Renaissance Investment Group LLC Sells 4,956 Shares of Enterprise Products Partners L.P. (NYSE:EPD)

Renaissance Investment Group LLC lessened its holdings in Enterprise Products Partners L.P. (NYSE:EPD) by 2.0% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 245,057 shares of the oil and gas producer’s stock after selling 4,956 shares during the period. Renaissance Investment Group LLC’s holdings in Enterprise Products Partners were worth $7,134,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. Hantz Financial Services Inc. acquired a new stake in shares of Enterprise Products Partners during the second quarter worth approximately $25,000. Stephens Consulting LLC acquired a new stake in shares of Enterprise Products Partners during the first quarter worth approximately $29,000. Palisade Asset Management LLC acquired a new stake in shares of Enterprise Products Partners during the first quarter worth approximately $29,000. Mascoma Wealth Management LLC acquired a new stake in shares of Enterprise Products Partners during the second quarter worth approximately $29,000. Finally, MFA Wealth Advisors LLC acquired a new stake in shares of Enterprise Products Partners during the second quarter worth approximately $37,000. Institutional investors and hedge funds own 26.07% of the company’s stock.

Analyst Upgrades and Downgrades

EPD has been the subject of several recent analyst reports. StockNews.com lowered shares of Enterprise Products Partners from a “strong-buy” rating to a “buy” rating in a report on Monday, August 12th. Truist Financial increased their price target on shares of Enterprise Products Partners from $35.00 to $37.00 and gave the company a “buy” rating in a research note on Wednesday, July 31st. One analyst has rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Enterprise Products Partners presently has an average rating of “Buy” and an average target price of $33.50.

Enterprise Products Partners Price Performance

Shares of EPD stock opened at $29.45 on Friday. Enterprise Products Partners L.P. has a 52-week low of $25.61 and a 52-week high of $30.05. The stock has a market cap of $63.92 billion, a PE ratio of 11.24, a PEG ratio of 1.49 and a beta of 1.03. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.68 and a current ratio of 0.91. The firm’s 50 day moving average price is $29.16 and its two-hundred day moving average price is $28.97.

Enterprise Products Partners (NYSE:EPD) last announced its quarterly earnings data on Tuesday, July 30th. The oil and gas producer reported $0.64 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 business had revenue of $13.48 billion during the quarter, compared to the consensus estimate of $14.23 billion. During the same period in the previous year, the business posted $0.57 earnings per share. Enterprise Products Partners’s revenue 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 year.

Enterprise Products Partners Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 14th. Shareholders of record on Thursday, October 31st will be paid a $0.525 dividend. The ex-dividend date of this dividend is Thursday, October 31st. This represents a $2.10 dividend on an annualized basis and a yield of 7.13%. Enterprise Products Partners’s payout ratio is presently 80.15%.

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.