Verity Asset Management Inc. Has $2.67 Million Position in Enterprise Products Partners L.P. $EPD

Verity Asset Management Inc. lowered its stake in Enterprise Products Partners L.P. (NYSE:EPD) by 48.1% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 85,982 shares of the oil and gas producer’s stock after selling 79,772 shares during the period. Enterprise Products Partners accounts for 1.3% of Verity Asset Management Inc.’s holdings, making the stock its 16th largest holding. Verity Asset Management Inc.’s holdings in Enterprise Products Partners were worth $2,666,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Per Stirling Capital Management LLC. boosted its holdings in shares of Enterprise Products Partners by 1.5% during the 1st quarter. Per Stirling Capital Management LLC. now owns 23,556 shares of the oil and gas producer’s stock valued at $804,000 after acquiring an additional 339 shares in the last quarter. Tranquility Partners LLC boosted its stake in shares of Enterprise Products Partners by 1.4% during the second quarter. Tranquility Partners LLC now owns 23,944 shares of the oil and gas producer’s stock valued at $743,000 after purchasing an additional 339 shares in the last quarter. Sound Income Strategies LLC boosted its stake in shares of Enterprise Products Partners by 2.1% during the second quarter. Sound Income Strategies LLC now owns 16,796 shares of the oil and gas producer’s stock valued at $521,000 after purchasing an additional 340 shares in the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management boosted its stake in shares of Enterprise Products Partners by 1.8% during the second quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 19,353 shares of the oil and gas producer’s stock valued at $600,000 after purchasing an additional 347 shares in the last quarter. Finally, Russell Investments Group Ltd. boosted its stake in shares of Enterprise Products Partners by 1.2% during the first quarter. Russell Investments Group Ltd. now owns 32,403 shares of the oil and gas producer’s stock valued at $1,106,000 after purchasing an additional 372 shares in the last quarter. Institutional investors and hedge funds own 26.07% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently commented on EPD. TD Cowen began coverage on shares of Enterprise Products Partners in a research report on Monday, July 7th. They set a “hold” rating and a $33.00 target price on the stock. Mizuho set a $38.00 target price on shares of Enterprise Products Partners and gave the stock an “outperform” rating in a research report on Friday, July 11th. Stifel Nicolaus lifted their price target on shares of Enterprise Products Partners from $35.00 to $38.00 and gave the stock a “buy” rating in a report on Friday. Scotiabank cut their price target on shares of Enterprise Products Partners from $36.00 to $35.00 and set a “sector perform” rating on the stock in a report on Friday, September 19th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Enterprise Products Partners in a report on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, Enterprise Products Partners presently has an average rating of “Moderate Buy” and an average target price of $36.09.

Enterprise Products Partners Stock Down 2.6%

Shares of NYSE EPD opened at $30.75 on Monday. The company has a market capitalization of $66.57 billion, a P/E ratio of 11.43, a price-to-earnings-growth ratio of 2.22 and a beta of 0.64. Enterprise Products Partners L.P. has a 52-week low of $27.77 and a 52-week high of $34.63. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.69 and a current ratio of 0.96. The company’s 50 day moving average price is $31.42 and its 200-day moving average price is $31.34.

Enterprise Products Partners (NYSE:EPD) last issued its quarterly earnings results on Thursday, October 30th. The oil and gas producer reported $0.61 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.68 by ($0.07). The firm had revenue of $12.02 billion during the quarter, compared to analyst estimates of $11.83 billion. Enterprise Products Partners had a return on equity of 19.81% and a net margin of 10.71%.The firm’s revenue for the quarter was down 12.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.65 EPS. Equities analysts forecast that Enterprise Products Partners L.P. will post 2.9 earnings per share for the current year.

Enterprise Products Partners Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Friday, October 31st will be issued a $0.545 dividend. The ex-dividend date is Friday, October 31st. This represents a $2.18 annualized dividend and a yield of 7.1%. Enterprise Products Partners’s payout ratio is presently 82.26%.

Enterprise Products Partners declared that its Board of Directors has initiated a share repurchase plan on Thursday, October 30th that allows the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization allows the oil and gas producer to purchase up to 7.4% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

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.