Sovereign Financial Group Inc. Increases Stake in Enterprise Products Partners L.P. (NYSE:EPD)

Sovereign Financial Group Inc. grew its holdings in shares of Enterprise Products Partners L.P. (NYSE:EPD) by 15.1% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 10,986 shares of the oil and gas producer’s stock after purchasing an additional 1,442 shares during the quarter. Sovereign Financial Group Inc.’s holdings in Enterprise Products Partners were worth $321,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Burkett Financial Services LLC purchased a new position in shares of Enterprise Products Partners in the fourth quarter valued at $28,000. Financial Gravity Asset Management Inc. bought a new stake in shares of Enterprise Products Partners during the 3rd quarter worth $48,000. Livelsberger Financial Advisory purchased a new position in Enterprise Products Partners in the fourth quarter worth $49,000. Community Bank N.A. increased its stake in Enterprise Products Partners by 68.3% in the fourth quarter. Community Bank N.A. now owns 1,848 shares of the oil and gas producer’s stock valued at $49,000 after acquiring an additional 750 shares during the last quarter. Finally, American National Bank purchased a new stake in Enterprise Products Partners during the fourth quarter valued at about $49,000. Hedge funds and other institutional investors own 26.07% of the company’s stock.

Enterprise Products Partners Stock Performance

NYSE:EPD opened at $28.92 on Friday. The company has a quick ratio of 0.68, a current ratio of 0.93 and a debt-to-equity ratio of 0.99. The firm’s fifty day simple moving average is $28.50 and its 200 day simple moving average is $27.85. The stock has a market cap of $62.80 billion, a P/E ratio of 11.34, a price-to-earnings-growth ratio of 1.35 and a beta of 1.03. Enterprise Products Partners L.P. has a twelve month low of $25.61 and a twelve month high of $29.99.

Enterprise Products Partners (NYSE:EPD) last announced its earnings results on Tuesday, April 30th. The oil and gas producer reported $0.66 earnings per share for the quarter, beating analysts’ consensus estimates of $0.64 by $0.02. Enterprise Products Partners had a net margin of 10.76% and a return on equity of 19.73%. The firm had revenue of $14.76 billion for the quarter, compared to analyst estimates of $13.82 billion. During the same quarter in the previous year, the firm posted $0.64 EPS. The company’s revenue for the quarter was up 18.6% compared to the same quarter last year. As a group, research analysts predict that Enterprise Products Partners L.P. will post 2.73 EPS for the current year.

Enterprise Products Partners Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, May 14th. Stockholders of record on Tuesday, April 30th were given a $0.515 dividend. This represents a $2.06 annualized dividend and a dividend yield of 7.12%. The ex-dividend date of this dividend was Monday, April 29th. Enterprise Products Partners’s dividend payout ratio is currently 80.78%.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the company. Mizuho reiterated a “buy” rating and set a $34.00 price objective on shares of Enterprise Products Partners in a research report on Thursday, April 4th. Wells Fargo & Company boosted their price objective on shares of Enterprise Products Partners from $32.00 to $33.00 and gave the stock an “overweight” rating in a report on Thursday, April 4th. StockNews.com raised shares of Enterprise Products Partners from a “buy” rating to a “strong-buy” rating in a report on Tuesday, June 4th. Morgan Stanley decreased their target price on shares of Enterprise Products Partners from $35.00 to $34.00 and set an “equal weight” rating on the stock in a research report on Monday, June 10th. Finally, Truist Financial upped their price target on shares of Enterprise Products Partners from $33.00 to $35.00 and gave the company a “buy” rating in a research report on Wednesday, May 1st. Two equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, Enterprise Products Partners presently has a consensus rating of “Buy” and an average price target of $32.77.

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.