Belpointe Asset Management LLC Cuts Stock Holdings in Enterprise Products Partners L.P. (NYSE:EPD)

Belpointe Asset Management LLC lowered its stake in shares of Enterprise Products Partners L.P. (NYSE:EPD) by 20.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 56,562 shares of the oil and gas producer’s stock after selling 14,593 shares during the quarter. Belpointe Asset Management LLC’s holdings in Enterprise Products Partners were worth $1,639,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of EPD. Hantz Financial Services Inc. purchased a new position in Enterprise Products Partners during the second quarter worth about $25,000. Burkett Financial Services LLC bought a new position in Enterprise Products Partners in the 4th quarter valued at $28,000. Stephens Consulting LLC purchased a new stake in shares of Enterprise Products Partners during the 1st quarter valued at $29,000. Palisade Asset Management LLC bought a new stake in shares of Enterprise Products Partners during the 1st quarter worth $29,000. Finally, Mascoma Wealth Management LLC purchased a new position in shares of Enterprise Products Partners in the 2nd quarter worth about $29,000. 26.07% of the stock is owned by hedge funds and other institutional investors.

Enterprise Products Partners Stock Performance

Enterprise Products Partners stock opened at $29.05 on Thursday. The company has a current ratio of 0.91, a quick ratio of 0.68 and a debt-to-equity ratio of 0.98. The firm has a market cap of $63.07 billion, a P/E ratio of 11.39, a P/E/G ratio of 1.50 and a beta of 1.03. Enterprise Products Partners L.P. has a 1-year low of $25.61 and a 1-year high of $30.05. The firm has a 50-day moving average of $29.18 and a 200-day moving average of $28.75.

Enterprise Products Partners (NYSE:EPD) last issued 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). Enterprise Products Partners had a net margin of 10.48% and a return on equity of 20.13%. The company had revenue of $13.48 billion for the quarter, compared to analysts’ expectations of $14.23 billion. During the same period in the previous year, the firm posted $0.57 earnings per share. The firm’s revenue for the quarter was up 26.6% compared to the same quarter last year. Sell-side analysts expect that Enterprise Products Partners L.P. will post 2.72 EPS for the current year.

Enterprise Products Partners Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, August 14th. Shareholders of record on Wednesday, July 31st were issued a $0.525 dividend. This represents a $2.10 dividend on an annualized basis and a yield of 7.23%. The ex-dividend date of this dividend was Wednesday, July 31st. This is a boost from Enterprise Products Partners’s previous quarterly dividend of $0.52. Enterprise Products Partners’s dividend payout ratio is 82.35%.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on EPD. Morgan Stanley lowered their target price on 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. StockNews.com cut shares of Enterprise Products Partners from a “strong-buy” rating to a “buy” rating in a research report on Monday, August 12th. Truist Financial lifted their target price on shares of Enterprise Products Partners from $35.00 to $37.00 and gave the company a “buy” rating in a research report on Wednesday, July 31st. Finally, JPMorgan Chase & Co. decreased their price target on shares of Enterprise Products Partners from $33.00 to $32.00 and set an “overweight” rating on the stock in a report on Thursday, May 16th. Two investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $33.08.

Enterprise Products Partners 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.