Muhlenkamp & Co. Inc. Acquires New Shares in Enterprise Products Partners L.P. $EPD

Muhlenkamp & Co. Inc. acquired a new position in shares of Enterprise Products Partners L.P. (NYSE:EPD) in the 2nd quarter, HoldingsChannel.com reports. The fund acquired 24,855 shares of the oil and gas producer’s stock, valued at approximately $914,000. Enterprise Products Partners accounts for about 0.3% of Muhlenkamp & Co. Inc.’s portfolio, making the stock its 25th largest position.

A number of other institutional investors also recently bought and sold shares of EPD. Palisade Asset Management LLC purchased a new stake in shares of Enterprise Products Partners in the 3rd quarter worth about $31,000. N.E.W. Advisory Services LLC purchased a new position in Enterprise Products Partners during the 2nd quarter valued at about $37,000. Bravera Wealth raised its position in Enterprise Products Partners by 666.7% during the second quarter. Bravera Wealth now owns 1,035 shares of the oil and gas producer’s stock worth $38,000 after acquiring an additional 900 shares during the last quarter. Kestra Investment Management LLC acquired a new position in Enterprise Products Partners during the second quarter worth about $48,000. Finally, BOK Financial Private Wealth Inc. purchased a new stake in shares of Enterprise Products Partners in the second quarter valued at about $48,000. 26.07% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on EPD. Morgan Stanley reiterated an “underweight” rating and issued a $41.00 price target (up from $40.00) on shares of Enterprise Products Partners in a research report on Tuesday, August 18th. Truist Financial upped their target price on Enterprise Products Partners from $36.00 to $40.00 and gave the company a “hold” rating in a research note on Monday, May 4th. UBS Group reiterated a “buy” rating and set a $45.00 target price on shares of Enterprise Products Partners in a report on Wednesday, June 17th. Citigroup reissued a “buy” rating and issued a $44.00 price target (up from $39.00) on shares of Enterprise Products Partners in a report on Friday, May 1st. Finally, TD Cowen reaffirmed a “hold” rating and set a $38.00 price objective (down from $39.00) on shares of Enterprise Products Partners in a research note on Monday, August 3rd. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $40.00.

Enterprise Products Partners Stock Performance

Shares of EPD opened at $38.97 on Friday. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.66 and a current ratio of 0.93. The company has a market capitalization of $84.15 billion, a price-to-earnings ratio of 13.53, a PEG ratio of 1.28 and a beta of 0.49. The company’s 50 day simple moving average is $37.89 and its 200 day simple moving average is $37.66. Enterprise Products Partners L.P. has a 1 year low of $30.01 and a 1 year high of $40.17.

Enterprise Products Partners (NYSE:EPD) last released its earnings results 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. The firm had revenue of $18.27 billion during the quarter, compared to analysts’ expectations of $13.69 billion. Enterprise Products Partners had a net margin of 10.79% and a return on equity of 20.67%. Enterprise Products Partners’s revenue for the quarter was up 60.8% on a year-over-year basis. During the same period in the previous year, the company earned $0.66 EPS. On average, sell-side analysts predict that Enterprise Products Partners L.P. will post 3.03 EPS for the current year.

Enterprise Products Partners Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, July 31st were issued a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a dividend yield of 5.7%. This is a positive change from Enterprise Products Partners’s previous quarterly dividend of $0.55. The ex-dividend date was Friday, July 31st. Enterprise Products Partners’s payout ratio is 77.78%.

Enterprise Products Partners Company Profile

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.