Allworth Financial LP Decreases 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.
• Enterprise Products Partners reported stronger-than-expected quarterly results, with EPS of $0.84 versus the $0.75 consensus and revenue up 60.8% year over year to $18.27 billion.
• The company raised its quarterly dividend to $0.56 per share, equating to a 5.7% annualized yield. Despite several bullish analyst ratings, the overall consensus remains “Hold,” with a $39.87 price target.

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

Several other hedge funds have also added to or reduced their stakes in EPD. Royal Palms Capital LLC purchased a new position in Enterprise Products Partners during the fourth quarter valued at $1,830,000. Texas Yale Capital Corp. boosted its holdings in shares of Enterprise Products Partners by 4.9% during the 4th quarter. Texas Yale Capital Corp. now owns 1,905,939 shares of the oil and gas producer's stock valued at $61,104,000 after buying an additional 88,475 shares in the last quarter. Thrivent Financial for Lutherans grew its position in shares of Enterprise Products Partners by 7.8% in the 4th quarter. Thrivent Financial for Lutherans now owns 4,510,036 shares of the oil and gas producer's stock worth $144,592,000 after buying an additional 327,807 shares during the period. Evolve Private Wealth LLC increased its stake in shares of Enterprise Products Partners by 662.0% in the 1st quarter. Evolve Private Wealth LLC now owns 154,492 shares of the oil and gas producer's stock worth $5,846,000 after acquiring an additional 134,218 shares in the last quarter. Finally, Mizuho Markets Americas LLC bought a new position in shares of Enterprise Products Partners in the 2nd quarter worth about $12,866,000. 26.07% of the stock is owned by institutional investors.

Enterprise Products Partners Trading Up 0.0%

Shares of EPD stock opened at $39.33 on Friday. The company has a current ratio of 0.93, a quick ratio of 0.66 and a debt-to-equity ratio of 1.00. Enterprise Products Partners L.P. has a 12-month low of $30.01 and a 12-month high of $40.17. The stock has a market capitalization of $84.93 billion, a P/E ratio of 13.66, a P/E/G ratio of 1.44 and a beta of 0.50. The firm's 50 day moving average is $38.33 and its 200 day moving average is $37.86.

Enterprise Products Partners (NYSE:EPD - Get Free Report) last announced its earnings results on Wednesday, July 29th. The oil and gas producer reported $0.84 earnings per share for the quarter, beating analysts' consensus estimates of $0.75 by $0.09. Enterprise Products Partners had a net margin of 10.79% and a return on equity of 20.67%. The business had revenue of $18.27 billion during the quarter, compared to analyst estimates of $13.69 billion. During the same period in the previous year, the business earned $0.66 EPS. The company's quarterly revenue was up 60.8% compared to the same quarter last year. Research analysts expect that Enterprise Products Partners L.P. will post 3.03 earnings per share for the current year.

Enterprise Products Partners Increases Dividend

The firm 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. The ex-dividend date was Friday, July 31st. This represents a $2.24 annualized dividend and a dividend yield of 5.7%. This is a boost from Enterprise Products Partners's previous quarterly dividend of $0.55. Enterprise Products Partners's dividend payout ratio is 77.78%.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. Weiss Ratings raised shares of Enterprise Products Partners from a "buy (b)" rating to a "buy (a-)" rating in a research note on Tuesday, August 11th. Wall Street Zen raised shares of Enterprise Products Partners from a "buy" rating to a "strong-buy" rating in a research note on Sunday, September 6th. Morgan Stanley reiterated an "underweight" rating and set a $41.00 target price (up from $40.00) on shares of Enterprise Products Partners in a report on Tuesday, August 18th. TD Cowen reissued a "hold" rating and issued a $38.00 price target (down from $39.00) on shares of Enterprise Products Partners in a research report on Monday, August 3rd. Finally, UBS Group restated a "buy" rating and issued a $45.00 price target on shares of Enterprise Products Partners in a research note on Wednesday, June 17th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $39.87.

Enterprise Products Partners Profile

Enterprise Products Partners L.P. NYSE: EPD is a publicly traded midstream energy partnership that provides transportation, storage, processing and export services for crude oil, natural gas, natural gas liquids (NGLs), petrochemicals and refined products. The company operates an integrated network of pipelines, processing plants, fractionation facilities, storage assets and marine terminals.

Enterprise's NGL operations include natural gas processing, NGL fractionation and the production and distribution of ethane, propane, butanes and natural gasoline.

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