Financial Advocates Investment Management Decreases Position in Enterprise Products Partners L.P. (NYSE:EPD)

Financial Advocates Investment Management reduced its position in shares of Enterprise Products Partners L.P. (NYSE:EPD) by 30.4% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 14,738 shares of the oil and gas producer’s stock after selling 6,426 shares during the period. Financial Advocates Investment Management’s holdings in Enterprise Products Partners were worth $427,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the company. HB Wealth Management LLC increased its position in shares of Enterprise Products Partners by 8.5% during the second quarter. HB Wealth Management LLC now owns 114,033 shares of the oil and gas producer’s stock worth $3,305,000 after purchasing an additional 8,972 shares in the last quarter. Patriot Financial Group Insurance Agency LLC acquired a new stake in Enterprise Products Partners during the 2nd quarter worth $289,000. Cambridge Investment Research Advisors Inc. grew its holdings in shares of Enterprise Products Partners by 7.9% during the second quarter. Cambridge Investment Research Advisors Inc. now owns 578,493 shares of the oil and gas producer’s stock worth $16,765,000 after buying an additional 42,499 shares in the last quarter. Summit Securities Group LLC raised its position in shares of Enterprise Products Partners by 850.0% in the second quarter. Summit Securities Group LLC now owns 1,900 shares of the oil and gas producer’s stock valued at $55,000 after buying an additional 1,700 shares during the last quarter. Finally, AlphaStar Capital Management LLC lifted its stake in shares of Enterprise Products Partners by 6.4% in the second quarter. AlphaStar Capital Management LLC now owns 9,180 shares of the oil and gas producer’s stock worth $266,000 after buying an additional 556 shares in the last quarter. Institutional investors and hedge funds own 26.07% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. JPMorgan Chase & Co. dropped their price objective on shares of Enterprise Products Partners from $33.00 to $32.00 and set an “overweight” rating for the company in a research note on Thursday, May 16th. Truist Financial boosted their target price on shares of Enterprise Products Partners from $35.00 to $37.00 and gave the company a “buy” rating in a report on Wednesday, July 31st. Morgan Stanley cut their price target on shares of Enterprise Products Partners from $35.00 to $34.00 and set an “equal weight” rating for the company in a report on Monday, June 10th. Finally, StockNews.com cut Enterprise Products Partners from a “strong-buy” rating to a “buy” rating in a report on Monday, August 12th. Two equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $33.08.

Enterprise Products Partners Stock Up 0.5 %

Shares of Enterprise Products Partners stock traded up $0.16 on Thursday, reaching $29.26. 635,583 shares of the company were exchanged, compared to its average volume of 4,553,800. Enterprise Products Partners L.P. has a 1-year low of $25.61 and a 1-year high of $30.05. The stock’s 50 day moving average price is $29.13 and its 200-day moving average price is $28.66. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.93 and a quick ratio of 0.68. The company has a market cap of $63.54 billion, a P/E ratio of 11.47, a price-to-earnings-growth ratio of 1.33 and a beta of 1.04.

Enterprise Products Partners (NYSE:EPD) last announced its quarterly earnings data on Tuesday, July 30th. The oil and gas producer reported $0.64 earnings per share for the quarter, missing analysts’ consensus estimates of $0.66 by ($0.02). The firm had revenue of $13.48 billion during the quarter, compared to analyst estimates of $14.23 billion. Enterprise Products Partners had a net margin of 10.48% and a return on equity of 20.18%. Enterprise Products Partners’s revenue for the quarter was up 26.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.57 earnings per share. As a group, equities analysts forecast that Enterprise Products Partners L.P. will post 2.72 EPS for the current year.

Enterprise Products Partners Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 14th. Stockholders of record on Wednesday, July 31st were paid a dividend of $0.525 per share. This is an increase from Enterprise Products Partners’s previous quarterly dividend of $0.52. The ex-dividend date was Wednesday, July 31st. This represents a $2.10 annualized dividend and a dividend yield of 7.18%. Enterprise Products Partners’s dividend payout ratio is 82.35%.

Enterprise Products Partners 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.