PNC Financial Services Group Inc. Increases Stock Position in Enterprise Products Partners L.P. $EPD

PNC Financial Services Group Inc. boosted its position in shares of Enterprise Products Partners L.P. (NYSE:EPD) by 3.0% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,252,088 shares of the oil and gas producer’s stock after buying an additional 36,339 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Enterprise Products Partners were worth $39,153,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the company. Winnow Wealth LLC purchased a new position in shares of Enterprise Products Partners in the 2nd quarter valued at about $28,000. Traub Capital Management LLC acquired a new stake in Enterprise Products Partners in the second quarter valued at approximately $31,000. Abich Financial Wealth Management LLC purchased a new stake in shares of Enterprise Products Partners in the third quarter valued at approximately $32,000. Financial Consulate Inc. acquired a new position in shares of Enterprise Products Partners during the 3rd quarter worth approximately $33,000. Finally, Davis Capital Management purchased a new position in shares of Enterprise Products Partners during the 3rd quarter valued at approximately $45,000. Institutional investors and hedge funds own 26.07% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently commented on EPD. Jefferies Financial Group reissued a “hold” rating and issued a $34.00 price target on shares of Enterprise Products Partners in a report on Wednesday, February 4th. Stifel Nicolaus boosted their target price on shares of Enterprise Products Partners from $35.00 to $38.00 and gave the stock a “buy” rating in a research note on Friday, October 31st. Raymond James Financial downgraded shares of Enterprise Products Partners from a “strong-buy” rating to an “outperform” rating and set a $36.00 price target for the company. in a research report on Monday, January 5th. UBS Group reiterated a “buy” rating on shares of Enterprise Products Partners in a report on Tuesday, December 16th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Enterprise Products Partners in a report on Thursday, January 22nd. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, six have issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $36.00.

Enterprise Products Partners Trading Up 4.9%

EPD opened at $37.16 on Tuesday. The firm has a market capitalization of $80.38 billion, a price-to-earnings ratio of 13.97, a price-to-earnings-growth ratio of 2.64 and a beta of 0.60. The company’s 50 day simple moving average is $33.02 and its two-hundred day simple moving average is $32.06. Enterprise Products Partners L.P. has a 1-year low of $27.77 and a 1-year high of $37.31. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.88 and a quick ratio of 0.60.

Enterprise Products Partners (NYSE:EPD) last posted its quarterly earnings results on Tuesday, February 3rd. The oil and gas producer reported $0.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.69 by $0.06. The business had revenue of $13.79 billion during the quarter, compared to analyst estimates of $12.44 billion. Enterprise Products Partners had a return on equity of 19.43% and a net margin of 11.05%.The business’s revenue was down 2.9% compared to the same quarter last year. During the same period in the prior year, the business earned $0.74 earnings per share. Analysts expect that Enterprise Products Partners L.P. will post 2.9 EPS for the current fiscal year.

Enterprise Products Partners Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 13th. Stockholders of record on Friday, January 30th were issued a dividend of $0.55 per share. The ex-dividend date was Friday, January 30th. This represents a $2.20 annualized dividend and a dividend yield of 5.9%. This is a boost from Enterprise Products Partners’s previous quarterly dividend of $0.55. Enterprise Products Partners’s payout ratio is presently 82.71%.

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

Insider Buying and Selling at Enterprise Products Partners

In other news, Director John R. Rutherford acquired 15,000 shares of the company’s stock in a transaction that occurred on Monday, December 29th. The stock was purchased at an average price of $32.09 per share, with a total value of $481,350.00. Following the completion of the acquisition, the director owned 173,586 shares of the company’s stock, valued at $5,570,374.74. This trade represents a 9.46% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 32.60% of the company’s stock.

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.