Summit Asset Management LLC Sells 812 Shares of Enterprise Products Partners L.P. (NYSE:EPD)

Summit Asset Management LLC reduced its stake in Enterprise Products Partners L.P. (NYSE:EPD) by 5.3% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 14,481 shares of the oil and gas producer’s stock after selling 812 shares during the period. Summit Asset Management LLC’s holdings in Enterprise Products Partners were worth $454,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in EPD. Trust Co. of Vermont increased its position in Enterprise Products Partners by 10.0% during the fourth quarter. Trust Co. of Vermont now owns 3,307 shares of the oil and gas producer’s stock worth $104,000 after buying an additional 300 shares during the last quarter. Griffin Asset Management Inc. increased its position in Enterprise Products Partners by 0.8% during the fourth quarter. Griffin Asset Management Inc. now owns 38,364 shares of the oil and gas producer’s stock worth $1,203,000 after buying an additional 305 shares during the last quarter. Evanson Asset Management LLC increased its position in Enterprise Products Partners by 0.4% during the fourth quarter. Evanson Asset Management LLC now owns 73,470 shares of the oil and gas producer’s stock worth $2,304,000 after buying an additional 306 shares during the last quarter. Sandbox Financial Partners LLC increased its position in Enterprise Products Partners by 3.2% during the fourth quarter. Sandbox Financial Partners LLC now owns 10,103 shares of the oil and gas producer’s stock worth $317,000 after buying an additional 309 shares during the last quarter. Finally, Hardy Reed LLC increased its position in Enterprise Products Partners by 2.2% during the fourth quarter. Hardy Reed LLC now owns 14,710 shares of the oil and gas producer’s stock worth $461,000 after buying an additional 310 shares during the last quarter. 26.07% of the stock is currently owned by institutional investors.

Enterprise Products Partners Trading Down 0.5 %

Shares of EPD stock opened at $33.41 on Friday. 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 $72.41 billion, a P/E ratio of 12.42, a price-to-earnings-growth ratio of 1.37 and a beta of 1.09. The stock has a 50 day simple moving average of $32.63 and a 200 day simple moving average of $30.95. Enterprise Products Partners L.P. has a 1 year low of $27.26 and a 1 year high of $34.63.

Enterprise Products Partners (NYSE:EPD) last released its earnings results on Tuesday, February 4th. The oil and gas producer reported $0.74 earnings per share for the quarter, topping the consensus estimate of $0.69 by $0.05. Enterprise Products Partners had a return on equity of 20.48% and a net margin of 10.49%. The firm had revenue of $14.20 billion during the quarter, compared to analysts’ expectations of $14.07 billion. During the same period in the prior year, the company earned $0.72 earnings per share. The company’s quarterly revenue was down 2.9% on a year-over-year basis. On average, research 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. Shareholders of record on Friday, January 31st were paid a dividend of $0.535 per share. The ex-dividend date of this dividend was Friday, January 31st. This is a boost from Enterprise Products Partners’s previous quarterly dividend of $0.53. This represents a $2.14 annualized dividend and a yield of 6.41%. Enterprise Products Partners’s dividend payout ratio is presently 79.55%.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on EPD shares. Wolfe Research downgraded Enterprise Products Partners from an “outperform” rating to a “peer perform” rating in a research report on Friday, January 10th. Wells Fargo & Company cut 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. US Capital Advisors upgraded Enterprise Products Partners from a “moderate buy” rating to a “strong-buy” rating in a report on Monday, October 28th. Royal Bank of Canada restated an “outperform” rating and set a $36.00 price objective on shares of Enterprise Products Partners in a report on Wednesday, October 30th. Finally, Citigroup restated a “buy” rating on shares of Enterprise Products Partners in a report on Tuesday. Four equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $34.70.

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.