AlphaStar Capital Management LLC Purchases Shares of 23,786 Enterprise Products Partners L.P. $EPD

AlphaStar Capital Management LLC bought a new position in shares of Enterprise Products Partners L.P. (NYSE:EPD) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 23,786 shares of the oil and gas producer’s stock, valued at approximately $738,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in EPD. Brooklyn Investment Group bought a new position in shares of Enterprise Products Partners during the 1st quarter worth approximately $27,000. Wealth Preservation Advisors LLC bought a new position in shares of Enterprise Products Partners during the 1st quarter worth approximately $28,000. Crowley Wealth Management Inc. bought a new position in shares of Enterprise Products Partners during the 2nd quarter worth approximately $29,000. N.E.W. Advisory Services LLC bought a new position in shares of Enterprise Products Partners during the 1st quarter worth approximately $34,000. Finally, North Capital Inc. bought a new position in shares of Enterprise Products Partners during the 1st quarter worth approximately $38,000. 26.07% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

EPD has been the subject of several research analyst reports. TD Cowen initiated coverage on Enterprise Products Partners in a research note on Monday, July 7th. They set a “hold” rating and a $33.00 target price for the company. Morgan Stanley reduced their target price on Enterprise Products Partners from $35.00 to $33.00 and set an “equal weight” rating for the company in a research note on Tuesday, August 26th. Scotiabank dropped their price target on Enterprise Products Partners from $36.00 to $35.00 and set a “sector perform” rating for the company in a report on Friday, September 19th. Weiss Ratings reissued a “buy (b)” rating on shares of Enterprise Products Partners in a report on Wednesday, October 8th. Finally, Stifel Nicolaus lifted 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. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $36.09.

Enterprise Products Partners Price Performance

Shares of NYSE EPD opened at $30.75 on Friday. The stock has a market capitalization of $66.57 billion, a PE ratio of 11.43, a P/E/G ratio of 2.22 and a beta of 0.64. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.96 and a quick ratio of 0.69. The business has a fifty day moving average price of $31.42 and a two-hundred day moving average price of $31.33. Enterprise Products Partners L.P. has a fifty-two week low of $27.77 and a fifty-two week high of $34.63.

Enterprise Products Partners (NYSE:EPD) last announced its quarterly earnings data on Thursday, October 30th. The oil and gas producer reported $0.61 earnings per share for the quarter, missing the consensus estimate of $0.68 by ($0.07). The company had revenue of $12.02 billion during the quarter, compared to analyst estimates of $11.83 billion. Enterprise Products Partners had a net margin of 10.71% and a return on equity of 19.81%. Enterprise Products Partners’s revenue was down 12.7% on a year-over-year basis. During the same period in the prior year, the firm earned $0.65 earnings per share. As a group, equities analysts predict that Enterprise Products Partners L.P. will post 2.9 earnings per share for the current fiscal year.

Enterprise Products Partners Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Friday, October 31st will be issued a $0.545 dividend. The ex-dividend date of this dividend is Friday, October 31st. This represents a $2.18 annualized dividend and a yield of 7.1%. Enterprise Products Partners’s payout ratio is currently 82.26%.

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

Enterprise Products Partners Profile

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.