Bayshore Asset Management LLC Takes $240,000 Position in Enterprise Products Partners L.P. (NYSE:EPD)

Bayshore Asset Management LLC bought a new position in shares of Enterprise Products Partners L.P. (NYSE:EPD) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 8,250 shares of the oil and gas producer’s stock, valued at approximately $240,000.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. Strategic Wealth Partners Ltd. increased its holdings in Enterprise Products Partners by 3.8% in the 3rd quarter. Strategic Wealth Partners Ltd. now owns 9,731 shares of the oil and gas producer’s stock worth $283,000 after purchasing an additional 353 shares in the last quarter. Cadence Bank grew its holdings in Enterprise Products Partners by 0.7% during the 1st 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 last quarter. McAdam LLC increased its position in Enterprise Products Partners by 1.3% in the 2nd quarter. McAdam LLC now owns 28,670 shares of the oil and gas producer’s stock valued at $831,000 after acquiring an additional 372 shares during the period. Ellenbecker Investment Group raised its stake in shares of Enterprise Products Partners by 1.5% during the third quarter. Ellenbecker Investment Group now owns 25,247 shares of the oil and gas producer’s stock valued at $735,000 after acquiring an additional 374 shares during the last quarter. Finally, Advisor OS LLC lifted its holdings in 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 worth $854,000 after buying an additional 379 shares during the period. Institutional investors own 26.07% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on EPD. Truist Financial raised their price objective on 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. Bank of America assumed coverage on Enterprise Products Partners in a research note on Thursday, October 17th. They issued a “buy” rating and a $35.00 price objective on the stock. Finally, Royal Bank of Canada boosted their target price on shares of Enterprise Products Partners from $35.00 to $36.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. One equities research analyst has rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Enterprise Products Partners currently has an average rating of “Buy” and an average price target of $33.73.

Enterprise Products Partners Price Performance

Shares of NYSE:EPD opened at $28.99 on Tuesday. The company has a current ratio of 0.91, a quick ratio of 0.68 and a debt-to-equity ratio of 0.98. The stock has a market cap of $62.95 billion, a PE ratio of 11.37, a price-to-earnings-growth ratio of 1.49 and a beta of 1.03. The stock’s fifty day simple moving average is $29.23 and its two-hundred day simple moving average is $28.96. Enterprise Products Partners L.P. has a 1-year low of $25.61 and a 1-year high of $30.05.

Enterprise Products Partners (NYSE:EPD) last released 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 return on equity of 20.13% and a net margin of 10.48%. The firm had revenue of $13.48 billion for the quarter, compared to analysts’ expectations of $14.23 billion. During the same quarter last year, the firm posted $0.57 earnings per share. The firm’s revenue for the quarter was up 26.6% compared to the same quarter last year. As a group, analysts forecast that Enterprise Products Partners L.P. will post 2.71 EPS for the current fiscal year.

Enterprise Products Partners Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Thursday, October 31st will be paid a dividend of $0.525 per share. The ex-dividend date of this dividend is Thursday, October 31st. This represents a $2.10 annualized dividend and a dividend yield of 7.24%. Enterprise Products Partners’s payout ratio is 82.35%.

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.