Tufton Capital Management Has $2.74 Million Stock Position in Enterprise Products Partners L.P. $EPD

Tufton Capital Management lowered its position in shares of Enterprise Products Partners L.P. (NYSE:EPD) by 4.3% in the second quarter, Holdings Channel reports. The institutional investor owned 88,296 shares of the oil and gas producer’s stock after selling 3,990 shares during the period. Tufton Capital Management’s holdings in Enterprise Products Partners were worth $2,738,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Vanguard Personalized Indexing Management LLC grew its position in Enterprise Products Partners by 7.0% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 151,631 shares of the oil and gas producer’s stock valued at $4,703,000 after acquiring an additional 9,979 shares during the last quarter. Forbes J M & Co. LLP bought a new stake in shares of Enterprise Products Partners during the first quarter worth about $290,000. Corigliano Investment Advisers LLC bought a new stake in shares of Enterprise Products Partners during the first quarter worth about $4,384,000. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT grew its holdings in shares of Enterprise Products Partners by 1.6% during the second quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 1,957,500 shares of the oil and gas producer’s stock worth $60,702,000 after purchasing an additional 31,652 shares during the last quarter. Finally, Nuveen LLC bought a new stake in shares of Enterprise Products Partners during the first quarter worth about $22,284,000. Institutional investors and hedge funds own 26.07% of the company’s stock.

Enterprise Products Partners Stock Performance

Shares of EPD stock opened at $30.57 on Tuesday. The business’s 50 day simple moving average is $31.39 and its 200 day simple moving average is $31.34. Enterprise Products Partners L.P. has a one year low of $27.77 and a one year high of $34.63. The stock has a market capitalization of $66.18 billion, a PE ratio of 11.36, a PEG ratio of 2.22 and a beta of 0.64. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.96 and a quick ratio of 0.69.

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

Enterprise Products Partners declared that its Board of Directors has initiated a stock buyback 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 repurchase up to 7.4% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

Enterprise Products Partners Dividend Announcement

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

Analyst Ratings Changes

EPD has been the topic of several research reports. TD Cowen initiated coverage on Enterprise Products Partners in a report on Monday, July 7th. They set a “hold” rating and a $33.00 price target on the stock. Scotiabank reduced their price target on 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. Mizuho set a $38.00 price target on Enterprise Products Partners and gave the stock an “outperform” rating in a report on Friday, July 11th. Weiss Ratings restated a “buy (b)” rating on shares of Enterprise Products Partners in a report on Wednesday, October 8th. Finally, Stifel Nicolaus boosted their price target on Enterprise Products Partners from $35.00 to $38.00 and gave the stock a “buy” rating in a report on Friday. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $36.09.

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.