Beck Mack & Oliver LLC Cuts Stock Holdings in Enterprise Products Partners L.P. $EPD

by · The Markets Daily

Beck Mack & Oliver LLC cut its holdings in shares of Enterprise Products Partners L.P. (NYSE:EPD – Free Report) by 9.5% during the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 894,860 shares of the oil and gas producer’s stock after selling 94,450 shares during the period. Beck Mack & Oliver LLC’s holdings in Enterprise Products Partners were worth $27,750,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Brooklyn Investment Group bought a new stake in Enterprise Products Partners during the 1st quarter valued at $27,000. Wealth Preservation Advisors LLC purchased a new stake in shares of Enterprise Products Partners during the 1st quarter worth $28,000. Winnow Wealth LLC bought a new stake in Enterprise Products Partners during the second quarter valued at about $28,000. Crowley Wealth Management Inc. purchased a new position in Enterprise Products Partners in the second quarter valued at about $29,000. Finally, Traub Capital Management LLC purchased a new stake in shares of Enterprise Products Partners during the second quarter valued at about $31,000. Institutional investors own 26.07% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on EPD. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $35.00 price objective on shares of Enterprise Products Partners in a research report on Monday, December 1st. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Enterprise Products Partners in a research report on Wednesday, October 8th. Morgan Stanley set a $34.00 price objective on Enterprise Products Partners and gave the stock an “equal weight” rating in a research report on Tuesday, December 2nd. Scotiabank reduced their target price on Enterprise Products Partners from $35.00 to $34.00 and set a “sector perform” rating on the stock in a research report on Tuesday, November 4th. Finally, Stifel Nicolaus raised their price target on Enterprise Products Partners from $35.00 to $38.00 and gave the stock a “buy” rating in a report on Friday, October 31st. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $35.82.

Read Our Latest Report on Enterprise Products Partners

Enterprise Products Partners Stock Performance

Shares of EPD opened at $32.10 on Friday. The stock has a 50-day moving average of $31.55 and a two-hundred day moving average of $31.51. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.60 and a current ratio of 0.88. The stock has a market cap of $69.43 billion, a P/E ratio of 12.11, a P/E/G ratio of 2.46 and a beta of 0.59. Enterprise Products Partners L.P. has a one year low of $27.77 and a one year high of $34.53.

Enterprise Products Partners (NYSE:EPD – Get Free Report) last released its earnings results on Wednesday, October 29th. The oil and gas producer reported $0.61 EPS for the quarter, missing analysts’ consensus estimates of $0.68 by ($0.07). The firm had revenue of $12.02 billion for the quarter, compared to analyst estimates of $11.83 billion. Enterprise Products Partners had a return on equity of 19.40% and a net margin of 10.92%.The company’s revenue for the quarter was down 12.7% compared to the same quarter last year. During the same period last year, the firm earned $0.65 EPS. As a group, research analysts predict that Enterprise Products Partners L.P. will post 2.9 EPS for the current year.

Enterprise Products Partners Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 14th. Stockholders of record on Friday, October 31st were issued a $0.545 dividend. This represents a $2.18 annualized dividend and a dividend yield of 6.8%. The ex-dividend date of this dividend was Friday, October 31st. Enterprise Products Partners’s dividend payout ratio is 82.26%.

Enterprise Products Partners declared that its board has initiated a share repurchase plan on Thursday, October 30th that allows the company to buyback $5.00 billion in shares. This buyback authorization allows the oil and gas producer to repurchase up to 7.4% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Enterprise Products Partners 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. It operates in four segments: NGL Pipelines & Services, Crude Oil Pipelines & Services, Natural Gas Pipelines & Services, and Petrochemical & Refined Products Services.

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