Confluence Wealth Services Inc. Buys 15,683 Shares of Enterprise Products Partners L.P. $EPD

Confluence Wealth Services Inc. lifted its stake in Enterprise Products Partners L.P. (NYSE:EPD) by 294.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 21,002 shares of the oil and gas producer’s stock after purchasing an additional 15,683 shares during the quarter. Confluence Wealth Services Inc.’s holdings in Enterprise Products Partners were worth $772,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the company. Alps Advisors Inc. grew its position in Enterprise Products Partners by 0.6% during the 4th quarter. Alps Advisors Inc. now owns 42,639,131 shares of the oil and gas producer’s stock valued at $1,367,011,000 after purchasing an additional 260,305 shares during the last quarter. Auto Owners Insurance Co lifted its stake in shares of Enterprise Products Partners by 3,106.0% in the fourth quarter. Auto Owners Insurance Co now owns 32,060,000 shares of the oil and gas producer’s stock worth $102,784,000 after buying an additional 31,060,000 shares in the last quarter. Morgan Stanley lifted its stake in shares of Enterprise Products Partners by 4.8% in the fourth quarter. Morgan Stanley now owns 19,116,333 shares of the oil and gas producer’s stock worth $612,870,000 after buying an additional 883,983 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of Enterprise Products Partners by 12.0% during the fourth quarter. Goldman Sachs Group Inc. now owns 18,163,343 shares of the oil and gas producer’s stock valued at $582,317,000 after buying an additional 1,940,583 shares during the last quarter. Finally, Energy Income Partners LLC increased its position in shares of Enterprise Products Partners by 0.6% during the third quarter. Energy Income Partners LLC now owns 14,705,122 shares of the oil and gas producer’s stock valued at $459,829,000 after acquiring an additional 80,884 shares in the last quarter. Institutional investors own 26.07% of the company’s stock.

Enterprise Products Partners Price Performance

NYSE EPD opened at $38.09 on Friday. The stock has a market capitalization of $82.24 billion, a price-to-earnings ratio of 13.22, a PEG ratio of 1.36 and a beta of 0.49. Enterprise Products Partners L.P. has a 1-year low of $30.01 and a 1-year high of $40.17. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.91 and a quick ratio of 0.61. The business’s fifty day moving average price is $37.56 and its 200-day moving average price is $37.33.

Enterprise Products Partners (NYSE:EPD) last issued its quarterly earnings data on Wednesday, July 29th. The oil and gas producer reported $0.84 EPS for the quarter, topping the consensus estimate of $0.75 by $0.09. Enterprise Products Partners had a return on equity of 20.80% and a net margin of 10.79%.The company had revenue of $18.27 billion during the quarter, compared to analyst estimates of $13.69 billion. During the same quarter in the previous year, the company posted $0.66 earnings per share. Enterprise Products Partners’s revenue was up 60.8% compared to the same quarter last year. On average, equities analysts predict that Enterprise Products Partners L.P. will post 2.96 earnings per share for the current year.

Enterprise Products Partners Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Friday, July 31st will be paid a dividend of $0.56 per share. The ex-dividend date is Friday, July 31st. This represents a $2.24 dividend on an annualized basis and a dividend yield of 5.9%. This is an increase from Enterprise Products Partners’s previous quarterly dividend of $0.55. Enterprise Products Partners’s dividend payout ratio is presently 77.78%.

Wall Street Analyst Weigh In

EPD has been the subject of a number of recent analyst reports. Scotiabank restated a “sector perform” rating and issued a $40.00 price objective (up from $39.00) on shares of Enterprise Products Partners in a report on Tuesday, May 12th. Wolfe Research raised Enterprise Products Partners from a “strong sell” rating to a “hold” rating in a report on Tuesday, April 21st. Weiss Ratings upgraded Enterprise Products Partners from a “buy (b)” rating to a “buy (a-)” rating in a research note on Tuesday. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $38.00 price target on shares of Enterprise Products Partners in a report on Wednesday, June 17th. Finally, Citigroup restated a “buy” rating and set a $44.00 target price (up from $39.00) on shares of Enterprise Products Partners in a research note on Friday, May 1st. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $39.93.

About Enterprise Products Partners

Enterprise Products Partners L.P. (NYSE: EPD) is a Houston-based master limited partnership that provides midstream energy services across North America. The company owns and operates an extensive network of pipelines, storage facilities, processing plants and export terminals that transport and handle natural gas, natural gas liquids (NGLs), crude oil and refined and petrochemical products. Its core activities include gathering and transportation, fractionation of NGLs, natural gas processing, crude oil and condensate pipelines, and marine and terminal services that enable domestic distribution and exports.

Enterprise serves a diverse set of customers including producers, refiners, petrochemical companies, marketers and end users.