Spinnaker Trust Makes New Investment in Enterprise Products Partners L.P. (NYSE:EPD)

Spinnaker Trust acquired a new position in Enterprise Products Partners L.P. (NYSE:EPD - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 8,920 shares of the oil and gas producer's stock, valued at approximately $280,000.

Several other institutional investors and hedge funds have also recently modified their holdings of EPD. FMR LLC raised its stake in Enterprise Products Partners by 9.3% in the third quarter. FMR LLC now owns 14,429,298 shares of the oil and gas producer's stock worth $420,037,000 after buying an additional 1,225,988 shares in the last quarter. Pathway Financial Advisers LLC raised its position in shares of Enterprise Products Partners by 2,862.8% in the 3rd quarter. Pathway Financial Advisers LLC now owns 7,756,006 shares of the oil and gas producer's stock worth $225,777,000 after acquiring an additional 7,494,224 shares in the last quarter. Hamlin Capital Management LLC lifted its stake in shares of Enterprise Products Partners by 0.5% in the 3rd quarter. Hamlin Capital Management LLC now owns 4,923,948 shares of the oil and gas producer's stock valued at $143,336,000 after purchasing an additional 24,335 shares during the period. Brookfield Corp ON boosted its position in shares of Enterprise Products Partners by 6.2% during the third quarter. Brookfield Corp ON now owns 4,762,585 shares of the oil and gas producer's stock valued at $138,639,000 after purchasing an additional 278,892 shares in the last quarter. Finally, Thrivent Financial for Lutherans grew its stake in Enterprise Products Partners by 5.2% in the third quarter. Thrivent Financial for Lutherans now owns 4,072,866 shares of the oil and gas producer's stock worth $118,561,000 after purchasing an additional 200,625 shares during the period. 26.07% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on EPD shares. Wolfe Research lowered Enterprise Products Partners from an "outperform" rating to a "peer perform" rating in a research report on Friday, January 10th. Truist Financial lifted their price target on shares of Enterprise Products Partners from $37.00 to $40.00 and gave the company a "buy" rating in a research report on Friday, January 3rd. Citigroup upped their price objective on shares of Enterprise Products Partners from $36.00 to $37.00 and gave the stock a "buy" rating in a report on Thursday, February 6th. US Capital Advisors upgraded shares of Enterprise Products Partners from a "moderate buy" rating to a "strong-buy" rating in a report on Monday, October 28th. Finally, Wells Fargo & Company cut Enterprise Products Partners from an "overweight" rating to an "equal weight" rating and set a $35.00 price target on the stock. in a research report on Wednesday, December 18th. Four research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $34.70.

Enterprise Products Partners Stock Performance

NYSE EPD traded down $0.11 during trading hours on Wednesday, hitting $33.62. The company's stock had a trading volume of 4,184,268 shares, compared to its average volume of 4,841,935. The company's 50 day simple moving average is $32.55 and its two-hundred day simple moving average is $30.86. The company has a market cap of $72.86 billion, a P/E ratio of 12.50, a price-to-earnings-growth ratio of 1.57 and a beta of 1.09. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.07 and a quick ratio of 0.83. Enterprise Products Partners L.P. has a 12 month low of $27.20 and a 12 month high of $34.63.

Enterprise Products Partners (NYSE:EPD - Get Free Report) last released its quarterly earnings results on Tuesday, February 4th. The oil and gas producer reported $0.74 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 business had revenue of $14.20 billion during the quarter, compared to the consensus estimate of $14.07 billion. During the same period in the previous year, the company posted $0.72 EPS. The business's quarterly revenue was down 2.9% compared to the same quarter last year. As a group, sell-side analysts expect that Enterprise Products Partners L.P. will post 2.87 EPS 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 issued a dividend of $0.535 per share. This is a boost from Enterprise Products Partners's previous quarterly dividend of $0.53. This represents a $2.14 dividend on an annualized basis and a yield of 6.37%. The ex-dividend date was Friday, January 31st. Enterprise Products Partners's dividend payout ratio is currently 79.55%.

Enterprise Products Partners 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.