Beacon Financial Group Purchases 3,985 Shares of Enterprise Products Partners L.P. (NYSE:EPD)

Beacon Financial Group boosted its stake in Enterprise Products Partners L.P. (NYSE:EPD) by 7.6% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 56,579 shares of the oil and gas producer’s stock after buying an additional 3,985 shares during the period. Beacon Financial Group’s holdings in Enterprise Products Partners L.P. were worth $1,519,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Dubuque Bank & Trust Co. boosted its position in shares of Enterprise Products Partners L.P. by 222.6% in the first quarter. Dubuque Bank & Trust Co. now owns 3,790 shares of the oil and gas producer’s stock valued at $105,000 after buying an additional 2,615 shares during the period. Baystate Wealth Management LLC boosted its position in shares of Enterprise Products Partners L.P. by 1,050.7% in the first quarter. Baystate Wealth Management LLC now owns 4,361 shares of the oil and gas producer’s stock valued at $122,000 after buying an additional 3,982 shares during the period. Crestwood Advisors Group LLC purchased a new position in shares of Enterprise Products Partners L.P. during the first quarter valued at about $140,000. Intellectus Partners LLC boosted its position in shares of Enterprise Products Partners L.P. by 8.0% in the first quarter. Intellectus Partners LLC now owns 5,400 shares of the oil and gas producer’s stock valued at $149,000 after buying an additional 399 shares during the period. Finally, Archford Capital Strategies LLC boosted its position in shares of Enterprise Products Partners L.P. by 42.4% in the first quarter. Archford Capital Strategies LLC now owns 6,959 shares of the oil and gas producer’s stock valued at $192,000 after buying an additional 2,071 shares during the period. 38.83% of the stock is owned by institutional investors and hedge funds.

Enterprise Products Partners L.P. (NYSE:EPD) opened at 25.23 on Friday. The firm’s 50-day moving average is $26.83 and its 200 day moving average is $27.29. Enterprise Products Partners L.P. has a 52-week low of $24.01 and a 52-week high of $30.25. The company has a market cap of $54.19 billion, a price-to-earnings ratio of 19.85 and a beta of 0.89.

Enterprise Products Partners L.P. (NYSE:EPD) last announced its earnings results on Thursday, August 3rd. The oil and gas producer reported $0.30 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.33 by $0.03. Enterprise Products Partners L.P. had a return on equity of 12.04% and a net margin of 10.28%. The business had revenue of $6.61 billion for the quarter, compared to analyst estimates of $6.44 billion. During the same period last year, the firm earned $0.27 EPS. The company’s revenue for the quarter was up 17.6% compared to the same quarter last year. On average, equities research analysts predict that Enterprise Products Partners L.P. will post $1.38 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Monday, August 7th. Shareholders of record on Monday, July 31st were paid a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a yield of 6.66%. The ex-dividend date was Thursday, July 27th. This is a boost from Enterprise Products Partners L.P.’s previous quarterly dividend of $0.42. Enterprise Products Partners L.P.’s payout ratio is 132.28%.

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Several brokerages have issued reports on EPD. BMO Capital Markets set a $33.00 target price on shares of Enterprise Products Partners L.P. and gave the stock a “buy” rating in a report on Monday, June 5th. Sanford C. Bernstein reaffirmed an “outperform” rating on shares of Enterprise Products Partners L.P. in a report on Thursday, August 10th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $33.00 target price on shares of Enterprise Products Partners L.P. in a report on Friday, July 14th. Barclays PLC reissued an “overweight” rating and set a $31.00 price objective (down from $33.00) on shares of Enterprise Products Partners L.P. in a report on Friday, August 4th. Finally, Morgan Stanley raised shares of Enterprise Products Partners L.P. from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $26.37 to $26.50 in a report on Thursday, June 15th. One analyst has rated the stock with a sell rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $31.62.

About Enterprise Products Partners L.P.

Enterprise Products Partners L.P. (Enterprise) is a provider of midstream energy services to producers and consumers of natural gas, natural gas liquids (NGLs), crude oil, petrochemicals and refined products in North America. The Company’s segments include NGL Pipelines & Services; Crude Oil Pipelines & Services; Natural Gas Pipelines & Services, and Petrochemical & Refined Products Services.

Institutional Ownership by Quarter for Enterprise Products Partners L.P. (NYSE:EPD)

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