Cullen Capital Management LLC Reduces Stake in Enterprise Products Partners L.P. $EPD

Cullen Capital Management LLC lessened its holdings in shares of Enterprise Products Partners L.P. (NYSE:EPD) by 19.8% during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 80,089 shares of the oil and gas producer’s stock after selling 19,726 shares during the period. Cullen Capital Management LLC’s holdings in Enterprise Products Partners were worth $2,944,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Royal Palms Capital LLC purchased a new stake in shares of Enterprise Products Partners during the 4th quarter worth approximately $1,830,000. Oxbow Advisors LLC raised its stake in Enterprise Products Partners by 3.0% during the 4th quarter. Oxbow Advisors LLC now owns 1,329,085 shares of the oil and gas producer’s stock worth $42,610,000 after acquiring an additional 39,052 shares in the last quarter. Texas Yale Capital Corp. lifted its position in Enterprise Products Partners by 4.9% in the fourth quarter. Texas Yale Capital Corp. now owns 1,905,939 shares of the oil and gas producer’s stock valued at $61,104,000 after acquiring an additional 88,475 shares during the last quarter. Thrivent Financial for Lutherans boosted its stake in Enterprise Products Partners by 7.8% in the fourth quarter. Thrivent Financial for Lutherans now owns 4,510,036 shares of the oil and gas producer’s stock valued at $144,592,000 after acquiring an additional 327,807 shares in the last quarter. Finally, Evolve Private Wealth LLC grew its holdings in shares of Enterprise Products Partners by 662.0% during the first quarter. Evolve Private Wealth LLC now owns 154,492 shares of the oil and gas producer’s stock worth $5,846,000 after purchasing an additional 134,218 shares during the last quarter. 26.07% of the stock is owned by institutional investors and hedge funds.

Enterprise Products Partners Price Performance

Shares of NYSE:EPD opened at $38.38 on Tuesday. Enterprise Products Partners L.P. has a one year low of $30.01 and a one year high of $40.17. The stock has a market capitalization of $82.89 billion, a price-to-earnings ratio of 13.33, a PEG ratio of 1.25 and a beta of 0.49. The company has a 50-day simple moving average of $37.70 and a 200-day simple moving average of $37.57. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.66 and a current ratio of 0.93.

Enterprise Products Partners (NYSE:EPD) last released its quarterly earnings results on Wednesday, July 29th. The oil and gas producer reported $0.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.75 by $0.09. The firm had revenue of $18.27 billion for the quarter, compared to analyst estimates of $13.69 billion. Enterprise Products Partners had a return on equity of 20.67% and a net margin of 10.79%.The business’s revenue was up 60.8% on a year-over-year basis. During the same quarter last year, the company posted $0.66 earnings per share. On average, analysts predict that Enterprise Products Partners L.P. will post 3.03 EPS for the current year.

Enterprise Products Partners Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Friday, July 31st were paid a $0.56 dividend. This is an increase from Enterprise Products Partners’s previous quarterly dividend of $0.55. The ex-dividend date was Friday, July 31st. This represents a $2.24 annualized dividend and a dividend yield of 5.8%. Enterprise Products Partners’s dividend payout ratio (DPR) is 77.78%.

Analyst Ratings Changes

EPD has been the subject of several research reports. JPMorgan Chase & Co. boosted their target price on Enterprise Products Partners from $41.00 to $42.00 and gave the company a “neutral” rating in a report on Thursday, July 9th. Weiss Ratings upgraded Enterprise Products Partners from a “buy (b)” rating to a “buy (a-)” rating in a research note on Tuesday, August 11th. Truist Financial lifted their price target on Enterprise Products Partners from $36.00 to $40.00 and gave the stock a “hold” rating in a research report on Monday, May 4th. Morgan Stanley reiterated an “underweight” rating and issued a $41.00 price objective (up from $40.00) on shares of Enterprise Products Partners in a research note on Tuesday, August 18th. Finally, Citigroup reissued a “buy” rating and issued a $44.00 price objective (up from $39.00) on shares of Enterprise Products Partners in a report on Friday, May 1st. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Enterprise Products Partners has an average rating of “Moderate Buy” and an average price target of $40.00.

About Enterprise Products Partners

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.