Allianz Asset Management GmbH Sells 548,800 Shares of Enterprise Products Partners L.P. $EPD

Key Points

• Allianz Asset Management GmbH reduced its stake in Enterprise Products Partners by 29.5%, selling 548,800 shares and retaining 1,312,355 shares worth approximately $40.7 million.
• Enterprise Products Partners reported a quarterly earnings miss, with earnings per share of $0.66 compared to analysts' expectations of $0.67, and a significant year-over-year revenue decline of 15.7%.
• The company announced a quarterly dividend of $0.545 per share, with an annualized yield of 7.2%, set to be paid on November 14th to shareholders recorded by October 31st.

Allianz Asset Management GmbH trimmed its position in shares of Enterprise Products Partners L.P. (NYSE:EPD - Free Report) by 29.5% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,312,355 shares of the oil and gas producer's stock after selling 548,800 shares during the quarter. Allianz Asset Management GmbH owned 0.06% of Enterprise Products Partners worth $40,696,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Per Stirling Capital Management LLC. lifted its holdings in shares of Enterprise Products Partners by 1.5% during the 1st quarter. Per Stirling Capital Management LLC. now owns 23,556 shares of the oil and gas producer's stock valued at $804,000 after buying an additional 339 shares during the period. Tranquility Partners LLC raised its holdings in Enterprise Products Partners by 1.4% in the 2nd quarter. Tranquility Partners LLC now owns 23,944 shares of the oil and gas producer's stock worth $743,000 after purchasing an additional 339 shares during the period. Sound Income Strategies LLC raised its holdings in Enterprise Products Partners by 2.1% in the 2nd quarter. Sound Income Strategies LLC now owns 16,796 shares of the oil and gas producer's stock worth $521,000 after purchasing an additional 340 shares during the period. Empirical Financial Services LLC d.b.a. Empirical Wealth Management raised its holdings in Enterprise Products Partners by 1.8% in the 2nd quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 19,353 shares of the oil and gas producer's stock worth $600,000 after purchasing an additional 347 shares during the period. Finally, Russell Investments Group Ltd. raised its holdings in Enterprise Products Partners by 1.2% in the 1st quarter. Russell Investments Group Ltd. now owns 32,403 shares of the oil and gas producer's stock worth $1,106,000 after purchasing an additional 372 shares during the period. 26.07% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on EPD shares. Scotiabank decreased their target price on Enterprise Products Partners from $36.00 to $35.00 and set a "sector perform" rating on the stock in a report on Friday, September 19th. Mizuho set a $38.00 target price on Enterprise Products Partners and gave the stock an "outperform" rating in a report on Friday, July 11th. Barclays decreased their target price on Enterprise Products Partners from $36.00 to $35.00 and set an "overweight" rating on the stock in a report on Wednesday, July 2nd. Stifel Nicolaus decreased their target price on Enterprise Products Partners from $36.00 to $35.00 and set a "buy" rating on the stock in a report on Tuesday, July 29th. Finally, TD Cowen started coverage on Enterprise Products Partners in a report on Monday, July 7th. They issued a "hold" rating and a $33.00 target price on the stock. Two research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $35.82.

Enterprise Products Partners Trading Down 0.1%

Shares of EPD stock opened at $30.21 on Friday. Enterprise Products Partners L.P. has a 52-week low of $27.77 and a 52-week high of $34.63. 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 firm has a market capitalization of $65.42 billion, a PE ratio of 11.23, a PEG ratio of 2.15 and a beta of 0.64. The stock has a fifty day simple moving average of $31.52 and a two-hundred day simple moving average of $31.28.

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 (EPS) 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 during the quarter, compared to analysts' expectations of $15.24 billion. During the same quarter in the previous year, the company posted $0.64 EPS. The company's quarterly revenue was down 15.7% on a year-over-year basis. On average, analysts predict that Enterprise Products Partners L.P. will post 2.9 EPS for the current fiscal year.

Enterprise Products Partners Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Friday, October 31st will be given 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 7.2%. Enterprise Products Partners's dividend payout ratio (DPR) is presently 81.04%.

Insider Transactions at Enterprise Products Partners

In other news, Director John R. Rutherford acquired 15,000 shares of the business's stock in a transaction dated Tuesday, July 29th. The stock was 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 trade represents a 10.45% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director William C. Montgomery acquired 16,000 shares of the business's stock in a transaction dated Wednesday, July 30th. The shares were purchased at an average price of $31.55 per share, with a total value of $504,800.00. Following the transaction, the director owned 136,920 shares of the company's stock, valued at approximately $4,319,826. This represents a 13.23% increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 32.60% of the company's stock.

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.

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