Chevy Chase Trust Holdings LLC Boosts Stock Position in Enterprise Products Partners L.P. $EPD

Chevy Chase Trust Holdings LLC increased its stake in Enterprise Products Partners L.P. (NYSE:EPD) by 13.3% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 8,500 shares of the oil and gas producer’s stock after buying an additional 1,000 shares during the period. Chevy Chase Trust Holdings LLC’s holdings in Enterprise Products Partners were worth $264,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in EPD. ING Groep NV purchased a new stake in shares of Enterprise Products Partners in the 1st quarter worth approximately $71,052,000. Alps Advisors Inc. grew its stake in shares of Enterprise Products Partners by 5.0% in the 1st quarter. Alps Advisors Inc. now owns 41,326,613 shares of the oil and gas producer’s stock worth $1,410,891,000 after buying an additional 1,967,188 shares during the last quarter. JPMorgan Chase & Co. grew its stake in shares of Enterprise Products Partners by 65.3% in the 1st quarter. JPMorgan Chase & Co. now owns 4,347,247 shares of the oil and gas producer’s stock worth $148,415,000 after buying an additional 1,717,768 shares during the last quarter. Northside Capital Management LLC purchased a new stake in shares of Enterprise Products Partners in the 2nd quarter worth approximately $47,628,000. Finally, Truist Financial Corp boosted its stake in Enterprise Products Partners by 293.6% during the 1st quarter. Truist Financial Corp now owns 2,018,964 shares of the oil and gas producer’s stock valued at $68,927,000 after purchasing an additional 1,506,055 shares during the last quarter. Hedge funds and other institutional investors own 26.07% of the company’s stock.

Insiders Place Their Bets

In related news, Director William C. Montgomery bought 16,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 30th. The shares were bought at an average cost of $31.55 per share, with a total value of $504,800.00. Following the acquisition, the director owned 136,920 shares in the company, valued at $4,319,826. This trade represents a 13.23% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John R. Rutherford bought 15,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 29th. The stock was bought at an average cost of $31.35 per share, for a total transaction of $470,250.00. Following the completion of the acquisition, the director owned 158,586 shares in the company, valued at $4,971,671.10. This trade represents a 10.45% increase in their position. The disclosure for this purchase can be found here. 32.60% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several analysts have commented on the company. Morgan Stanley cut their target price on Enterprise Products Partners from $35.00 to $33.00 and set an “equal weight” rating on the stock in a research note on Tuesday, August 26th. TD Cowen assumed coverage on Enterprise Products Partners in a research note on Monday, July 7th. They set a “hold” rating and a $33.00 target price on the stock. Weiss Ratings reiterated a “buy (b)” rating on shares of Enterprise Products Partners in a research note on Wednesday, October 8th. Stifel Nicolaus cut their target price on Enterprise Products Partners from $36.00 to $35.00 and set a “buy” rating on the stock in a research note on Tuesday, July 29th. Finally, Barclays cut their target price on Enterprise Products Partners from $36.00 to $35.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 2nd. Two investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Enterprise Products Partners has a consensus rating of “Moderate Buy” and a consensus price target of $35.82.

Enterprise Products Partners Price Performance

NYSE EPD opened at $30.79 on Wednesday. The business’s fifty day moving average price is $31.50 and its 200-day moving average price is $31.24. The stock has a market capitalization of $66.67 billion, a price-to-earnings ratio of 11.45, a PEG ratio of 2.18 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. Enterprise Products Partners L.P. has a 1-year low of $27.77 and a 1-year high of $34.63.

Enterprise Products Partners (NYSE:EPD) last released its quarterly earnings results on Monday, July 28th. The oil and gas producer reported $0.66 earnings per share for the quarter, missing the consensus estimate of $0.67 by ($0.01). The firm had revenue of $11.36 billion for the quarter, compared to the consensus estimate of $15.24 billion. Enterprise Products Partners had a net margin of 10.71% and a return on equity of 19.81%. Enterprise Products Partners’s quarterly revenue was down 15.7% compared to the same quarter last year. During the same period in the previous year, the company earned $0.64 earnings per share. On average, equities analysts predict that Enterprise Products Partners L.P. will post 2.9 earnings per share for the current year.

Enterprise Products Partners Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Friday, October 31st will be issued a $0.545 dividend. This represents a $2.18 dividend on an annualized basis and a yield of 7.1%. The ex-dividend date of this dividend is Friday, October 31st. Enterprise Products Partners’s dividend payout ratio (DPR) is currently 81.04%.

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.