13,054 Shares in Enterprise Products Partners L.P. $EPD Purchased by Summit Asset Management LLC

Summit Asset Management LLC bought a new stake in shares of Enterprise Products Partners L.P. (NYSE:EPD) during the 2nd quarter, HoldingsChannel reports. The firm bought 13,054 shares of the oil and gas producer’s stock, valued at approximately $480,000.

A number of other large investors also recently made changes to their positions in the business. Brighton Jones LLC boosted its holdings in shares of Enterprise Products Partners by 19.9% during the fourth quarter. Brighton Jones LLC now owns 32,620 shares of the oil and gas producer’s stock worth $1,023,000 after purchasing an additional 5,425 shares during the period. Schnieders Capital Management LLC. increased its stake in Enterprise Products Partners by 9.3% in the 2nd quarter. Schnieders Capital Management LLC. now owns 58,918 shares of the oil and gas producer’s stock valued at $1,827,000 after buying an additional 5,000 shares during the period. Geode Capital Management LLC increased its stake in Enterprise Products Partners by 6.2% in the 2nd quarter. Geode Capital Management LLC now owns 63,702 shares of the oil and gas producer’s stock valued at $1,975,000 after buying an additional 3,742 shares during the period. Guggenheim Capital LLC lifted its position in Enterprise Products Partners by 6.1% in the 2nd quarter. Guggenheim Capital LLC now owns 27,301 shares of the oil and gas producer’s stock worth $847,000 after buying an additional 1,578 shares in the last quarter. Finally, Glenview Trust co lifted its position in Enterprise Products Partners by 315.8% in the 2nd quarter. Glenview Trust co now owns 33,648 shares of the oil and gas producer’s stock worth $1,043,000 after buying an additional 25,555 shares in the last quarter. Institutional investors and hedge funds own 26.07% of the company’s stock.

Enterprise Products Partners Stock Up 2.2%

Enterprise Products Partners stock opened at $38.84 on Friday. The company has a market capitalization of $83.88 billion, a P/E ratio of 13.49, a P/E/G ratio of 1.39 and a beta of 0.49. The firm’s fifty day simple moving average is $37.58 and its 200-day simple moving average is $37.34. The company has a current ratio of 0.93, a quick ratio of 0.61 and a debt-to-equity ratio of 1.00. Enterprise Products Partners L.P. has a 1-year low of $30.01 and a 1-year high of $40.17.

Enterprise Products Partners (NYSE:EPD) last issued its quarterly earnings data on Wednesday, July 29th. The oil and gas producer reported $0.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.75 by $0.09. The firm had revenue of $18.27 billion during the quarter, compared to analysts’ expectations of $13.69 billion. Enterprise Products Partners had a net margin of 10.79% and a return on equity of 20.67%. Enterprise Products Partners’s revenue for the quarter was up 60.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.66 earnings per share. Sell-side analysts forecast that Enterprise Products Partners L.P. will post 2.98 earnings per share for the current fiscal year.

Enterprise Products Partners Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, July 31st were paid a dividend of $0.56 per share. This is a boost from Enterprise Products Partners’s previous quarterly dividend of $0.55. The ex-dividend date was Friday, July 31st. This represents a $2.24 annualized dividend and a dividend yield of 5.8%. Enterprise Products Partners’s dividend payout ratio is currently 77.78%.

Analyst Upgrades and Downgrades

Several research firms have recently commented on EPD. Wolfe Research upgraded shares of Enterprise Products Partners from a “strong sell” rating to a “hold” rating in a report on Tuesday, April 21st. UBS Group reissued a “buy” rating and set a $45.00 price objective on shares of Enterprise Products Partners in a research report on Wednesday, June 17th. TD Cowen restated a “hold” rating and issued a $38.00 target price (down from $39.00) on shares of Enterprise Products Partners in a research note on Monday, August 3rd. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $38.00 target price on shares of Enterprise Products Partners in a research report on Wednesday, June 17th. Finally, Truist Financial raised their price target on Enterprise Products Partners from $36.00 to $40.00 and gave the stock a “hold” rating in a research note on Monday, May 4th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $39.93.

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.