Merewether Investment Management LP Purchases Shares of 1,056,200 Enterprise Products Partners L.P. (NYSE:EPD)

Merewether Investment Management LP bought a new stake in Enterprise Products Partners L.P. (NYSE:EPD) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 1,056,200 shares of the oil and gas producer’s stock, valued at approximately $30,746,000. Enterprise Products Partners makes up 1.4% of Merewether Investment Management LP’s holdings, making the stock its 24th biggest position.

Other large investors have also recently added to or reduced their stakes in the company. Hantz Financial Services Inc. bought a new stake in Enterprise Products Partners in the 2nd quarter valued at $25,000. Mascoma Wealth Management LLC acquired a new stake in Enterprise Products Partners in the second quarter valued at $29,000. DiNuzzo Private Wealth Inc. grew its position in shares of Enterprise Products Partners by 1,000.0% in the 3rd quarter. DiNuzzo Private Wealth Inc. now owns 1,100 shares of the oil and gas producer’s stock valued at $32,000 after buying an additional 1,000 shares during the last quarter. Assetmark Inc. lifted its stake in shares of Enterprise Products Partners by 19,800.0% in the third quarter. Assetmark Inc. now owns 1,194 shares of the oil and gas producer’s stock worth $35,000 after acquiring an additional 1,188 shares during the period. Finally, Sanctuary Wealth Management L.L.C. acquired a new position in Enterprise Products Partners in the third quarter valued at $36,000. Institutional investors and hedge funds own 26.07% of the company’s stock.

Wall Street Analysts Forecast Growth

EPD has been the subject of a number of research reports. Bank of America assumed coverage on shares of Enterprise Products Partners in a report on Thursday, October 17th. They issued a “buy” rating and a $35.00 price target for the company. 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. StockNews.com downgraded Enterprise Products Partners from a “strong-buy” rating to a “buy” rating in a research note on Monday, August 12th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $36.00 price objective on shares of Enterprise Products Partners in a research note on Wednesday, October 30th. One research analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $34.00.

Enterprise Products Partners Trading Down 1.5 %

Shares of EPD stock opened at $33.29 on Wednesday. Enterprise Products Partners L.P. has a 52-week low of $25.96 and a 52-week high of $34.63. The company has a 50-day simple moving average of $30.27 and a two-hundred day simple moving average of $29.43. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.83 and a current ratio of 1.07. The company has a market capitalization of $72.16 billion, a price-to-earnings ratio of 12.47, a PEG ratio of 1.74 and a beta of 1.08.

Enterprise Products Partners (NYSE:EPD) last issued its quarterly earnings results on Tuesday, October 29th. The oil and gas producer reported $0.65 EPS for the quarter, missing analysts’ consensus estimates of $0.66 by ($0.01). Enterprise Products Partners had a return on equity of 20.31% and a net margin of 10.32%. The business had revenue of $13.78 billion for the quarter, compared to the consensus estimate of $13.87 billion. During the same quarter last year, the business posted $0.60 earnings per share. The business’s revenue was up 14.8% compared to the same quarter last year. Research analysts anticipate that Enterprise Products Partners L.P. will post 2.69 EPS for the current fiscal year.

Enterprise Products Partners Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Thursday, October 31st were given a $0.525 dividend. This represents a $2.10 annualized dividend and a yield of 6.31%. The ex-dividend date of this dividend was Thursday, October 31st. Enterprise Products Partners’s dividend 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.