Avidian Wealth Enterprises LLC Purchases 11,792 Shares of Enterprise Products Partners L.P. $EPD

Key Points

• Avidian Wealth Enterprises LLC increased its holdings in Enterprise Products Partners L.P. by 18.6%, acquiring an additional 11,792 shares in the second quarter, bringing its total to 75,287 shares valued at approximately $2.33 million.
• Several institutional investors have also boosted their stakes; for instance, Truist Financial Corp increased its position by 293.6%, while JPMorgan Chase & Co. increased theirs by 65.3%.
• The company declared a quarterly dividend of $0.545 per share with a yield of 7.1%, scheduled to be paid on November 14th, and has a strong payout ratio of 81.04%.

Avidian Wealth Enterprises LLC raised its position in shares of Enterprise Products Partners L.P. (NYSE:EPD - Free Report) by 18.6% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 75,287 shares of the oil and gas producer's stock after acquiring an additional 11,792 shares during the period. Avidian Wealth Enterprises LLC's holdings in Enterprise Products Partners were worth $2,335,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in EPD. ING Groep NV bought a new stake in shares of Enterprise Products Partners during the first quarter worth approximately $71,052,000. Alps Advisors Inc. boosted its stake in shares of Enterprise Products Partners by 5.0% in the first quarter. Alps Advisors Inc. now owns 41,326,613 shares of the oil and gas producer's stock valued at $1,410,891,000 after buying an additional 1,967,188 shares during the period. JPMorgan Chase & Co. boosted its stake in shares of Enterprise Products Partners by 65.3% in the first quarter. JPMorgan Chase & Co. now owns 4,347,247 shares of the oil and gas producer's stock valued at $148,415,000 after buying an additional 1,717,768 shares during the period. Northside Capital Management LLC bought a new stake in shares of Enterprise Products Partners in the second quarter valued at approximately $47,628,000. Finally, Truist Financial Corp boosted its stake in shares of Enterprise Products Partners by 293.6% in the first quarter. Truist Financial Corp now owns 2,018,964 shares of the oil and gas producer's stock valued at $68,927,000 after buying an additional 1,506,055 shares during the period. Institutional investors own 26.07% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. 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 price target for the company. Weiss Ratings reiterated a "buy (b)" rating on shares of Enterprise Products Partners in a research note on Wednesday, October 8th. Barclays cut their price target on Enterprise Products Partners from $36.00 to $35.00 and set an "overweight" rating for the company in a research note on Wednesday, July 2nd. Mizuho set a $38.00 price target on Enterprise Products Partners and gave the company an "outperform" rating in a research note on Friday, July 11th. Finally, Scotiabank lowered their price objective on shares of Enterprise Products Partners from $36.00 to $35.00 and set a "sector perform" rating for the company in a research report on Friday, September 19th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $35.82.

Insiders Place Their Bets

In other news, Director John R. Rutherford acquired 15,000 shares of Enterprise Products Partners stock in a transaction that occurred on Tuesday, July 29th. The shares were acquired at an average price of $31.35 per share, for a total transaction of $470,250.00. Following the transaction, the director directly owned 158,586 shares of the company's stock, valued at approximately $4,971,671.10. The trade was a 10.45% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director William C. Montgomery acquired 16,000 shares of Enterprise Products Partners stock in a transaction that occurred on Wednesday, July 30th. The shares were purchased at an average price of $31.55 per share, for a total transaction of $504,800.00. Following the transaction, the director directly owned 136,920 shares in the company, 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. Insiders own 32.60% of the company's stock.

Enterprise Products Partners Stock Up 1.7%

Shares of EPD opened at $30.72 on Tuesday. The firm has a 50 day simple moving average of $31.51 and a two-hundred day simple moving average of $31.24. The company has a market cap of $66.51 billion, a P/E ratio of 11.42, a P/E/G ratio of 2.15 and a beta of 0.64. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.96 and a quick ratio of 0.69. Enterprise Products Partners L.P. has a one year low of $27.77 and a one year high of $34.63.

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

Enterprise Products Partners Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Investors 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 yield of 7.1%. Enterprise Products Partners's payout ratio is currently 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.

Want to see what other hedge funds are holding EPD? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Enterprise Products Partners L.P. (NYSE:EPD - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.