McElhenny Sheffield Capital Management LLC Trims Stake in Enterprise Products Partners L.P. $EPD
by Michael Walen · The Markets DailyMcElhenny Sheffield Capital Management LLC trimmed its holdings in shares of Enterprise Products Partners L.P. (NYSE:EPD – Free Report) by 70.2% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 13,546 shares of the oil and gas producer’s stock after selling 31,984 shares during the period. McElhenny Sheffield Capital Management LLC’s holdings in Enterprise Products Partners were worth $434,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Tred Avon Family Wealth LLC purchased a new position in Enterprise Products Partners during the third quarter worth about $1,015,000. Tectonic Advisors LLC grew its position in Enterprise Products Partners by 10.0% during the third quarter. Tectonic Advisors LLC now owns 678,769 shares of the oil and gas producer’s stock worth $21,225,000 after buying an additional 61,669 shares in the last quarter. PNC Financial Services Group Inc. grew its position in Enterprise Products Partners by 3.0% during the third quarter. PNC Financial Services Group Inc. now owns 1,252,088 shares of the oil and gas producer’s stock worth $39,153,000 after buying an additional 36,339 shares in the last quarter. Advisors Asset Management Inc. grew its position in Enterprise Products Partners by 20.2% during the third quarter. Advisors Asset Management Inc. now owns 229,911 shares of the oil and gas producer’s stock worth $7,189,000 after buying an additional 38,660 shares in the last quarter. Finally, Corient Private Wealth LLC grew its position in Enterprise Products Partners by 118.9% during the second quarter. Corient Private Wealth LLC now owns 2,407,544 shares of the oil and gas producer’s stock worth $74,658,000 after buying an additional 1,307,485 shares in the last quarter. 26.07% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
A number of equities analysts have recently issued reports on the company. Truist Financial assumed coverage on Enterprise Products Partners in a report on Tuesday, March 24th. They issued a “hold” rating and a $36.00 price objective for the company. Wall Street Zen upgraded Enterprise Products Partners from a “hold” rating to a “buy” rating in a report on Monday. Barclays upped their price objective on Enterprise Products Partners from $38.00 to $39.00 and gave the stock an “overweight” rating in a report on Thursday, March 5th. Scotiabank upped their price objective on Enterprise Products Partners from $37.00 to $39.00 and gave the stock a “sector perform” rating in a report on Tuesday, March 17th. Finally, Royal Bank Of Canada upped their price objective on Enterprise Products Partners from $40.00 to $42.00 and gave the stock an “outperform” rating in a report on Monday, March 30th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, six have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Enterprise Products Partners has an average rating of “Moderate Buy” and an average price target of $37.73.
Check Out Our Latest Research Report on EPD
Insiders Place Their Bets
In related news, CEO Aj Teague bought 2,665 shares of the company’s stock in a transaction that occurred on Friday, March 20th. The stock was bought at an average cost of $37.55 per share, for a total transaction of $100,070.75. Following the acquisition, the chief executive officer directly owned 77,576 shares of the company’s stock, valued at $2,912,978.80. The trade was a 3.56% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 32.60% of the stock is owned by corporate insiders.
Enterprise Products Partners Price Performance
EPD opened at $38.09 on Thursday. The stock has a 50-day moving average price of $36.75 and a 200-day moving average price of $33.54. Enterprise Products Partners L.P. has a 12-month low of $27.86 and a 12-month high of $39.74. The company has a current ratio of 1.04, a quick ratio of 0.74 and a debt-to-equity ratio of 1.07. The stock has a market capitalization of $82.35 billion, a P/E ratio of 14.32, a PEG ratio of 1.50 and a beta of 0.55.
Enterprise Products Partners (NYSE:EPD – Get Free Report) last posted its quarterly earnings data on Monday, February 2nd. The oil and gas producer reported $0.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.69 by $0.06. The firm had revenue of $13.79 billion during the quarter, compared to analysts’ expectations of $12.44 billion. Enterprise Products Partners had a return on equity of 19.33% and a net margin of 11.05%.The company’s revenue for the quarter was down 2.9% compared to the same quarter last year. During the same period in the prior year, the business earned $0.74 EPS. Equities analysts predict that Enterprise Products Partners L.P. will post 2.9 earnings per share for the current fiscal year.
About Enterprise Products Partners
Enterprise Products Partners L.P. (NYSE: EPD) is a Houston-based master limited partnership that provides midstream energy services across North America. The company owns and operates an extensive network of pipelines, storage facilities, processing plants and export terminals that transport and handle natural gas, natural gas liquids (NGLs), crude oil and refined and petrochemical products. Its core activities include gathering and transportation, fractionation of NGLs, natural gas processing, crude oil and condensate pipelines, and marine and terminal services that enable domestic distribution and exports.
Enterprise serves a diverse set of customers including producers, refiners, petrochemical companies, marketers and end users.
See Also
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