Meridian Wealth Management LLC raised its holdings in shares of Enterprise Products Partners L.P. (NYSE:EPD) by 40.7% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 6,101 shares of the oil and gas producer’s stock after acquiring an additional 1,764 shares during the quarter. Meridian Wealth Management LLC’s holdings in Enterprise Products Partners were worth $176,000 as of its most recent filing with the SEC.
Several other large investors have also added to or reduced their stakes in EPD. Knuff & Co LLC acquired a new stake in shares of Enterprise Products Partners in the 1st quarter valued at about $42,000. Tompkins Financial Corp boosted its position in shares of Enterprise Products Partners by 163.8% in the 1st quarter. Tompkins Financial Corp now owns 1,530 shares of the oil and gas producer’s stock valued at $44,000 after purchasing an additional 950 shares during the period. TCG Advisors LP acquired a new stake in shares of Enterprise Products Partners in the 1st quarter valued at about $44,000. Sageworth Trust Co acquired a new stake in shares of Enterprise Products Partners in the 1st quarter valued at about $57,000. Finally, Bremer Bank National Association acquired a new stake in Enterprise Products Partners during the 1st quarter worth approximately $57,000. 36.64% of the stock is owned by institutional investors and hedge funds.
A number of analysts have weighed in on EPD shares. Piper Jaffray Companies decreased their price objective on Inovio Pharmaceuticals from $12.00 to $10.00 and set an “overweight” rating for the company in a research report on Wednesday, July 17th. Johnson Rice started coverage on Enterprise Products Partners in a research report on Thursday, May 30th. They set a “buy” rating and a $35.00 price objective for the company. Goldman Sachs Group reaffirmed a “buy” rating and set a GBX 265 ($3.46) price objective on shares of Tesco in a research report on Tuesday, April 2nd. Finally, Zacks Investment Research cut Hollysys Automation Technologies from a “hold” rating to a “sell” rating in a research report on Thursday, April 11th. One investment analyst has rated the stock with a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $33.60.
Enterprise Products Partners (NYSE:EPD) last posted its quarterly earnings data on Wednesday, July 31st. The oil and gas producer reported $0.55 earnings per share for the quarter, topping analysts’ consensus estimates of $0.52 by $0.03. Enterprise Products Partners had a return on equity of 19.50% and a net margin of 12.67%. The company had revenue of $8.28 billion during the quarter, compared to analysts’ expectations of $8.57 billion. During the same period last year, the firm earned $0.31 EPS. The firm’s revenue for the quarter was down 2.3% on a year-over-year basis. Sell-side analysts predict that Enterprise Products Partners L.P. will post 2.13 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 13th. Stockholders of record on Wednesday, July 31st will be paid a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a dividend yield of 5.81%. This is an increase from Enterprise Products Partners’s previous quarterly dividend of $0.44. The ex-dividend date is Tuesday, July 30th. Enterprise Products Partners’s dividend payout ratio is 90.21%.
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. The company operates through four segments: NGL Pipelines & Services, Crude Oil Pipelines & Services, Natural Gas Pipelines & Services, and Petrochemical & Refined Products Services.
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