Covenant Asset Management LLC Trims Stock Holdings in Enterprise Products Partners L.P. (NYSE:EPD)

Covenant Asset Management LLC reduced its position in shares of Enterprise Products Partners L.P. (NYSE:EPD) by 7.8% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 58,646 shares of the oil and gas producer’s stock after selling 4,958 shares during the quarter. Covenant Asset Management LLC’s holdings in Enterprise Products Partners were worth $1,839,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of the company. Nations Financial Group Inc. IA ADV increased its holdings in Enterprise Products Partners by 0.6% during the 4th quarter. Nations Financial Group Inc. IA ADV now owns 229,402 shares of the oil and gas producer’s stock worth $7,194,000 after purchasing an additional 1,267 shares during the period. Spinnaker Trust bought a new stake in Enterprise Products Partners during the 4th quarter valued at $280,000. Sage Advisors LLC boosted its position in Enterprise Products Partners by 1.9% during the 4th quarter. Sage Advisors LLC now owns 186,230 shares of the oil and gas producer’s stock valued at $5,840,000 after acquiring an additional 3,553 shares in the last quarter. Blue Trust Inc. boosted its position in Enterprise Products Partners by 10.7% during the 4th quarter. Blue Trust Inc. now owns 88,198 shares of the oil and gas producer’s stock valued at $2,766,000 after acquiring an additional 8,495 shares in the last quarter. Finally, Klingenstein Fields & Co. LP bought a new stake in Enterprise Products Partners during the 4th quarter valued at $203,000. 26.07% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on EPD. Citigroup raised their price objective on Enterprise Products Partners from $36.00 to $37.00 and gave the stock a “buy” rating in a research report on Thursday, February 6th. Scotiabank began coverage on Enterprise Products Partners in a research report on Friday, January 10th. They issued a “sector perform” rating and a $33.00 price objective for the company. US Capital Advisors raised Enterprise Products Partners from a “moderate buy” rating to a “strong-buy” rating in a research report on Monday, October 28th. Royal Bank of Canada reissued an “outperform” rating and issued a $36.00 price objective on shares of Enterprise Products Partners in a research report on Wednesday, October 30th. Finally, Wolfe Research cut Enterprise Products Partners from an “outperform” rating to a “peer perform” rating in a research report on Friday, January 10th. Four equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $34.70.

Enterprise Products Partners Trading Up 0.9 %

EPD stock opened at $33.52 on Friday. The company has a current ratio of 1.07, a quick ratio of 0.83 and a debt-to-equity ratio of 1.05. Enterprise Products Partners L.P. has a 12-month low of $26.64 and a 12-month high of $34.63. The stock has a market cap of $72.65 billion, a price-to-earnings ratio of 12.46, a PEG ratio of 1.54 and a beta of 1.09. The business’s 50-day moving average is $32.49 and its 200 day moving average is $30.74.

Enterprise Products Partners (NYSE:EPD) last issued its earnings results on Tuesday, February 4th. The oil and gas producer reported $0.74 earnings per share for the quarter, topping the consensus estimate of $0.69 by $0.05. The business had revenue of $14.20 billion for the quarter, compared to analysts’ expectations of $14.07 billion. Enterprise Products Partners had a return on equity of 20.48% and a net margin of 10.49%. The business’s revenue for the quarter was down 2.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.72 EPS. On average, sell-side analysts anticipate that Enterprise Products Partners L.P. will post 2.87 EPS for the current fiscal year.

Enterprise Products Partners Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were issued a dividend of $0.535 per share. This is a boost from Enterprise Products Partners’s previous quarterly dividend of $0.53. This represents a $2.14 annualized dividend and a dividend yield of 6.39%. The ex-dividend date was Friday, January 31st. Enterprise Products Partners’s payout ratio is currently 79.55%.

About Enterprise Products Partners

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.