Progeny 3 Inc. Reduces Stake in Enterprise Products Partners L.P. (NYSE:EPD)

Progeny 3 Inc. trimmed its position in shares of Enterprise Products Partners L.P. (NYSE:EPD) by 8.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,664,718 shares of the oil and gas producer’s stock after selling 145,276 shares during the quarter. Enterprise Products Partners accounts for approximately 4.8% of Progeny 3 Inc.’s portfolio, making the stock its 7th largest holding. Progeny 3 Inc. owned about 0.08% of Enterprise Products Partners worth $48,244,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in EPD. Cadence Bank lifted its holdings in Enterprise Products Partners by 0.7% during the first quarter. Cadence Bank now owns 52,428 shares of the oil and gas producer’s stock worth $1,530,000 after acquiring an additional 365 shares during the period. McAdam LLC increased its position in shares of Enterprise Products Partners by 1.3% during the 2nd quarter. McAdam LLC now owns 28,670 shares of the oil and gas producer’s stock valued at $831,000 after purchasing an additional 372 shares during the last quarter. Advisor OS LLC increased its position in shares of Enterprise Products Partners by 1.3% during the 2nd quarter. Advisor OS LLC now owns 29,485 shares of the oil and gas producer’s stock valued at $854,000 after purchasing an additional 379 shares during the last quarter. Ellsworth Advisors LLC raised its stake in shares of Enterprise Products Partners by 1.8% during the 2nd quarter. Ellsworth Advisors LLC now owns 21,959 shares of the oil and gas producer’s stock worth $636,000 after purchasing an additional 383 shares during the period. Finally, Stokes Family Office LLC boosted its holdings in shares of Enterprise Products Partners by 2.5% in the 2nd quarter. Stokes Family Office LLC now owns 16,139 shares of the oil and gas producer’s stock worth $468,000 after buying an additional 399 shares during the last quarter. Hedge funds and other institutional investors own 26.07% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have commented on EPD shares. Truist Financial lifted 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. Morgan Stanley lowered their price target on shares of Enterprise Products Partners from $35.00 to $34.00 and set an “equal weight” rating on the stock in a report on Monday, June 10th. Finally, StockNews.com downgraded Enterprise Products Partners from a “strong-buy” rating to a “buy” rating in a research note on Monday, August 12th. Two analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $33.08.

Enterprise Products Partners Trading Up 0.4 %

NYSE:EPD opened at $29.45 on Tuesday. Enterprise Products Partners L.P. has a 1 year low of $25.61 and a 1 year high of $30.05. The stock’s fifty day moving average price is $29.22 and its two-hundred day moving average price is $28.91. The company has a debt-to-equity ratio of 0.98, a current ratio of 0.91 and a quick ratio of 0.68. The company has a market cap of $63.95 billion, a P/E ratio of 11.55, a P/E/G ratio of 1.49 and a beta of 1.03.

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

Enterprise Products Partners Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, August 14th. Shareholders of record on Wednesday, July 31st were paid a $0.525 dividend. The ex-dividend date of this dividend was Wednesday, July 31st. This is a boost from Enterprise Products Partners’s previous quarterly dividend of $0.52. This represents a $2.10 annualized dividend and a yield of 7.13%. Enterprise Products Partners’s dividend payout ratio is currently 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.