Pasadena Private Wealth LLC Sells 31,576 Shares of Enterprise Products Partners L.P. $EPD

Pasadena Private Wealth LLC lowered its stake in Enterprise Products Partners L.P. (NYSE:EPD) by 29.2% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 76,441 shares of the oil and gas producer’s stock after selling 31,576 shares during the quarter. Pasadena Private Wealth LLC’s holdings in Enterprise Products Partners were worth $2,810,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Palisade Asset Management LLC purchased a new position in shares of Enterprise Products Partners during the third quarter valued at about $31,000. N.E.W. Advisory Services LLC purchased a new stake in shares of Enterprise Products Partners in the second quarter worth about $37,000. Bravera Wealth boosted its stake in Enterprise Products Partners by 666.7% during the second quarter. Bravera Wealth now owns 1,035 shares of the oil and gas producer’s stock valued at $38,000 after buying an additional 900 shares during the last quarter. BOK Financial Private Wealth Inc. bought a new position in Enterprise Products Partners during the second quarter valued at approximately $48,000. Finally, West Paces Advisors Inc. purchased a new position in Enterprise Products Partners during the 2nd quarter valued at approximately $55,000. Institutional investors own 26.07% of the company’s stock.

Wall Street Analysts Forecast Growth

EPD has been the topic of several recent research reports. Weiss Ratings raised Enterprise Products Partners from a “buy (b)” rating to a “buy (a-)” rating in a report on Tuesday, August 11th. Citigroup reissued a “buy” rating and issued a $44.00 target price (up from $39.00) on shares of Enterprise Products Partners in a report on Friday, May 1st. 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 research report on Monday, August 3rd. Truist Financial upped their price target on shares of Enterprise Products Partners from $36.00 to $40.00 and gave the company a “hold” rating in a research note on Monday, May 4th. Finally, Morgan Stanley reiterated an “underweight” rating and set a $41.00 price objective (up from $40.00) on shares of Enterprise Products Partners in a research report on Tuesday. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $40.00.

Enterprise Products Partners Trading Down 1.4%

Shares of EPD stock opened at $38.09 on Thursday. The company has a market cap of $82.25 billion, a PE ratio of 13.22, a price-to-earnings-growth ratio of 1.29 and a beta of 0.49. Enterprise Products Partners L.P. has a 1 year low of $30.01 and a 1 year high of $40.17. The stock’s 50 day simple moving average is $37.63 and its two-hundred day simple moving average is $37.47. The company has a debt-to-equity ratio of 1.00, a current ratio of 0.93 and a quick ratio of 0.66.

Enterprise Products Partners (NYSE:EPD) last announced its earnings results on Wednesday, July 29th. The oil and gas producer reported $0.84 EPS for the quarter, topping analysts’ consensus estimates of $0.75 by $0.09. The firm had revenue of $18.27 billion during the quarter, compared to analysts’ expectations of $13.69 billion. Enterprise Products Partners had a return on equity of 20.67% and a net margin of 10.79%.The company’s quarterly revenue was up 60.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.66 EPS. Research analysts predict that Enterprise Products Partners L.P. will post 2.98 earnings per share for the current year.

Enterprise Products Partners Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Friday, July 31st were paid a dividend of $0.56 per share. The ex-dividend date of this dividend was Friday, July 31st. This is a positive change from Enterprise Products Partners’s previous quarterly dividend of $0.55. This represents a $2.24 annualized dividend and a yield of 5.9%. Enterprise Products Partners’s payout ratio is presently 77.78%.

Enterprise Products Partners Profile

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.