Enterprise Products Partners L.P. $EPD Stock Purchased by CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT lifted its holdings in shares of Enterprise Products Partners L.P. (NYSE:EPD) by 15.1% during the 3rd quarter, Holdings Channel.com reports. The firm owned 1,801,500 shares of the oil and gas producer’s stock after acquiring an additional 236,000 shares during the period. Enterprise Products Partners accounts for about 2.9% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s investment portfolio, making the stock its 13th largest holding. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s holdings in Enterprise Products Partners were worth $64,151,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the business. Deroy & Devereaux Private Investment Counsel Inc. grew its position in shares of Enterprise Products Partners by 0.9% in the third quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 298,344 shares of the oil and gas producer’s stock valued at $10,624,000 after purchasing an additional 2,700 shares during the period. Leo Wealth LLC purchased a new position in Enterprise Products Partners during the third quarter worth about $734,000. Apollon Wealth Management LLC lifted its position in Enterprise Products Partners by 4.0% during the third quarter. Apollon Wealth Management LLC now owns 115,971 shares of the oil and gas producer’s stock worth $4,130,000 after buying an additional 4,420 shares during the period. Mainsail Financial Group LLC lifted its position in Enterprise Products Partners by 12.8% during the third quarter. Mainsail Financial Group LLC now owns 7,047 shares of the oil and gas producer’s stock worth $251,000 after buying an additional 800 shares during the period. Finally, Probity Advisors Inc. boosted its stake in Enterprise Products Partners by 3.4% in the 3rd quarter. Probity Advisors Inc. now owns 8,585 shares of the oil and gas producer’s stock worth $306,000 after buying an additional 283 shares during the last quarter. Institutional investors and hedge funds own 26.07% of the company’s stock.

Enterprise Products Partners Trading Down 0.3%

Shares of EPD opened at $36.98 on Tuesday. The company has a current ratio of 0.93, a quick ratio of 0.66 and a debt-to-equity ratio of 1.00. The firm has a market capitalization of $79.87 billion, a P/E ratio of 12.88, a price-to-earnings-growth ratio of 1.32 and a beta of 0.50. The stock’s fifty day simple moving average is $37.73 and its 200 day simple moving average is $37.11. Enterprise Products Partners L.P. has a twelve month low of $30.02 and a twelve month high of $40.17.

Enterprise Products Partners (NYSE:EPD) last issued its earnings results on Wednesday, July 29th. The oil and gas producer reported $0.84 earnings per share for the quarter, beating analysts’ consensus estimates of $0.75 by $0.09. Enterprise Products Partners had a return on equity of 20.67% and a net margin of 10.79%. The firm had revenue of $18.27 billion for the quarter, compared to analysts’ expectations of $13.69 billion. During the same quarter last year, the firm earned $0.66 earnings per share. The firm’s revenue for the quarter was up 60.8% compared to the same quarter last year. On average, equities research analysts forecast that Enterprise Products Partners L.P. will post 3.10 earnings per share for the current year.

Enterprise Products Partners Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 13th. Stockholders of record on Friday, October 30th will be issued a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a dividend yield of 6.1%. The ex-dividend date is Friday, October 30th. Enterprise Products Partners’s dividend payout ratio (DPR) is 77.78%.

Analyst Upgrades and Downgrades

Several analysts have commented on the company. TD Cowen restated a “hold” rating and issued a $38.00 price target (down from $39.00) on shares of Enterprise Products Partners in a report on Monday, August 3rd. Royal Bank Of Canada reiterated an “outperform” rating and set a $42.00 price objective on shares of Enterprise Products Partners in a report on Tuesday, September 22nd. Morgan Stanley reissued an “underweight” rating and issued a $41.00 target price (up from $40.00) on shares of Enterprise Products Partners in a research report on Tuesday, August 18th. Weiss Ratings upgraded shares of Enterprise Products Partners from a “buy (b)” rating to a “buy (b+)” rating in a report on Friday, October 16th. Finally, Capital One Financial initiated coverage on shares of Enterprise Products Partners in a research report on Tuesday, September 22nd. They set an “equal weight” rating and a $42.00 price target for the company. Seven research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $40.12.

Enterprise Products Partners Company Profile

Enterprise Products Partners L.P. (NYSE: EPD) is a North American midstream energy partnership headquartered in Houston, Texas. The company provides infrastructure and services for the transportation, storage, processing and export of energy products, connecting producers with domestic and international markets.

Its operations include pipelines, storage facilities, natural gas processing plants, natural gas liquids (NGL) fractionation facilities, and marine terminals. Enterprise handles NGLs such as ethane, propane, butanes and natural gasoline, as well as crude oil, refined products, petrochemicals and natural gas.