Enterprise Products Partners L.P. $EPD Shares Sold by ProVise Management Group LLC

ProVise Management Group LLC decreased its position in Enterprise Products Partners L.P. (NYSE:EPD) by 1.5% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 117,163 shares of the oil and gas producer’s stock after selling 1,750 shares during the quarter. ProVise Management Group LLC’s holdings in Enterprise Products Partners were worth $3,633,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Brooklyn Investment Group acquired a new position in shares of Enterprise Products Partners during the first quarter worth about $27,000. Wealth Preservation Advisors LLC purchased a new position in Enterprise Products Partners in the first quarter worth approximately $28,000. Crowley Wealth Management Inc. acquired a new position in Enterprise Products Partners during the 2nd quarter worth approximately $29,000. N.E.W. Advisory Services LLC purchased a new stake in shares of Enterprise Products Partners in the 1st quarter valued at approximately $34,000. Finally, Pandora Wealth Inc. acquired a new stake in shares of Enterprise Products Partners in the 1st quarter valued at $48,000. 26.07% of the stock is currently owned by hedge funds and other institutional investors.

Enterprise Products Partners Stock Performance

NYSE EPD opened at $32.20 on Friday. The firm has a market cap of $69.66 billion, a P/E ratio of 11.97, a P/E/G ratio of 2.22 and a beta of 0.67. Enterprise Products Partners L.P. has a 52-week low of $27.77 and a 52-week high of $34.63. The business’s 50-day moving average price is $31.28 and its 200 day moving average price is $31.35. The company has a quick ratio of 0.69, a current ratio of 0.96 and a debt-to-equity ratio of 1.04.

Enterprise Products Partners (NYSE:EPD) last posted its quarterly earnings data on Wednesday, October 29th. The oil and gas producer reported $0.61 EPS for the quarter, missing the consensus estimate of $0.68 by ($0.07). Enterprise Products Partners had a net margin of 10.71% and a return on equity of 19.81%. The company had revenue of $12.02 billion for the quarter, compared to analysts’ expectations of $11.83 billion. During the same period in the prior year, the company earned $0.65 earnings per share. The firm’s revenue was down 12.7% on a year-over-year basis. On average, equities research analysts expect that Enterprise Products Partners L.P. will post 2.9 earnings per share for the current year.

Enterprise Products Partners announced that its Board of Directors has authorized a stock buyback plan on Thursday, October 30th that permits the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization permits the oil and gas producer to buy up to 7.4% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Enterprise Products Partners Announces Dividend

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

Wall Street Analysts Forecast Growth

Several research firms recently commented on EPD. Weiss Ratings reissued a “buy (b)” rating on shares of Enterprise Products Partners in a report on Wednesday, October 8th. Morgan Stanley lowered their price objective on Enterprise Products Partners from $35.00 to $33.00 and set an “equal weight” rating for the company in a research report on Tuesday, August 26th. Stifel Nicolaus raised their target price on Enterprise Products Partners from $35.00 to $38.00 and gave the stock a “buy” rating in a research report on Friday, October 31st. Finally, Scotiabank cut their price target on shares of Enterprise Products Partners from $35.00 to $34.00 and set a “sector perform” rating on the stock in a research note on Tuesday, November 4th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, Enterprise Products Partners presently has a consensus rating of “Moderate Buy” and an average target price of $36.00.

About Enterprise Products Partners

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.