Summit Asset Management LLC Has $445,000 Stake in Enterprise Products Partners L.P. (NYSE:EPD)

Summit Asset Management LLC boosted its stake in Enterprise Products Partners L.P. (NYSE:EPD) by 22.5% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 15,293 shares of the oil and gas producer’s stock after purchasing an additional 2,812 shares during the period. Summit Asset Management LLC’s holdings in Enterprise Products Partners were worth $445,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Hantz Financial Services Inc. acquired a new stake in Enterprise Products Partners in the second quarter valued at $25,000. Mascoma Wealth Management LLC acquired a new stake in Enterprise Products Partners in the second quarter valued at $29,000. DiNuzzo Private Wealth Inc. increased its holdings in Enterprise Products Partners by 1,000.0% in the third quarter. DiNuzzo Private Wealth Inc. now owns 1,100 shares of the oil and gas producer’s stock valued at $32,000 after purchasing an additional 1,000 shares during the period. Assetmark Inc. increased its holdings in Enterprise Products Partners by 19,800.0% in the third quarter. Assetmark Inc. now owns 1,194 shares of the oil and gas producer’s stock valued at $35,000 after purchasing an additional 1,188 shares during the period. Finally, Sanctuary Wealth Management L.L.C. bought a new stake in Enterprise Products Partners during the third quarter valued at $36,000. 26.07% of the stock is currently owned by institutional investors and hedge funds.

Enterprise Products Partners Price Performance

EPD stock opened at $30.40 on Thursday. The stock has a market capitalization of $65.88 billion, a PE ratio of 11.38, a price-to-earnings-growth ratio of 1.57 and a beta of 1.04. The company’s 50-day moving average is $29.33 and its 200-day moving average is $29.01. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.07 and a quick ratio of 0.68. Enterprise Products Partners L.P. has a 1 year low of $25.95 and a 1 year high of $30.68.

Enterprise Products Partners (NYSE:EPD) last posted its earnings results on Tuesday, October 29th. The oil and gas producer reported $0.65 earnings per share for the quarter, missing analysts’ consensus estimates of $0.66 by ($0.01). Enterprise Products Partners had a return on equity of 20.31% and a net margin of 10.32%. The business had revenue of $13.78 billion during the quarter, compared to analyst estimates of $13.87 billion. During the same quarter in the prior year, the company earned $0.60 EPS. The company’s revenue was up 14.8% on a year-over-year basis. Equities research analysts expect that Enterprise Products Partners L.P. will post 2.69 EPS for the current fiscal year.

Enterprise Products Partners Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 14th. Investors of record on Thursday, October 31st will be issued a $0.525 dividend. The ex-dividend date of this dividend is Thursday, October 31st. This represents a $2.10 dividend on an annualized basis and a dividend yield of 6.91%. Enterprise Products Partners’s dividend payout ratio is presently 78.65%.

Wall Street Analyst Weigh In

A number of brokerages have commented on EPD. Truist Financial upped their price target on shares of Enterprise Products Partners from $35.00 to $37.00 and gave the company a “buy” rating in a research report on Wednesday, July 31st. Royal Bank of Canada reaffirmed an “outperform” rating and set a $36.00 price target on shares of Enterprise Products Partners in a research report on Wednesday, October 30th. StockNews.com cut shares of Enterprise Products Partners from a “strong-buy” rating to a “buy” rating in a research report on Monday, August 12th. US Capital Advisors raised shares of Enterprise Products Partners from a “moderate buy” rating to a “strong-buy” rating in a research report on Monday, October 28th. Finally, Bank of America began coverage on shares of Enterprise Products Partners in a research report on Thursday, October 17th. They set a “buy” rating and a $35.00 price target on the stock. One analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Enterprise Products Partners currently has a consensus rating of “Buy” and a consensus target price of $34.00.

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.