JPMorgan Chase & Co. Lowers Stock Position in Enterprise Products Partners L.P. $EPD

JPMorgan Chase & Co. trimmed its stake in Enterprise Products Partners L.P. (NYSE:EPD) by 40.2% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 2,600,456 shares of the oil and gas producer’s stock after selling 1,746,791 shares during the period. JPMorgan Chase & Co.’s holdings in Enterprise Products Partners were worth $80,640,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Verus Capital Partners LLC lifted its position in shares of Enterprise Products Partners by 1.0% during the second quarter. Verus Capital Partners LLC now owns 32,311 shares of the oil and gas producer’s stock worth $1,002,000 after purchasing an additional 328 shares in the last quarter. Next Capital Management LLC increased its position in shares of Enterprise Products Partners by 2.3% during the second quarter. Next Capital Management LLC now owns 14,625 shares of the oil and gas producer’s stock worth $454,000 after acquiring an additional 332 shares during the period. Per Stirling Capital Management LLC. raised its stake in shares of Enterprise Products Partners by 1.5% in the first 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 holdings in Enterprise Products Partners by 1.4% in 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 during the period. Finally, Sound Income Strategies LLC grew its stake in Enterprise Products Partners by 2.1% during the 2nd quarter. Sound Income Strategies LLC now owns 16,796 shares of the oil and gas producer’s stock worth $521,000 after purchasing an additional 340 shares in the last quarter. Hedge funds and other institutional investors own 26.07% of the company’s stock.

Enterprise Products Partners Stock Performance

Shares of EPD stock opened at $32.73 on Friday. The stock has a fifty day moving average price of $31.38 and a 200 day moving average price of $31.48. 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 stock has a market cap of $70.81 billion, a PE ratio of 12.17, a P/E/G ratio of 2.22 and a beta of 0.67. Enterprise Products Partners L.P. has a 1 year low of $27.77 and a 1 year high of $34.63.

Enterprise Products Partners (NYSE:EPD) last posted its earnings results on Wednesday, October 29th. The oil and gas producer reported $0.61 earnings per share for the quarter, missing the consensus estimate of $0.68 by ($0.07). The business had revenue of $12.02 billion for the quarter, compared to analysts’ expectations of $11.83 billion. Enterprise Products Partners had a net margin of 10.71% and a return on equity of 19.81%. The business’s revenue was down 12.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.65 earnings per share. Sell-side analysts forecast that Enterprise Products Partners L.P. will post 2.9 earnings per share for the current fiscal year.

Enterprise Products Partners announced that its board has initiated a share buyback program on Thursday, October 30th that allows the company to buyback $5.00 billion in shares. This buyback authorization allows the oil and gas producer to buy up to 7.4% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board believes its shares are undervalued.

Enterprise Products Partners Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 14th. Stockholders of record on Friday, October 31st were paid a dividend of $0.545 per share. The ex-dividend date of this dividend was Friday, October 31st. This represents a $2.18 annualized dividend and a dividend yield of 6.7%. Enterprise Products Partners’s payout ratio is currently 82.26%.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on EPD. Scotiabank reduced their price target on Enterprise Products Partners from $35.00 to $34.00 and set a “sector perform” rating on the stock in a research report on Tuesday, November 4th. Weiss Ratings reissued a “buy (b)” rating on shares of Enterprise Products Partners in a research report on Wednesday, October 8th. Morgan Stanley decreased their price objective on shares of Enterprise Products Partners from $35.00 to $33.00 and set an “equal weight” rating for the company in a research report on Tuesday, August 26th. Finally, Stifel Nicolaus raised their price target on Enterprise Products Partners from $35.00 to $38.00 and gave the company a “buy” rating in a research note on Friday, October 31st. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Enterprise Products Partners has a consensus rating of “Moderate Buy” and a consensus target price of $36.00.

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.