Enterprise Products Partners L.P. (NYSE:EPD) Shares Sold by Covenant Asset Management LLC

Covenant Asset Management LLC reduced its holdings in Enterprise Products Partners L.P. (NYSE:EPD) by 0.8% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 63,604 shares of the oil and gas producer’s stock after selling 500 shares during the quarter. Covenant Asset Management LLC’s holdings in Enterprise Products Partners were worth $1,852,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Paragon Advisors LLC purchased a new stake in Enterprise Products Partners during the third quarter valued at about $2,628,000. Thrivent Financial for Lutherans boosted its position in shares of Enterprise Products Partners by 5.2% in the third quarter. Thrivent Financial for Lutherans now owns 4,072,866 shares of the oil and gas producer’s stock worth $118,561,000 after buying an additional 200,625 shares during the period. O Shaughnessy Asset Management LLC boosted its position in shares of Enterprise Products Partners by 19.1% in the first quarter. O Shaughnessy Asset Management LLC now owns 23,469 shares of the oil and gas producer’s stock worth $685,000 after buying an additional 3,770 shares during the period. Atlanta Consulting Group Advisors LLC purchased a new stake in shares of Enterprise Products Partners in the third quarter worth about $670,000. Finally, Empowered Funds LLC boosted its position in shares of Enterprise Products Partners by 14.1% in the third quarter. Empowered Funds LLC now owns 181,654 shares of the oil and gas producer’s stock worth $5,288,000 after buying an additional 22,506 shares during the period. 26.07% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

Enterprise Products Partners Stock Up 1.7 %

Shares of Enterprise Products Partners stock opened at $32.34 on Friday. The company has a current ratio of 1.07, a quick ratio of 0.83 and a debt-to-equity ratio of 1.05. The business’s 50 day simple moving average is $29.66 and its 200-day simple moving average is $29.16. The stock has a market capitalization of $70.09 billion, a price-to-earnings ratio of 12.11, a PEG ratio of 1.63 and a beta of 1.04. Enterprise Products Partners L.P. has a twelve month low of $25.96 and a twelve month high of $32.56.

Enterprise Products Partners (NYSE:EPD) last announced its quarterly 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). The company had revenue of $13.78 billion for the quarter, compared to analyst estimates of $13.87 billion. Enterprise Products Partners had a return on equity of 20.31% and a net margin of 10.32%. The firm’s revenue for the quarter was up 14.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.60 earnings per share. Equities research analysts forecast that Enterprise Products Partners L.P. will post 2.69 earnings per share for the current year.

Enterprise Products Partners Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Thursday, October 31st were given a dividend of $0.525 per share. This represents a $2.10 dividend on an annualized basis and a dividend yield of 6.49%. The ex-dividend date of this dividend was Thursday, October 31st. Enterprise Products Partners’s payout ratio is 78.65%.

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.