SouthState Corp Acquires 6,208 Shares of Enterprise Products Partners L.P. $EPD

SouthState Corp lifted its holdings in shares of Enterprise Products Partners L.P. (NYSE:EPD) by 262.4% in the 2nd quarter, Holdings Channel reports. The firm owned 8,574 shares of the oil and gas producer’s stock after acquiring an additional 6,208 shares during the period. SouthState Corp’s holdings in Enterprise Products Partners were worth $266,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of EPD. Vanguard Personalized Indexing Management LLC lifted its position in Enterprise Products Partners by 7.0% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 151,631 shares of the oil and gas producer’s stock worth $4,703,000 after buying an additional 9,979 shares during the last quarter. Forbes J M & Co. LLP purchased a new position in shares of Enterprise Products Partners during the first quarter worth approximately $290,000. Corigliano Investment Advisers LLC bought a new stake in shares of Enterprise Products Partners in the 1st quarter worth approximately $4,384,000. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT boosted its stake in shares of Enterprise Products Partners by 1.6% in the 2nd quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 1,957,500 shares of the oil and gas producer’s stock valued at $60,702,000 after purchasing an additional 31,652 shares in the last quarter. Finally, Nuveen LLC bought a new position in shares of Enterprise Products Partners during the 1st quarter valued at $22,284,000. 26.07% of the stock is owned by hedge funds and other institutional investors.

Enterprise Products Partners Stock Performance

Shares of EPD stock opened at $31.28 on Friday. The firm has a market capitalization of $67.72 billion, a price-to-earnings ratio of 11.63, a PEG ratio of 2.22 and a beta of 0.67. The stock has a fifty day moving average of $31.30 and a 200 day moving average of $31.33. 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 quick ratio of 0.69, a current ratio of 0.96 and a debt-to-equity ratio of 1.04.

Enterprise Products Partners (NYSE:EPD) last issued its quarterly earnings data on Wednesday, October 29th. 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 return on equity of 19.81% and a net margin of 10.71%.The company had revenue of $12.02 billion during the quarter, compared to the consensus estimate of $11.83 billion. During the same quarter last year, the company posted $0.65 earnings per share. The firm’s revenue for the quarter was down 12.7% compared to the same quarter last year. As a group, research analysts expect that Enterprise Products Partners L.P. will post 2.9 earnings per share for the current year.

Enterprise Products Partners announced that its board has authorized a stock buyback plan on Thursday, October 30th that permits the company to buyback $5.00 billion in outstanding shares. This buyback authorization permits the oil and gas producer to repurchase up to 7.4% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its stock is undervalued.

Enterprise Products Partners Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Friday, October 31st will be paid a $0.545 dividend. This represents a $2.18 dividend on an annualized basis and a yield of 7.0%. The ex-dividend date of this dividend is Friday, October 31st. Enterprise Products Partners’s dividend payout ratio is presently 82.26%.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on EPD shares. Mizuho set a $38.00 price target on shares of Enterprise Products Partners and gave the stock an “outperform” rating in a research note on Friday, July 11th. Scotiabank lowered their target price on Enterprise Products Partners from $35.00 to $34.00 and set a “sector perform” rating for the company in a research note on Tuesday. Weiss Ratings restated a “buy (b)” rating on shares of Enterprise Products Partners in a report on Wednesday, October 8th. Stifel Nicolaus lifted their price target on Enterprise Products Partners from $35.00 to $38.00 and gave the stock a “buy” rating in a research note on Friday, October 31st. Finally, Morgan Stanley dropped their price objective on Enterprise Products Partners from $35.00 to $33.00 and set an “equal weight” rating for the company in a research note on Tuesday, August 26th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, Enterprise Products Partners presently has an average rating of “Moderate Buy” and an average price target of $36.00.

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.