Morey & Quinn Wealth Partners LLC Invests $2.04 Million in Enterprise Products Partners L.P. (NYSE:EPD)

Morey & Quinn Wealth Partners LLC acquired a new stake in shares of Enterprise Products Partners L.P. (NYSE:EPD) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 64,898 shares of the oil and gas producer’s stock, valued at approximately $2,035,000. Enterprise Products Partners accounts for approximately 1.7% of Morey & Quinn Wealth Partners LLC’s portfolio, making the stock its 12th biggest position.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in EPD. Aire Advisors LLC increased its stake in shares of Enterprise Products Partners by 4.0% in the fourth quarter. Aire Advisors LLC now owns 8,976 shares of the oil and gas producer’s stock worth $282,000 after purchasing an additional 345 shares in the last quarter. TIAA Trust National Association increased its stake in Enterprise Products Partners by 11.5% in the 4th quarter. TIAA Trust National Association now owns 32,911 shares of the oil and gas producer’s stock worth $1,032,000 after buying an additional 3,384 shares in the last quarter. Modern Wealth Management LLC bought a new stake in Enterprise Products Partners during the fourth quarter valued at about $812,000. CoreFirst Bank & Trust bought a new position in shares of Enterprise Products Partners in the fourth quarter worth about $135,000. Finally, Congress Wealth Management LLC DE grew its position in shares of Enterprise Products Partners by 3.2% during the fourth quarter. Congress Wealth Management LLC DE now owns 462,267 shares of the oil and gas producer’s stock worth $14,497,000 after purchasing an additional 14,550 shares in the last quarter. 26.07% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts recently weighed in on EPD shares. Wells Fargo & Company cut shares of Enterprise Products Partners from an “overweight” rating to an “equal weight” rating and set a $35.00 target price for the company. in a research note on Wednesday, December 18th. Wolfe Research lowered Enterprise Products Partners from an “outperform” rating to a “peer perform” rating in a research report on Friday, January 10th. Citigroup reiterated a “buy” rating on shares of Enterprise Products Partners in a research report on Tuesday, February 18th. Truist Financial raised their price target on Enterprise Products Partners from $37.00 to $40.00 and gave the company a “buy” rating in a report on Friday, January 3rd. Finally, Scotiabank upped their price objective on Enterprise Products Partners from $33.00 to $35.00 and gave the stock a “sector perform” rating in a report on Thursday, March 6th. Four analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $35.90.

Enterprise Products Partners Price Performance

EPD stock opened at $33.51 on Wednesday. The stock has a market cap of $72.57 billion, a PE ratio of 12.46, a P/E/G ratio of 1.37 and a beta of 1.08. Enterprise Products Partners L.P. has a 12 month low of $27.37 and a 12 month high of $34.63. The company has a 50-day moving average price of $33.43 and a 200 day moving average price of $31.64. The company has a current ratio of 1.07, a quick ratio of 0.83 and a debt-to-equity ratio of 1.05.

Enterprise Products Partners (NYSE:EPD) last announced its earnings results on Tuesday, February 4th. The oil and gas producer reported $0.74 earnings per share (EPS) for the quarter, beating the consensus estimate 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 analyst estimates of $14.07 billion. During the same quarter in the previous year, the business earned $0.72 earnings per share. The company’s revenue for the quarter was down 2.9% compared to the same quarter last year. Equities research analysts anticipate that Enterprise Products Partners L.P. will post 2.9 earnings per share for the current year.

Enterprise Products Partners Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were given a dividend of $0.535 per share. This represents a $2.14 annualized dividend and a dividend yield of 6.39%. This is an increase from Enterprise Products Partners’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend was Friday, January 31st. Enterprise Products Partners’s dividend payout ratio (DPR) is 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.