Enterprise Products Partners L.P. (NYSE:EPD) Stake Lowered by Golden State Equity Partners

Golden State Equity Partners cut its holdings in Enterprise Products Partners L.P. (NYSE:EPD) by 2.3% in the third quarter, Holdings Channel.com reports. The fund owned 36,497 shares of the oil and gas producer’s stock after selling 844 shares during the quarter. Golden State Equity Partners’ holdings in Enterprise Products Partners were worth $1,062,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Blackstone Inc. grew its stake in shares of Enterprise Products Partners by 6.3% in the 1st quarter. Blackstone Inc. now owns 23,533,643 shares of the oil and gas producer’s stock valued at $686,712,000 after purchasing an additional 1,391,370 shares during the period. Tortoise Capital Advisors L.L.C. grew its stake in Enterprise Products Partners by 4.8% in the second quarter. Tortoise Capital Advisors L.L.C. now owns 16,221,236 shares of the oil and gas producer’s stock valued at $470,091,000 after purchasing an additional 741,237 shares in the last quarter. Energy Income Partners LLC lifted its position in shares of Enterprise Products Partners by 0.9% in the first quarter. Energy Income Partners LLC now owns 15,618,956 shares of the oil and gas producer’s stock valued at $455,761,000 after buying an additional 142,689 shares during the last quarter. Kayne Anderson Capital Advisors LP raised its holdings in Enterprise Products Partners by 2.6% in the 1st quarter. Kayne Anderson Capital Advisors LP now owns 11,175,161 shares of the oil and gas producer’s stock valued at $326,091,000 after acquiring an additional 284,772 shares during the period. Finally, Pathway Financial Advisers LLC grew its position in shares of Enterprise Products Partners by 2,862.8% during the 3rd quarter. Pathway Financial Advisers LLC now owns 7,756,006 shares of the oil and gas producer’s stock worth $225,777,000 after purchasing an additional 7,494,224 shares in the last quarter. Institutional investors and hedge funds own 26.07% of the company’s stock.

Enterprise Products Partners Stock Performance

Shares of NYSE:EPD traded up $0.12 during trading on Wednesday, hitting $29.22. The stock had a trading volume of 361,889 shares, compared to its average volume of 4,266,094. The stock has a 50-day simple moving average of $29.24 and a two-hundred day simple moving average of $28.94. Enterprise Products Partners L.P. has a 12-month low of $25.61 and a 12-month high of $30.05. The stock has a market capitalization of $63.42 billion, a price-to-earnings ratio of 11.11, a price-to-earnings-growth ratio of 1.32 and a beta of 1.03. The company has a quick ratio of 0.68, a current ratio of 0.91 and a debt-to-equity ratio of 0.98.

Enterprise Products Partners (NYSE:EPD) last released its earnings results on Tuesday, October 29th. The oil and gas producer reported $0.65 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.66 by ($0.01). Enterprise Products Partners had a return on equity of 20.13% and a net margin of 10.48%. The business had revenue of $13.78 billion for the quarter, compared to analysts’ expectations of $13.87 billion. During the same period in the previous year, the company earned $0.60 EPS. Enterprise Products Partners’s quarterly revenue was up 14.8% compared to the same quarter last year. On average, equities research analysts expect that Enterprise Products Partners L.P. will post 2.7 earnings per share for the current fiscal year.

Enterprise Products Partners Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Thursday, October 31st will be issued a $0.525 dividend. This represents a $2.10 annualized dividend and a dividend yield of 7.19%. The ex-dividend date is Thursday, October 31st. Enterprise Products Partners’s payout ratio is currently 80.15%.

Wall Street Analyst Weigh In

EPD has been the subject of several research analyst reports. Truist Financial boosted their target price on Enterprise Products Partners from $35.00 to $37.00 and gave the stock a “buy” rating in a research note on Wednesday, July 31st. Royal Bank of Canada boosted their price objective on Enterprise Products Partners from $35.00 to $36.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. US Capital Advisors raised shares of Enterprise Products Partners from a “moderate buy” rating to a “strong-buy” rating in a research report on Monday. Bank of America initiated coverage on Enterprise Products Partners in a research note on Thursday, October 17th. They set a “buy” rating and a $35.00 price objective for the company. Finally, StockNews.com lowered Enterprise Products Partners from a “strong-buy” rating to a “buy” rating in a research note on Monday, August 12th. One analyst has rated the stock with a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, Enterprise Products Partners has an average rating of “Buy” and a consensus target price of $33.73.

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.