Geode Capital Management LLC Sells 505 Shares of Enterprise Products Partners L.P. (NYSE:EPD)

Geode Capital Management LLC lessened its stake in shares of Enterprise Products Partners L.P. (NYSE:EPD) by 0.8% during the third quarter, Holdings Channel.com reports. The fund owned 59,642 shares of the oil and gas producer’s stock after selling 505 shares during the period. Geode Capital Management LLC’s holdings in Enterprise Products Partners were worth $1,736,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Paragon Advisors LLC acquired a new position in Enterprise Products Partners during the third quarter valued at approximately $2,628,000. FMR LLC raised its holdings in shares of Enterprise Products Partners by 9.3% during the 3rd quarter. FMR LLC now owns 14,429,298 shares of the oil and gas producer’s stock worth $420,037,000 after buying an additional 1,225,988 shares in the last quarter. Thrivent Financial for Lutherans lifted its position in shares of Enterprise Products Partners by 5.2% during the 3rd quarter. Thrivent Financial for Lutherans now owns 4,072,866 shares of the oil and gas producer’s stock worth $118,561,000 after buying an additional 200,625 shares during the last quarter. Brookfield Corp ON boosted its stake in Enterprise Products Partners by 6.2% in the third quarter. Brookfield Corp ON now owns 4,762,585 shares of the oil and gas producer’s stock valued at $138,639,000 after buying an additional 278,892 shares in the last quarter. Finally, Brown Brothers Harriman & Co. grew its position in Enterprise Products Partners by 37.7% in the third quarter. Brown Brothers Harriman & Co. now owns 58,510 shares of the oil and gas producer’s stock valued at $1,703,000 after acquiring an additional 16,018 shares during the last quarter. 26.07% of the stock is owned by institutional investors and hedge funds.

Enterprise Products Partners Trading Up 1.5 %

Shares of EPD stock opened at $32.42 on Thursday. Enterprise Products Partners L.P. has a 1-year low of $26.12 and a 1-year high of $34.63. The company has a current ratio of 1.07, a quick ratio of 0.83 and a debt-to-equity ratio of 1.05. The stock has a market cap of $70.27 billion, a price-to-earnings ratio of 12.14, a PEG ratio of 1.67 and a beta of 1.09. The stock has a 50-day moving average of $31.58 and a 200-day moving average of $30.03.

Enterprise Products Partners (NYSE:EPD) last released its earnings results on Tuesday, October 29th. The oil and gas producer reported $0.65 earnings per share for the quarter, missing analysts’ consensus estimates of $0.66 by ($0.01). The firm had revenue of $13.78 billion for the quarter, compared to analyst estimates of $13.87 billion. Enterprise Products Partners had a net margin of 10.32% and a return on equity of 20.31%. The business’s revenue for the quarter was up 14.8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.60 EPS. On average, equities research analysts forecast that Enterprise Products Partners L.P. will post 2.69 earnings per share for the current year.

Enterprise Products Partners Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Friday, January 31st will be issued a $0.535 dividend. This is a positive change from Enterprise Products Partners’s previous quarterly dividend of $0.53. This represents a $2.14 annualized dividend and a yield of 6.60%. Enterprise Products Partners’s payout ratio is presently 78.65%.

Analysts Set New Price Targets

A number of research firms have recently commented on EPD. Wells Fargo & Company cut shares of Enterprise Products Partners from an “overweight” rating to an “equal weight” rating and set a $35.00 target price for the company. in a report on Wednesday, December 18th. US Capital Advisors upgraded shares of Enterprise Products Partners from a “moderate buy” rating to a “strong-buy” rating in a research report on Monday, October 28th. Bank of America assumed coverage on shares of Enterprise Products Partners in a report on Thursday, October 17th. They set a “buy” rating and a $35.00 price target for the company. Truist Financial raised their price objective on Enterprise Products Partners from $37.00 to $40.00 and gave the company a “buy” rating in a report on Friday, January 3rd. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $36.00 target price on shares of Enterprise Products Partners in a report on Wednesday, October 30th. Two equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $34.50.

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.