Summit Asset Management LLC Acquires 2,831 Shares of Enterprise Products Partners L.P. (NYSE:EPD)

Summit Asset Management LLC grew its holdings in Enterprise Products Partners L.P. (NYSE:EPD) by 29.4% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 12,449 shares of the oil and gas producer’s stock after buying an additional 2,831 shares during the period. Summit Asset Management LLC’s holdings in Enterprise Products Partners were worth $328,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the business. Commonwealth Equity Services LLC increased its position in Enterprise Products Partners by 2.0% during the third quarter. Commonwealth Equity Services LLC now owns 932,781 shares of the oil and gas producer’s stock valued at $25,530,000 after acquiring an additional 18,421 shares during the last quarter. Chevy Chase Trust Holdings LLC purchased a new stake in Enterprise Products Partners in the 3rd quarter worth about $205,000. SVB Wealth LLC grew its stake in shares of Enterprise Products Partners by 23.0% during the third quarter. SVB Wealth LLC now owns 14,935 shares of the oil and gas producer’s stock valued at $409,000 after buying an additional 2,793 shares during the last quarter. Cambridge Investment Research Advisors Inc. raised its holdings in shares of Enterprise Products Partners by 0.6% in the third quarter. Cambridge Investment Research Advisors Inc. now owns 517,826 shares of the oil and gas producer’s stock worth $14,173,000 after buying an additional 3,152 shares during the period. Finally, Mission Wealth Management LP bought a new stake in shares of Enterprise Products Partners during the 3rd quarter worth approximately $531,000. 26.07% of the stock is currently owned by hedge funds and other institutional investors.

Enterprise Products Partners Stock Up 1.0 %

Enterprise Products Partners stock traded up $0.28 during trading hours on Thursday, reaching $28.02. The stock had a trading volume of 1,565,309 shares, compared to its average volume of 4,980,858. The company has a market cap of $60.75 billion, a price-to-earnings ratio of 10.92 and a beta of 1.02. The business’s 50 day moving average price is $28.63 and its 200-day moving average price is $27.35. Enterprise Products Partners L.P. has a 52 week low of $25.19 and a 52 week high of $29.99. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.93 and a quick ratio of 0.68.

Enterprise Products Partners (NYSE:EPD) last posted its quarterly earnings data on Tuesday, April 30th. The oil and gas producer reported $0.66 EPS for the quarter, topping the consensus estimate of $0.64 by $0.02. The firm had revenue of $14.76 billion during the quarter, compared to analyst estimates of $13.82 billion. Enterprise Products Partners had a net margin of 10.76% and a return on equity of 19.75%. Enterprise Products Partners’s revenue was up 18.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.64 EPS. Sell-side analysts anticipate that Enterprise Products Partners L.P. will post 2.67 EPS for the current year.

Enterprise Products Partners Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 14th. Stockholders of record on Tuesday, April 30th will be issued a dividend of $0.515 per share. The ex-dividend date of this dividend is Monday, April 29th. This represents a $2.06 annualized dividend and a dividend yield of 7.35%. Enterprise Products Partners’s dividend payout ratio is presently 80.78%.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. StockNews.com raised shares of Enterprise Products Partners from a “buy” rating to a “strong-buy” rating in a research note on Saturday, March 9th. Wells Fargo & Company upped their target price on shares of Enterprise Products Partners from $32.00 to $33.00 and gave the stock an “overweight” rating in a research note on Thursday, April 4th. Barclays lifted their price target on shares of Enterprise Products Partners from $30.00 to $31.00 and gave the company an “overweight” rating in a research note on Tuesday, March 26th. Royal Bank of Canada restated an “outperform” rating and set a $35.00 price objective on shares of Enterprise Products Partners in a report on Friday, April 5th. Finally, Truist Financial upped their target price on Enterprise Products Partners from $33.00 to $35.00 and gave the stock a “buy” rating in a report on Wednesday. Two research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $32.75.

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.