ELCO Management Co. LLC Trims Stock Position in Enterprise Products Partners L.P. (NYSE:EPD)

ELCO Management Co. LLC lowered its stake in Enterprise Products Partners L.P. (NYSE:EPD) by 7.2% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 53,951 shares of the oil and gas producer’s stock after selling 4,204 shares during the period. ELCO Management Co. LLC’s holdings in Enterprise Products Partners were worth $1,692,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Verity & Verity LLC grew its stake in shares of Enterprise Products Partners by 30.8% during the 4th quarter. Verity & Verity LLC now owns 110,648 shares of the oil and gas producer’s stock valued at $3,470,000 after acquiring an additional 26,032 shares during the period. Spinnaker Trust purchased a new position in shares of Enterprise Products Partners in the 4th quarter worth $280,000. FourThought Financial Partners LLC lifted its stake in shares of Enterprise Products Partners by 18.5% in the 4th quarter. FourThought Financial Partners LLC now owns 140,532 shares of the oil and gas producer’s stock valued at $4,407,000 after purchasing an additional 21,970 shares during the last quarter. Peapack Gladstone Financial Corp raised its position in Enterprise Products Partners by 61.7% in the 3rd quarter. Peapack Gladstone Financial Corp now owns 135,836 shares of the oil and gas producer’s stock worth $3,954,000 after purchasing an additional 51,809 shares during the period. Finally, Steward Partners Investment Advisory LLC increased its stake in Enterprise Products Partners by 7.3% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 310,132 shares of the oil and gas producer’s stock worth $9,726,000 after purchasing an additional 21,192 shares during the period. Institutional investors own 26.07% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Citigroup reissued a “buy” rating on shares of Enterprise Products Partners in a research report on Tuesday, February 18th. Wolfe Research downgraded shares of Enterprise Products Partners from an “outperform” rating to a “peer perform” rating in a research report on Friday, January 10th. Royal Bank of Canada reissued an “outperform” rating and issued a $37.00 price objective on shares of Enterprise Products Partners in a research note on Wednesday, March 26th. Barclays increased their price objective on Enterprise Products Partners from $35.00 to $37.00 and gave the stock an “overweight” rating in a research report on Friday, March 14th. Finally, Truist Financial raised their target price on Enterprise Products Partners from $37.00 to $40.00 and gave the company a “buy” rating in a report on Friday, January 3rd. Five research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Enterprise Products Partners currently has a consensus rating of “Moderate Buy” and a consensus price target of $36.89.

Enterprise Products Partners Price Performance

NYSE EPD opened at $28.91 on Wednesday. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.07 and a quick ratio of 0.83. Enterprise Products Partners L.P. has a fifty-two week low of $27.37 and a fifty-two week high of $34.63. The stock’s 50-day moving average is $33.15 and its two-hundred day moving average is $31.86. The firm has a market cap of $62.61 billion, a P/E ratio of 10.75, a price-to-earnings-growth ratio of 1.37 and a beta of 0.78.

Enterprise Products Partners (NYSE:EPD) last announced its earnings results on Tuesday, February 4th. The oil and gas producer reported $0.74 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.69 by $0.05. The business had revenue of $14.20 billion during the quarter, compared to analysts’ expectations of $14.07 billion. Enterprise Products Partners had a net margin of 10.49% and a return on equity of 20.48%. The firm’s revenue for the quarter was down 2.9% on a year-over-year basis. During the same quarter last year, the company posted $0.72 EPS. On average, analysts anticipate that Enterprise Products Partners L.P. will post 2.9 earnings per share for the current fiscal year.

Enterprise Products Partners Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 14th. Investors of record on Wednesday, April 30th will be given a $0.535 dividend. This represents a $2.14 dividend on an annualized basis and a yield of 7.40%. The ex-dividend date is Wednesday, April 30th. Enterprise Products Partners’s dividend payout ratio is presently 79.55%.

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.