CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Buys 288,420 Shares of Enterprise Products Partners L.P. (NYSE:EPD)

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT lifted its position in Enterprise Products Partners L.P. (NYSE:EPD) by 16.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,045,599 shares of the oil and gas producer’s stock after buying an additional 288,420 shares during the quarter. Enterprise Products Partners comprises approximately 4.4% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s holdings, making the stock its 9th biggest position. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT owned approximately 0.09% of Enterprise Products Partners worth $59,547,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Eastern Bank bought a new position in shares of Enterprise Products Partners in the third quarter valued at about $63,000. Magnolia Capital Management Ltd. grew its stake in Enterprise Products Partners by 15.2% in the 3rd quarter. Magnolia Capital Management Ltd. now owns 13,015 shares of the oil and gas producer’s stock valued at $379,000 after buying an additional 1,715 shares during the last quarter. Sequoia Financial Advisors LLC raised its holdings in Enterprise Products Partners by 84.6% in the 3rd quarter. Sequoia Financial Advisors LLC now owns 44,690 shares of the oil and gas producer’s stock valued at $1,301,000 after acquiring an additional 20,475 shares during the period. Mattern Wealth Management LLC lifted its position in Enterprise Products Partners by 9.4% during the third quarter. Mattern Wealth Management LLC now owns 9,325 shares of the oil and gas producer’s stock worth $271,000 after acquiring an additional 800 shares during the last quarter. Finally, Foundations Investment Advisors LLC boosted its holdings in shares of Enterprise Products Partners by 262.1% during the third quarter. Foundations Investment Advisors LLC now owns 275,058 shares of the oil and gas producer’s stock worth $8,007,000 after acquiring an additional 199,098 shares during the period. 26.07% of the stock is currently owned by institutional investors and hedge funds.

Enterprise Products Partners Trading Down 0.1 %

Shares of EPD stock traded down $0.03 during trading hours on Tuesday, hitting $28.97. 2,478,593 shares of the company’s stock traded hands, compared to its average volume of 4,290,753. The stock has a market cap of $62.91 billion, a PE ratio of 11.32, a price-to-earnings-growth ratio of 1.49 and a beta of 1.03. The stock’s 50 day simple moving average is $29.23 and its 200 day simple moving average is $28.96. The company has a quick ratio of 0.68, a current ratio of 0.91 and a debt-to-equity ratio of 0.98. Enterprise Products Partners L.P. has a 12 month low of $25.61 and a 12 month high of $30.05.

Enterprise Products Partners (NYSE:EPD) last issued 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). The company had revenue of $13.48 billion during the quarter, compared to analyst estimates of $14.23 billion. Enterprise Products Partners had a net margin of 10.48% and a return on equity of 20.13%. The company’s quarterly revenue was up 26.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.57 EPS. On average, sell-side analysts anticipate that Enterprise Products Partners L.P. will post 2.71 EPS for the current year.

Enterprise Products Partners Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 14th. Investors of record on Thursday, October 31st will be paid a dividend of $0.525 per share. This represents a $2.10 annualized dividend and a yield of 7.25%. The ex-dividend date is Thursday, October 31st. Enterprise Products Partners’s dividend payout ratio is presently 82.35%.

Wall Street Analysts Forecast Growth

EPD has been the subject of several research reports. StockNews.com cut Enterprise Products Partners from a “strong-buy” rating to a “buy” rating in a report on Monday, August 12th. Bank of America initiated coverage on Enterprise Products Partners in a report on Thursday, October 17th. They set a “buy” rating and a $35.00 target price for the company. Royal Bank of Canada upped their price target on shares of Enterprise Products Partners from $35.00 to $36.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Finally, 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 note on Wednesday, July 31st. One analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Enterprise Products Partners currently has an average rating of “Buy” and an average target price of $33.73.

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.