Bridges Investment Management Inc. Purchases 131,418 Shares of Enterprise Products Partners L.P. (NYSE:EPD)

Bridges Investment Management Inc. boosted its holdings in Enterprise Products Partners L.P. (NYSE:EPD) by 215.6% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 192,363 shares of the oil and gas producer’s stock after buying an additional 131,418 shares during the quarter. Bridges Investment Management Inc.’s holdings in Enterprise Products Partners were worth $5,575,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in EPD. Aveo Capital Partners LLC grew its position in shares of Enterprise Products Partners by 1.3% in the 4th quarter. Aveo Capital Partners LLC now owns 55,566 shares of the oil and gas producer’s stock valued at $1,464,000 after buying an additional 716 shares during the last quarter. Envestnet Portfolio Solutions Inc. boosted its holdings in Enterprise Products Partners by 37.9% in the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 13,233 shares of the oil and gas producer’s stock valued at $349,000 after acquiring an additional 3,638 shares during the last quarter. Thoroughbred Financial Services LLC increased its position in Enterprise Products Partners by 13.0% during the 4th quarter. Thoroughbred Financial Services LLC now owns 14,911 shares of the oil and gas producer’s stock valued at $392,000 after purchasing an additional 1,710 shares during the period. Cambridge Investment Research Advisors Inc. raised its holdings in Enterprise Products Partners by 2.2% during the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 529,375 shares of the oil and gas producer’s stock worth $13,949,000 after purchasing an additional 11,549 shares during the last quarter. Finally, US Bancorp DE lifted its position in shares of Enterprise Products Partners by 1.3% in the 4th quarter. US Bancorp DE now owns 718,587 shares of the oil and gas producer’s stock worth $18,935,000 after purchasing an additional 9,421 shares during the period. 26.07% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the stock. Truist Financial increased their price objective on shares of Enterprise Products Partners from $35.00 to $37.00 and gave the stock a “buy” rating in a research report on Wednesday, July 31st. StockNews.com downgraded Enterprise Products Partners from a “strong-buy” rating to a “buy” rating in a report on Monday, August 12th. Finally, Morgan Stanley dropped their price objective on Enterprise Products Partners from $35.00 to $34.00 and set an “equal weight” rating on the stock in a research note on Monday, June 10th. Two analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $33.08.

Enterprise Products Partners Stock Down 0.4 %

Shares of NYSE:EPD opened at $29.38 on Friday. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.68 and a current ratio of 0.91. Enterprise Products Partners L.P. has a 52-week low of $25.61 and a 52-week high of $30.05. The business’s 50 day simple moving average is $29.22 and its two-hundred day simple moving average is $28.87. The firm has a market cap of $63.80 billion, a P/E ratio of 11.52, a PEG ratio of 1.49 and a beta of 1.03.

Enterprise Products Partners (NYSE:EPD) last issued its earnings results on Tuesday, July 30th. The oil and gas producer reported $0.64 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.66 by ($0.02). The firm had revenue of $13.48 billion during the quarter, compared to the consensus estimate of $14.23 billion. Enterprise Products Partners had a return on equity of 20.13% and a net margin of 10.48%. Enterprise Products Partners’s revenue for the quarter was up 26.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.57 earnings per share. As a group, research analysts forecast that Enterprise Products Partners L.P. will post 2.72 EPS for the current fiscal year.

Enterprise Products Partners Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 14th. Stockholders of record on Wednesday, July 31st were given a dividend of $0.525 per share. The ex-dividend date was Wednesday, July 31st. This is an increase from Enterprise Products Partners’s previous quarterly dividend of $0.52. This represents a $2.10 annualized dividend and a dividend yield of 7.15%. Enterprise Products Partners’s payout ratio is presently 82.35%.

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.