Principal Financial Group Inc. Has $172.66 Million Stock Position in Enterprise Products Partners L.P. (NYSE:EPD)

Principal Financial Group Inc. cut its holdings in shares of Enterprise Products Partners L.P. (NYSE:EPD) by 7.5% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 5,957,867 shares of the oil and gas producer’s stock after selling 481,789 shares during the period. Principal Financial Group Inc. owned 0.27% of Enterprise Products Partners worth $172,659,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of EPD. Burkett Financial Services LLC acquired a new position in Enterprise Products Partners in the fourth quarter valued at approximately $28,000. Stephens Consulting LLC bought a new position in shares of Enterprise Products Partners in the 1st quarter worth $29,000. Palisade Asset Management LLC acquired a new stake in shares of Enterprise Products Partners during the first quarter worth $29,000. MFA Wealth Advisors LLC bought a new stake in Enterprise Products Partners in the second quarter valued at about $37,000. Finally, First Command Advisory Services Inc. lifted its stake in Enterprise Products Partners by 130.4% in the first quarter. First Command Advisory Services Inc. now owns 1,613 shares of the oil and gas producer’s stock valued at $47,000 after buying an additional 913 shares during the period. Institutional investors own 26.07% of the company’s stock.

Enterprise Products Partners Stock Up 0.3 %

Shares of Enterprise Products Partners stock traded up $0.08 during trading on Friday, reaching $29.33. The stock had a trading volume of 2,558,427 shares, compared to its average volume of 4,555,431. The company has a current ratio of 0.93, a quick ratio of 0.68 and a debt-to-equity ratio of 0.99. The company has a market capitalization of $63.69 billion, a price-to-earnings ratio of 11.51, a P/E/G ratio of 1.33 and a beta of 1.04. 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 fifty day moving average price of $29.16 and a two-hundred day moving average price of $28.67.

Enterprise Products Partners (NYSE:EPD) last released its earnings results on Tuesday, July 30th. The oil and gas producer reported $0.64 EPS for the quarter, missing the consensus estimate of $0.66 by ($0.02). The firm had revenue of $13.48 billion during the quarter, compared to the consensus estimate of $14.23 billion. Enterprise Products Partners had a net margin of 10.48% and a return on equity of 20.18%. The company’s revenue was up 26.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.57 EPS. Sell-side analysts predict that Enterprise Products Partners L.P. will post 2.72 EPS for the current fiscal year.

Enterprise Products Partners Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 14th. Shareholders of record on Wednesday, July 31st were paid a $0.525 dividend. This is a positive change from Enterprise Products Partners’s previous quarterly dividend of $0.52. This represents a $2.10 annualized dividend and a yield of 7.16%. The ex-dividend date of this dividend was Wednesday, July 31st. Enterprise Products Partners’s payout ratio is presently 82.35%.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Morgan Stanley decreased their target price on Enterprise Products Partners from $35.00 to $34.00 and set an “equal weight” rating for the company in a research report on Monday, June 10th. StockNews.com downgraded shares of Enterprise Products Partners from a “strong-buy” rating to a “buy” rating in a research note on Monday, August 12th. JPMorgan Chase & Co. reduced their price target on shares of Enterprise Products Partners from $33.00 to $32.00 and set an “overweight” rating on the stock in a research report on Thursday, May 16th. Finally, Truist Financial upped their price objective on shares of Enterprise Products Partners from $35.00 to $37.00 and gave the company a “buy” rating in a research report on Wednesday, July 31st. Two research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Enterprise Products Partners has an average rating of “Moderate Buy” and an average target price of $33.08.

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.