Modern Wealth Management LLC Buys New Stake in Enterprise Products Partners L.P. (NYSE:EPD)

Modern Wealth Management LLC purchased a new position in Enterprise Products Partners L.P. (NYSE:EPD) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 24,512 shares of the oil and gas producer’s stock, valued at approximately $812,000.

Other large investors have also made changes to their positions in the company. CoreFirst Bank & Trust acquired a new stake in shares of Enterprise Products Partners during the 4th quarter worth about $135,000. Congress Wealth Management LLC DE grew its stake in Enterprise Products Partners by 3.2% in the 4th quarter. Congress Wealth Management LLC DE now owns 462,267 shares of the oil and gas producer’s stock worth $14,497,000 after acquiring an additional 14,550 shares during the period. Crowley Wealth Management Inc. acquired a new position in Enterprise Products Partners in the 4th quarter valued at $30,000. LPL Financial LLC lifted its stake in shares of Enterprise Products Partners by 10.7% during the 4th quarter. LPL Financial LLC now owns 3,326,224 shares of the oil and gas producer’s stock worth $104,310,000 after purchasing an additional 321,145 shares during the period. Finally, Sfmg LLC boosted its holdings in shares of Enterprise Products Partners by 31.8% during the fourth quarter. Sfmg LLC now owns 20,746 shares of the oil and gas producer’s stock worth $651,000 after purchasing an additional 5,000 shares during the last quarter. Institutional investors and hedge funds own 26.07% of the company’s stock.

Enterprise Products Partners Price Performance

EPD stock opened at $33.86 on Thursday. The firm has a market cap of $73.32 billion, a P/E ratio of 12.59, a price-to-earnings-growth ratio of 1.37 and a beta of 1.08. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.83 and a current ratio of 1.07. Enterprise Products Partners L.P. has a 1 year low of $27.37 and a 1 year high of $34.63. The stock has a 50-day simple moving average of $33.44 and a 200-day simple moving average of $31.66.

Enterprise Products Partners (NYSE:EPD) last posted its quarterly earnings data on Tuesday, February 4th. The oil and gas producer reported $0.74 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.69 by $0.05. The company had revenue of $14.20 billion for the quarter, compared to analyst estimates of $14.07 billion. Enterprise Products Partners had a net margin of 10.49% and a return on equity of 20.48%. The business’s quarterly revenue was down 2.9% on a year-over-year basis. During the same quarter last year, the firm posted $0.72 earnings per share. On average, equities analysts predict that Enterprise Products Partners L.P. will post 2.9 earnings per share for the current fiscal year.

Enterprise Products Partners Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were given a dividend of $0.535 per share. This represents a $2.14 dividend on an annualized basis and a dividend yield of 6.32%. This is a positive change from Enterprise Products Partners’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend was Friday, January 31st. Enterprise Products Partners’s payout ratio is presently 79.55%.

Analysts Set New Price Targets

Several equities analysts recently weighed in on EPD shares. Barclays increased their target price on Enterprise Products Partners from $35.00 to $37.00 and gave the stock an “overweight” rating in a research report on Friday, March 14th. Truist Financial raised their target price on shares of Enterprise Products Partners from $37.00 to $40.00 and gave the stock a “buy” rating in a research report on Friday, January 3rd. Wolfe Research downgraded shares of Enterprise Products Partners from an “outperform” rating to a “peer perform” rating in a research note on Friday, January 10th. Royal Bank of Canada reiterated an “outperform” rating and issued a $37.00 price target on shares of Enterprise Products Partners in a report on Wednesday. Finally, Wells Fargo & Company downgraded Enterprise Products Partners from an “overweight” rating to an “equal weight” rating and set a $35.00 price objective for the company. in a report on Wednesday, December 18th. Four analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Enterprise Products Partners currently has an average rating of “Moderate Buy” and an average target price of $36.00.

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.