Summit Financial LLC Purchases 514 Shares of Enterprise Products Partners L.P. $EPD

Summit Financial LLC boosted its position in Enterprise Products Partners L.P. (NYSE:EPD) by 0.4% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 142,914 shares of the oil and gas producer’s stock after buying an additional 514 shares during the period. Summit Financial LLC’s holdings in Enterprise Products Partners were worth $4,879,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. ING Groep NV purchased a new position in Enterprise Products Partners in the first quarter valued at approximately $71,052,000. Alps Advisors Inc. increased its stake in Enterprise Products Partners by 5.0% in the first quarter. Alps Advisors Inc. now owns 41,326,613 shares of the oil and gas producer’s stock valued at $1,410,891,000 after acquiring an additional 1,967,188 shares during the last quarter. JPMorgan Chase & Co. boosted its position in Enterprise Products Partners by 65.3% during the first quarter. JPMorgan Chase & Co. now owns 4,347,247 shares of the oil and gas producer’s stock valued at $148,415,000 after buying an additional 1,717,768 shares during the period. Truist Financial Corp boosted its position in Enterprise Products Partners by 293.6% during the first quarter. Truist Financial Corp now owns 2,018,964 shares of the oil and gas producer’s stock valued at $68,927,000 after buying an additional 1,506,055 shares during the period. Finally, Susquehanna Fundamental Investments LLC purchased a new stake in shares of Enterprise Products Partners during the fourth quarter worth about $36,279,000. 26.07% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

EPD has been the subject of several research analyst reports. Mizuho set a $38.00 price objective on shares of Enterprise Products Partners and gave the stock an “outperform” rating in a report on Friday, July 11th. Stifel Nicolaus decreased 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 note on Tuesday, July 29th. Argus upgraded shares of Enterprise Products Partners to a “strong-buy” rating in a research note on Monday, May 5th. Wall Street Zen raised shares of Enterprise Products Partners from a “hold” rating to a “buy” rating in a research report on Thursday, May 8th. Finally, Scotiabank raised their price target on shares of Enterprise Products Partners from $35.00 to $36.00 and gave the stock a “sector perform” rating in a report on Thursday, June 5th. Two investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $36.25.

Enterprise Products Partners Stock Up 0.3%

Shares of NYSE EPD opened at $31.6150 on Friday. The company’s 50-day simple moving average is $31.37 and its 200-day simple moving average is $31.83. Enterprise Products Partners L.P. has a 52-week low of $27.77 and a 52-week high of $34.63. The firm has a market cap of $68.45 billion, a price-to-earnings ratio of 11.75, a price-to-earnings-growth ratio of 1.82 and a beta of 0.66. The company has a quick ratio of 0.69, a current ratio of 0.96 and a debt-to-equity ratio of 1.04.

Enterprise Products Partners (NYSE:EPD) last posted its quarterly earnings results on Monday, July 28th. The oil and gas producer reported $0.66 earnings per share for the quarter, missing the consensus estimate 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 business had revenue of $11.36 billion during the quarter, compared to analysts’ expectations of $15.24 billion. During the same period in the prior year, the business posted $0.64 earnings per share. The business’s quarterly revenue was down 15.7% on a year-over-year basis. Equities analysts predict that Enterprise Products Partners L.P. will post 2.9 EPS for the current fiscal year.

Enterprise Products Partners Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 14th. Shareholders of record on Thursday, July 31st were issued a dividend of $0.545 per share. This is a boost from Enterprise Products Partners’s previous quarterly dividend of $0.54. The ex-dividend date was Thursday, July 31st. This represents a $2.18 annualized dividend and a yield of 6.9%. Enterprise Products Partners’s dividend payout ratio (DPR) is presently 81.04%.

Insider Activity at Enterprise Products Partners

In other Enterprise Products Partners news, Director William C. Montgomery purchased 16,000 shares of Enterprise Products Partners stock in a transaction that occurred on Wednesday, July 30th. The stock was purchased at an average price of $31.55 per share, for a total transaction of $504,800.00. Following the transaction, the director directly owned 136,920 shares in the company, valued at $4,319,826. This trade represents a 13.23% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director John R. Rutherford purchased 15,000 shares of Enterprise Products Partners stock in a transaction that occurred on Tuesday, July 29th. The stock was acquired at an average price of $31.35 per share, with a total value of $470,250.00. Following the transaction, the director owned 158,586 shares in the company, valued at $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. 32.60% of the stock is currently owned by insiders.

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.