will post 2.9 EPS for the current fiscal year.

Enterprise Products Partners Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Friday, October 31st will be given a dividend of $0.545 per share. This represents a $2.18 dividend on an annualized basis and a dividend yield of 6.9%. Enterprise Products Partners’s payout ratio is currently 81.04%.

Insiders Place Their Bets

In related news, Director John R. Rutherford purchased 15,000 shares of the business’s stock in a transaction that occurred on Tuesday, July 29th. The shares were purchased at an average cost of $31.35 per share, with a total value of $470,250.00. Following the completion of 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 position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director William C. Montgomery purchased 16,000 shares of the business’s stock in a transaction that occurred 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 completion of the acquisition, the director directly owned 136,920 shares of the company’s stock, valued at $4,319,826. This represents a 13.23% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 32.60% of the company’s stock.

Enterprise Products Partners Company 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.