M&T Bank Corp Decreases Position in Enterprise Products Partners L.P. (NYSE:EPD)

M&T Bank Corp decreased its holdings in shares of Enterprise Products Partners L.P. (NYSE:EPD) by 15.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 629,409 shares of the oil and gas producer’s stock after selling 116,151 shares during the quarter. M&T Bank Corp’s holdings in Enterprise Products Partners were worth $18,322,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the business. Curi RMB Capital LLC lifted its stake in Enterprise Products Partners by 0.5% during the third quarter. Curi RMB Capital LLC now owns 73,828 shares of the oil and gas producer’s stock worth $2,149,000 after purchasing an additional 339 shares during the last quarter. Zega Financial LLC lifted its stake in Enterprise Products Partners by 1.7% during the third quarter. Zega Financial LLC now owns 20,870 shares of the oil and gas producer’s stock worth $608,000 after purchasing an additional 344 shares during the last quarter. Tranquility Partners LLC lifted its stake in Enterprise Products Partners by 1.5% during the third quarter. Tranquility Partners LLC now owns 23,204 shares of the oil and gas producer’s stock worth $675,000 after purchasing an additional 346 shares during the last quarter. Princeton Global Asset Management LLC lifted its stake in Enterprise Products Partners by 4.9% during the third quarter. Princeton Global Asset Management LLC now owns 7,510 shares of the oil and gas producer’s stock worth $219,000 after purchasing an additional 350 shares during the last quarter. Finally, Strategic Wealth Partners Ltd. lifted its stake in Enterprise Products Partners by 3.8% during the third quarter. Strategic Wealth Partners Ltd. now owns 9,731 shares of the oil and gas producer’s stock worth $283,000 after purchasing an additional 353 shares during the last quarter. Hedge funds and other institutional investors own 26.07% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on EPD. US Capital Advisors upgraded Enterprise Products Partners from a “moderate buy” rating to a “strong-buy” rating in a research note on Monday, October 28th. Bank of America started coverage on Enterprise Products Partners in a research note on Thursday, October 17th. They issued a “buy” rating and a $35.00 price objective for the company. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $36.00 price objective on shares of Enterprise Products Partners in a research note on Wednesday, October 30th. One equities research analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Enterprise Products Partners presently has a consensus rating of “Buy” and a consensus price target of $34.00.

Enterprise Products Partners Price Performance

Enterprise Products Partners stock opened at $32.22 on Wednesday. Enterprise Products Partners L.P. has a 12 month low of $25.96 and a 12 month high of $34.63. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.07 and a quick ratio of 0.83. The business has a 50 day simple moving average of $30.56 and a 200-day simple moving average of $29.55. The stock has a market capitalization of $69.84 billion, a PE ratio of 12.07, a price-to-earnings-growth ratio of 1.69 and a beta of 1.08.

Enterprise Products Partners (NYSE:EPD) last released its quarterly earnings results on Tuesday, October 29th. The oil and gas producer reported $0.65 EPS for the quarter, missing the consensus estimate of $0.66 by ($0.01). Enterprise Products Partners had a return on equity of 20.31% and a net margin of 10.32%. The company had revenue of $13.78 billion for the quarter, compared to analysts’ expectations of $13.87 billion. During the same quarter last year, the company earned $0.60 EPS. Enterprise Products Partners’s revenue for the quarter was up 14.8% compared to the same quarter last year. Equities analysts predict that Enterprise Products Partners L.P. will post 2.69 earnings per share for the current year.

Enterprise Products Partners Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Thursday, October 31st were issued a dividend of $0.525 per share. This represents a $2.10 dividend on an annualized basis and a yield of 6.52%. The ex-dividend date was Thursday, October 31st. Enterprise Products Partners’s dividend payout ratio is presently 78.65%.

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.