8,347 Shares in Enterprise Products Partners L.P. $EPD Purchased by Probity Advisors Inc.

Key Points

• Probity Advisors Inc. acquired 8,347 shares of Enterprise Products Partners L.P. for approximately $259,000, marking a significant addition to its investment portfolio.
• Insider buying was notable as Director John R. Rutherford purchased 15,000 shares, increasing his ownership by 10.45%, while Director William C. Montgomery bought 16,000 shares, raising his stake by 13.23%.
• Enterprise Products Partners declared a quarterly dividend of $0.545 per share, representing an annualized yield of 7.1% and a payout ratio of 81.04%.

Probity Advisors Inc. acquired a new position in Enterprise Products Partners L.P. (NYSE:EPD - Free Report) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 8,347 shares of the oil and gas producer's stock, valued at approximately $259,000.

A number of other hedge funds also recently added to or reduced their stakes in EPD. Brighton Jones LLC lifted its stake in Enterprise Products Partners by 19.9% in the fourth quarter. Brighton Jones LLC now owns 32,620 shares of the oil and gas producer's stock worth $1,023,000 after acquiring an additional 5,425 shares during the period. Cambridge Investment Research Advisors Inc. grew its stake in Enterprise Products Partners by 4.0% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 709,059 shares of the oil and gas producer's stock valued at $24,207,000 after purchasing an additional 27,219 shares during the last quarter. Flagship Harbor Advisors LLC grew its stake in Enterprise Products Partners by 2.2% in the first quarter. Flagship Harbor Advisors LLC now owns 79,470 shares of the oil and gas producer's stock valued at $2,713,000 after purchasing an additional 1,680 shares during the last quarter. Oppenheimer Asset Management Inc. grew its stake in Enterprise Products Partners by 17.3% in the first quarter. Oppenheimer Asset Management Inc. now owns 86,350 shares of the oil and gas producer's stock valued at $2,948,000 after purchasing an additional 12,714 shares during the last quarter. Finally, Legacy Advisors LLC grew its stake in Enterprise Products Partners by 0.9% in the first quarter. Legacy Advisors LLC now owns 93,920 shares of the oil and gas producer's stock valued at $3,206,000 after purchasing an additional 834 shares during the last quarter. 26.07% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have issued reports on the company. Weiss Ratings reiterated a "buy (b)" rating on shares of Enterprise Products Partners in a research note on Wednesday, October 8th. Stifel Nicolaus cut their target price on Enterprise Products Partners from $36.00 to $35.00 and set a "buy" rating on the stock in a research note on Tuesday, July 29th. Mizuho set a $38.00 target price on Enterprise Products Partners and gave the company an "outperform" rating in a research note on Friday, July 11th. Morgan Stanley cut their target price on Enterprise Products Partners from $35.00 to $33.00 and set an "equal weight" rating on the stock in a research note on Tuesday, August 26th. Finally, TD Cowen assumed coverage on Enterprise Products Partners in a research note on Monday, July 7th. They issued a "hold" rating and a $33.00 target price on the stock. Two investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $35.82.

Insider Buying and Selling

In other news, Director John R. Rutherford bought 15,000 shares of the company's stock in a transaction that occurred on Tuesday, July 29th. The shares were purchased at an average price of $31.35 per share, for a total transaction of $470,250.00. Following the completion of the transaction, the director directly owned 158,586 shares in the company, valued at approximately $4,971,671.10. This represents a 10.45% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director William C. Montgomery bought 16,000 shares of the company's stock in a transaction that occurred on Wednesday, July 30th. The stock was purchased at an average price of $31.55 per share, for a total transaction of $504,800.00. Following the transaction, the director owned 136,920 shares of the company's stock, valued at $4,319,826. The trade was a 13.23% increase in their ownership of the stock. The disclosure for this purchase can be found here. 32.60% of the stock is owned by corporate insiders.

Enterprise Products Partners Price Performance

Shares of EPD stock opened at $30.79 on Wednesday. Enterprise Products Partners L.P. has a fifty-two week low of $27.77 and a fifty-two week high of $34.63. The firm has a market capitalization of $66.67 billion, a price-to-earnings ratio of 11.45, a PEG ratio of 2.18 and a beta of 0.64. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.69 and a current ratio of 0.96. The stock's 50-day simple moving average is $31.50 and its 200-day simple moving average is $31.24.

Enterprise Products Partners (NYSE:EPD - Get Free Report) last issued its quarterly earnings results on Monday, July 28th. The oil and gas producer reported $0.66 earnings per share for the quarter, missing analysts' consensus estimates of $0.67 by ($0.01). Enterprise Products Partners had a return on equity of 19.81% and a net margin of 10.71%.The business had revenue of $11.36 billion for the quarter, compared to analysts' expectations of $15.24 billion. During the same quarter in the previous year, the firm posted $0.64 EPS. Enterprise Products Partners's revenue was down 15.7% on a year-over-year basis. As a group, equities analysts forecast that Enterprise Products Partners L.P. will post 2.9 earnings per share for the current fiscal year.

Enterprise Products Partners Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Friday, October 31st will be paid a dividend of $0.545 per share. The ex-dividend date is Friday, October 31st. This represents a $2.18 dividend on an annualized basis and a dividend yield of 7.1%. Enterprise Products Partners's payout ratio is presently 81.04%.

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.

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