Trek Financial LLC Buys 15,340 Shares of Enterprise Products Partners L.P. (NYSE:EPD)

Posted by Defense World Staff on Sep 9th, 2023

Trek Financial LLC grew its stake in Enterprise Products Partners L.P. (NYSE:EPD – Free Report) by 5.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 324,103 shares of the oil and gas producer’s stock after acquiring an additional 15,340 shares during the period. Trek Financial LLC’s holdings in Enterprise Products Partners were worth $8,394,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Wetherby Asset Management Inc. boosted its stake in shares of Enterprise Products Partners by 9.0% during the first quarter. Wetherby Asset Management Inc. now owns 19,368 shares of the oil and gas producer’s stock valued at $502,000 after purchasing an additional 1,592 shares in the last quarter. Stifel Financial Corp boosted its stake in shares of Enterprise Products Partners by 1.2% during the first quarter. Stifel Financial Corp now owns 3,303,162 shares of the oil and gas producer’s stock valued at $85,552,000 after purchasing an additional 39,782 shares in the last quarter. WPWealth LLP bought a new position in shares of Enterprise Products Partners during the first quarter valued at approximately $202,000. CMG Global Holdings LLC boosted its stake in shares of Enterprise Products Partners by 3.5% during the first quarter. CMG Global Holdings LLC now owns 47,186 shares of the oil and gas producer’s stock valued at $1,222,000 after purchasing an additional 1,605 shares in the last quarter. Finally, Nwam LLC lifted its position in Enterprise Products Partners by 15.3% during the first quarter. Nwam LLC now owns 19,363 shares of the oil and gas producer’s stock valued at $502,000 after acquiring an additional 2,570 shares during the last quarter. 26.54% of the stock is currently owned by institutional investors.

Enterprise Products Partners Stock Up 0.5 %

Shares of NYSE EPD opened at $26.71 on Friday. The company’s 50-day simple moving average is $26.62 and its 200-day simple moving average is $26.20. Enterprise Products Partners L.P. has a 52-week low of $22.90 and a 52-week high of $27.28. The firm has a market cap of $58.01 billion, a price-to-earnings ratio of 10.81 and a beta of 1.08. The company has a quick ratio of 0.67, a current ratio of 0.91 and a debt-to-equity ratio of 0.98.

Enterprise Products Partners (NYSE:EPD – Get Free Report) last posted its quarterly earnings results on Tuesday, August 1st. The oil and gas producer reported $0.57 earnings per share for the quarter, missing analysts’ consensus estimates of $0.59 by ($0.02). The business had revenue of $10.65 billion for the quarter, compared to analyst estimates of $12.34 billion. Enterprise Products Partners had a return on equity of 19.71% and a net margin of 10.39%. The business’s revenue was down 33.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.64 earnings per share. Equities analysts predict that Enterprise Products Partners L.P. will post 2.52 EPS for the current fiscal year.

Enterprise Products Partners Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, August 14th. Investors of record on Monday, July 31st were given a dividend of $0.50 per share. The ex-dividend date of this dividend was Friday, July 28th. This is a positive change from Enterprise Products Partners’s previous quarterly dividend of $0.49. This represents a $2.00 dividend on an annualized basis and a yield of 7.49%. Enterprise Products Partners’s payout ratio is presently 80.97%.

Insider Buying and Selling

In other news, Director William C. Montgomery bought 50,000 shares of Enterprise Products Partners stock in a transaction on Friday, August 4th. The shares were bought at an average cost of $26.60 per share, with a total value of $1,330,000.00. Following the completion of the purchase, the director now directly owns 114,758 shares of the company’s stock, valued at $3,052,562.80. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 32.60% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of research firms recently commented on EPD. StockNews.com began coverage on shares of Enterprise Products Partners in a research report on Thursday, August 17th. They set a “buy” rating for the company. TD Securities decreased their price target on shares of Enterprise Products Partners from $32.00 to $31.00 and set a “buy” rating for the company in a report on Wednesday, August 2nd. Morgan Stanley reaffirmed an “equal weight” rating and issued a $33.00 price target on shares of Enterprise Products Partners in a report on Thursday, July 20th. Finally, Mizuho raised their price target on shares of Enterprise Products Partners from $32.00 to $33.00 in a report on Wednesday, July 19th. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, Enterprise Products Partners has an average rating of “Moderate Buy” and a consensus target price of $30.70.

Read Our Latest Stock Report on EPD

Enterprise Products Partners Company Profile

(Free Report)

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. The company operates through four segments: NGL Pipelines & Services, Crude Oil Pipelines & Services, Natural Gas Pipelines & Services, and Petrochemical & Refined Products Services.