Auto Owners Insurance Co Buys 550,000 Shares of Enterprise Products Partners L.P. $EPD

Auto Owners Insurance Co raised its stake in Enterprise Products Partners L.P. (NYSE:EPD) by 122.2% in the 2nd quarter, HoldingsChannel reports. The firm owned 1,000,000 shares of the oil and gas producer’s stock after acquiring an additional 550,000 shares during the quarter. Auto Owners Insurance Co’s holdings in Enterprise Products Partners were worth $31,010,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Per Stirling Capital Management LLC. increased its stake in Enterprise Products Partners by 1.5% in the first quarter. Per Stirling Capital Management LLC. now owns 23,556 shares of the oil and gas producer’s stock valued at $804,000 after purchasing an additional 339 shares in the last quarter. Tranquility Partners LLC increased its stake in Enterprise Products Partners by 1.4% in the second quarter. Tranquility Partners LLC now owns 23,944 shares of the oil and gas producer’s stock valued at $743,000 after purchasing an additional 339 shares in the last quarter. Sound Income Strategies LLC increased its stake in Enterprise Products Partners by 2.1% in the second quarter. Sound Income Strategies LLC now owns 16,796 shares of the oil and gas producer’s stock valued at $521,000 after purchasing an additional 340 shares in the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management increased its position in shares of Enterprise Products Partners by 1.8% during the second quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 19,353 shares of the oil and gas producer’s stock worth $600,000 after acquiring an additional 347 shares in the last quarter. Finally, Russell Investments Group Ltd. increased its position in shares of Enterprise Products Partners by 1.2% during the first quarter. Russell Investments Group Ltd. now owns 32,403 shares of the oil and gas producer’s stock worth $1,106,000 after acquiring an additional 372 shares in the last quarter. 26.07% of the stock is owned by institutional investors.

Enterprise Products Partners Trading Up 0.1%

Shares of EPD stock opened at $31.20 on Wednesday. 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 debt-to-equity ratio of 1.04, a quick ratio of 0.69 and a current ratio of 0.96. The company has a 50-day simple moving average of $31.45 and a two-hundred day simple moving average of $31.32. The company has a market capitalization of $67.54 billion, a price-to-earnings ratio of 11.60, a PEG ratio of 2.23 and a beta of 0.64.

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

Enterprise Products Partners Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Friday, October 31st will be given a $0.545 dividend. This represents a $2.18 dividend on an annualized basis and a yield of 7.0%. The ex-dividend date of this dividend is Friday, October 31st. Enterprise Products Partners’s dividend payout ratio is presently 81.04%.

Analyst Ratings Changes

Several research firms have recently commented on EPD. TD Cowen began coverage on shares of Enterprise Products Partners in a research report on Monday, July 7th. They set a “hold” rating and a $33.00 target price for the company. Stifel Nicolaus decreased their target price on shares of Enterprise Products Partners from $36.00 to $35.00 and set a “buy” rating for the company in a research report on Tuesday, July 29th. Morgan Stanley decreased their target price on shares of Enterprise Products Partners from $35.00 to $33.00 and set an “equal weight” rating for the company in a research report on Tuesday, August 26th. Barclays decreased their target price on shares of Enterprise Products Partners from $36.00 to $35.00 and set an “overweight” rating for the company in a research report on Wednesday, July 2nd. Finally, Mizuho set a $38.00 target price on shares of Enterprise Products Partners and gave the stock an “outperform” rating in a research report on Friday, July 11th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $35.82.

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.