Maryland State Retirement & Pension System Grows Stock Holdings in Enterprise Products Partners L.P. $EPD

Maryland State Retirement & Pension System increased its stake in shares of Enterprise Products Partners L.P. (NYSE:EPD) by 6.3% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 1,309,570 shares of the oil and gas producer’s stock after acquiring an additional 77,937 shares during the period. Enterprise Products Partners makes up about 0.9% of Maryland State Retirement & Pension System’s investment portfolio, making the stock its 22nd largest position. Maryland State Retirement & Pension System’s holdings in Enterprise Products Partners were worth $40,610,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Brooklyn Investment Group purchased 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 shares of Enterprise Products Partners during the first quarter worth about $28,000. Security National Bank purchased a new stake in Enterprise Products Partners in the 1st quarter valued at approximately $30,000. Alpine Bank Wealth Management purchased a new stake in Enterprise Products Partners in the 1st quarter valued at approximately $31,000. Finally, Crowley Wealth Management Inc. purchased a new stake in Enterprise Products Partners in the 2nd quarter valued at approximately $29,000. Hedge funds and other institutional investors own 26.07% of the company’s stock.

Enterprise Products Partners Trading Down 0.2%

Shares of Enterprise Products Partners stock opened at $31.66 on Thursday. 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. The company has a market capitalization of $68.55 billion, a P/E ratio of 11.77, a P/E/G ratio of 2.25 and a beta of 0.64. The business has a 50 day moving average price of $31.58 and a 200 day moving average price of $31.44.

Enterprise Products Partners (NYSE:EPD) last issued its quarterly earnings data on Monday, July 28th. The oil and gas producer reported $0.66 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.67 by ($0.01). Enterprise Products Partners had a return on equity of 19.81% and a net margin of 10.71%.The company had revenue of $11.36 billion for the quarter, compared to analyst estimates of $15.24 billion. During the same quarter in the prior year, the firm earned $0.64 earnings per share. The company’s revenue for the quarter was down 15.7% on a year-over-year basis. Sell-side analysts anticipate that Enterprise Products Partners L.P. will post 2.9 EPS 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. Investors of record on Friday, October 31st will be given a dividend of $0.545 per share. This represents a $2.18 annualized dividend and a dividend yield of 6.9%. The ex-dividend date is Friday, October 31st. Enterprise Products Partners’s payout ratio is currently 81.04%.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. Morgan Stanley lowered their price objective on Enterprise Products Partners from $35.00 to $33.00 and set an “equal weight” rating on the stock in a report on Tuesday, August 26th. TD Cowen assumed coverage on Enterprise Products Partners in a report on Monday, July 7th. They issued a “hold” rating and a $33.00 price objective on the stock. Barclays lowered their price objective on Enterprise Products Partners from $36.00 to $35.00 and set an “overweight” rating on the stock in a report on Wednesday, July 2nd. Stifel Nicolaus lowered their price objective on Enterprise Products Partners from $36.00 to $35.00 and set a “buy” rating on the stock in a report on Tuesday, July 29th. Finally, Mizuho set a $38.00 price objective on Enterprise Products Partners and gave the company an “outperform” rating in a report on Friday, July 11th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $35.75.

Insider Activity at Enterprise Products Partners

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

Enterprise Products Partners Company 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.