Elgethun Capital Management Acquires 1,180 Shares of Enterprise Products Partners L.P. (NYSE:EPD)

Elgethun Capital Management grew its holdings in shares of Enterprise Products Partners L.P. (NYSE:EPD) by 1.2% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 95,727 shares of the oil and gas producer’s stock after acquiring an additional 1,180 shares during the quarter. Elgethun Capital Management’s holdings in Enterprise Products Partners were worth $2,774,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of EPD. Blackstone Inc. lifted its position in Enterprise Products Partners by 6.3% during the first quarter. Blackstone Inc. now owns 23,533,643 shares of the oil and gas producer’s stock valued at $686,712,000 after purchasing an additional 1,391,370 shares during the last quarter. Tortoise Capital Advisors L.L.C. grew its position in Enterprise Products Partners by 4.8% in the second quarter. Tortoise Capital Advisors L.L.C. now owns 16,221,236 shares of the oil and gas producer’s stock worth $470,091,000 after acquiring an additional 741,237 shares in the last quarter. Energy Income Partners LLC increased its stake in Enterprise Products Partners by 0.9% in the first quarter. Energy Income Partners LLC now owns 15,618,956 shares of the oil and gas producer’s stock valued at $455,761,000 after acquiring an additional 142,689 shares during the last quarter. Kayne Anderson Capital Advisors LP raised its position in Enterprise Products Partners by 2.6% during the first quarter. Kayne Anderson Capital Advisors LP now owns 11,175,161 shares of the oil and gas producer’s stock valued at $326,091,000 after purchasing an additional 284,772 shares in the last quarter. Finally, Chickasaw Capital Management LLC lifted its stake in Enterprise Products Partners by 1.6% during the second quarter. Chickasaw Capital Management LLC now owns 5,517,617 shares of the oil and gas producer’s stock worth $159,901,000 after purchasing an additional 87,930 shares during the last quarter. Hedge funds and other institutional investors own 26.07% of the company’s stock.

Enterprise Products Partners Price Performance

Shares of NYSE EPD opened at $29.25 on Thursday. Enterprise Products Partners L.P. has a 1 year low of $25.61 and a 1 year high of $30.05. The stock has a market capitalization of $63.48 billion, a P/E ratio of 11.47, a P/E/G ratio of 1.50 and a beta of 1.03. The company’s 50-day moving average is $29.22 and its 200 day moving average is $28.92. The company has a debt-to-equity ratio of 0.98, a current ratio of 0.91 and a quick ratio of 0.68.

Enterprise Products Partners (NYSE:EPD) last posted its quarterly earnings data on Tuesday, July 30th. The oil and gas producer reported $0.64 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.66 by ($0.02). The firm had revenue of $13.48 billion during the quarter, compared to the consensus estimate of $14.23 billion. Enterprise Products Partners had a return on equity of 20.13% and a net margin of 10.48%. Enterprise Products Partners’s revenue for the quarter was up 26.6% compared to the same quarter last year. During the same quarter last year, the company posted $0.57 EPS. On average, sell-side analysts expect that Enterprise Products Partners L.P. will post 2.72 earnings per share for the current year.

Enterprise Products Partners Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, August 14th. Investors of record on Wednesday, July 31st were paid a $0.525 dividend. The ex-dividend date of this dividend was Wednesday, July 31st. This represents a $2.10 annualized dividend and a dividend yield of 7.18%. This is an increase from Enterprise Products Partners’s previous quarterly dividend of $0.52. Enterprise Products Partners’s dividend payout ratio is presently 82.35%.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on EPD shares. StockNews.com cut Enterprise Products Partners from a “strong-buy” rating to a “buy” rating in a report on Monday, August 12th. Morgan Stanley decreased their price target on shares of Enterprise Products Partners from $35.00 to $34.00 and set an “equal weight” rating on the stock in a research note on Monday, June 10th. Finally, Truist Financial upped their price objective on shares of Enterprise Products Partners from $35.00 to $37.00 and gave the company a “buy” rating in a research note on Wednesday, July 31st. Two investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $33.08.

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. It operates in four segments: NGL Pipelines & Services, Crude Oil Pipelines & Services, Natural Gas Pipelines & Services, and Petrochemical & Refined Products Services.