Allworth Financial LP Cuts Stock Holdings in Enterprise Products Partners L.P. $EPD

Key Points

• Allworth Financial reduced its Enterprise Products Partners stake by 28.1% in the second quarter, selling 31,798 shares and retaining 81,212 shares valued at approximately $2.99 million.
• Analysts maintain a generally positive view of EPD, with a consensus “Moderate Buy” rating and an average price target of $40, compared with a recent share price of $38.12.
• Enterprise Products Partners reported quarterly EPS of $0.84, exceeding estimates of $0.75, while revenue rose 60.8% year over year to $18.27 billion. The company also increased its quarterly dividend to $0.56 per share, representing a 5.9% annualized yield.

Allworth Financial LP lessened its stake in shares of Enterprise Products Partners L.P. (NYSE:EPD - Free Report) by 28.1% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 81,212 shares of the oil and gas producer's stock after selling 31,798 shares during the period. Allworth Financial LP's holdings in Enterprise Products Partners were worth $2,985,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Palisade Asset Management LLC purchased a new position in Enterprise Products Partners in the third quarter worth about $31,000. N.E.W. Advisory Services LLC bought a new stake in shares of Enterprise Products Partners in the 2nd quarter valued at approximately $37,000. Bravera Wealth increased its position in shares of Enterprise Products Partners by 666.7% during the 2nd quarter. Bravera Wealth now owns 1,035 shares of the oil and gas producer's stock valued at $38,000 after purchasing an additional 900 shares during the last quarter. BOK Financial Private Wealth Inc. purchased a new stake in Enterprise Products Partners during the 2nd quarter valued at $48,000. Finally, West Paces Advisors Inc. bought a new stake in Enterprise Products Partners in the second quarter worth $55,000. 26.07% of the stock is owned by institutional investors.

Analyst Ratings Changes

EPD has been the topic of a number of analyst reports. Citigroup reiterated a "buy" rating and set a $44.00 price objective (up from $39.00) on shares of Enterprise Products Partners in a research report on Friday, May 1st. Stifel Nicolaus boosted their target price on Enterprise Products Partners from $41.00 to $42.00 and gave the company a "buy" rating in a research report on Wednesday, April 29th. Truist Financial increased their price target on Enterprise Products Partners from $36.00 to $40.00 and gave the stock a "hold" rating in a report on Monday, May 4th. TD Cowen restated a "hold" rating and set a $38.00 price objective (down from $39.00) on shares of Enterprise Products Partners in a report on Monday, August 3rd. Finally, JPMorgan Chase & Co. increased their target price on Enterprise Products Partners from $41.00 to $42.00 and gave the stock a "neutral" rating in a research note on Thursday, July 9th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Enterprise Products Partners has a consensus rating of "Moderate Buy" and an average target price of $40.00.

Enterprise Products Partners Stock Down 0.8%

Shares of NYSE EPD opened at $38.12 on Friday. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.66 and a current ratio of 0.93. The firm has a market capitalization of $82.32 billion, a price-to-earnings ratio of 13.24, a PEG ratio of 1.27 and a beta of 0.49. The stock has a 50 day moving average price of $37.67 and a 200 day moving average price of $37.51. Enterprise Products Partners L.P. has a 52-week low of $30.01 and a 52-week high of $40.17.

Enterprise Products Partners (NYSE:EPD - Get Free Report) last released its quarterly earnings data on Wednesday, July 29th. The oil and gas producer reported $0.84 EPS for the quarter, topping the consensus estimate of $0.75 by $0.09. The company had revenue of $18.27 billion for the quarter, compared to the consensus estimate of $13.69 billion. Enterprise Products Partners had a return on equity of 20.67% and a net margin of 10.79%.Enterprise Products Partners's quarterly revenue was up 60.8% on a year-over-year basis. During the same period last year, the business posted $0.66 EPS. Sell-side analysts expect that Enterprise Products Partners L.P. will post 3.01 earnings per share for the current year.

Enterprise Products Partners Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, July 31st were paid a dividend of $0.56 per share. This is an increase from Enterprise Products Partners's previous quarterly dividend of $0.55. This represents a $2.24 annualized dividend and a dividend yield of 5.9%. The ex-dividend date was Friday, July 31st. Enterprise Products Partners's payout ratio is 77.78%.

About Enterprise Products Partners

Enterprise Products Partners L.P. NYSE: EPD is a Houston-based master limited partnership that provides midstream energy services across North America. The company owns and operates an extensive network of pipelines, storage facilities, processing plants and export terminals that transport and handle natural gas, natural gas liquids (NGLs), crude oil and refined and petrochemical products. Its core activities include gathering and transportation, fractionation of NGLs, natural gas processing, crude oil and condensate pipelines, and marine and terminal services that enable domestic distribution and exports.

Enterprise serves a diverse set of customers including producers, refiners, petrochemical companies, marketers and end users.

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