Beck Mack & Oliver LLC Sells 228,762 Shares of Enterprise Products Partners L.P. $EPD

Key Points

• Beck Mack & Oliver LLC reduced its stake in Enterprise Products Partners L.P. by 18.8%, selling 228,762 shares to hold 989,310 shares worth approximately $33.8 million.
• Several large investors, including ING Groep NV and JPMorgan Chase & Co., have increased their stakes in Enterprise Products Partners, indicating strong institutional interest.
• Enterprise Products Partners recently announced a quarterly dividend increase to $0.545, reflecting a 6.8% yield and a payout ratio of 81.04%.

Beck Mack & Oliver LLC decreased its stake in Enterprise Products Partners L.P. (NYSE:EPD - Free Report) by 18.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 989,310 shares of the oil and gas producer's stock after selling 228,762 shares during the period. Beck Mack & Oliver LLC's holdings in Enterprise Products Partners were worth $33,775,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the business. Colonial Trust Co SC raised its stake in Enterprise Products Partners by 44.9% during the 4th quarter. Colonial Trust Co SC now owns 1,014 shares of the oil and gas producer's stock valued at $32,000 after acquiring an additional 314 shares in the last quarter. Strategic Advisors LLC grew its holdings in shares of Enterprise Products Partners by 3.5% in the 1st quarter. Strategic Advisors LLC now owns 9,985 shares of the oil and gas producer's stock worth $341,000 after acquiring an additional 337 shares during the last quarter. Per Stirling Capital Management LLC. grew its holdings in shares of Enterprise Products Partners by 1.5% in the 1st quarter. Per Stirling Capital Management LLC. now owns 23,556 shares of the oil and gas producer's stock worth $804,000 after acquiring an additional 339 shares during the last quarter. Full Sail Capital LLC grew its holdings in shares of Enterprise Products Partners by 3.9% in the 4th quarter. Full Sail Capital LLC now owns 9,081 shares of the oil and gas producer's stock worth $285,000 after acquiring an additional 341 shares during the last quarter. Finally, Keystone Wealth Services LLC grew its holdings in shares of Enterprise Products Partners by 2.6% in the 1st quarter. Keystone Wealth Services LLC now owns 13,937 shares of the oil and gas producer's stock worth $476,000 after acquiring an additional 349 shares during the last quarter. Institutional investors own 26.07% of the company's stock.

Enterprise Products Partners Price Performance

NYSE EPD traded down $0.15 during trading hours on Wednesday, reaching $31.86. 2,814,892 shares of the company's stock were exchanged, compared to its average volume of 4,659,780. The stock has a market cap of $68.97 billion, a PE ratio of 11.84, a price-to-earnings-growth ratio of 1.87 and a beta of 0.69. Enterprise Products Partners L.P. has a one year low of $27.77 and a one year high of $34.63. The firm has a fifty day moving average of $31.47 and a 200-day moving average of $31.75. The company has a current ratio of 0.96, a quick ratio of 0.69 and a debt-to-equity ratio of 1.04.

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

Enterprise Products Partners Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 14th. Investors of record on Thursday, July 31st were given a dividend of $0.545 per share. This is a boost from Enterprise Products Partners's previous quarterly dividend of $0.54. The ex-dividend date was Thursday, July 31st. This represents a $2.18 dividend on an annualized basis and a yield of 6.8%. Enterprise Products Partners's dividend payout ratio is currently 81.04%.

Insider Buying and Selling at Enterprise Products Partners

In other news, Director William C. Montgomery acquired 16,000 shares of Enterprise Products Partners stock in a transaction on 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 acquisition, the director owned 136,920 shares in the company, valued at $4,319,826. This represents a 13.23% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director John R. Rutherford acquired 15,000 shares of Enterprise Products Partners stock in a transaction on Tuesday, July 29th. The shares were purchased at an average cost of $31.35 per share, for a total transaction of $470,250.00. Following the acquisition, the director owned 158,586 shares in the company, valued at approximately $4,971,671.10. This represents a 10.45% increase in their position. The disclosure for this purchase can be found here. 32.60% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on EPD. Stifel Nicolaus lowered their price target 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. Citigroup reduced their price target on Enterprise Products Partners from $37.00 to $35.00 and set a "buy" rating for the company in a research report on Tuesday, May 13th. TD Cowen initiated coverage on Enterprise Products Partners in a research report on Monday, July 7th. They issued a "hold" rating and a $33.00 price target for the company. Mizuho set a $38.00 price objective on Enterprise Products Partners and gave the stock an "outperform" rating in a research report on Friday, July 11th. Finally, Scotiabank boosted their price objective on Enterprise Products Partners from $35.00 to $36.00 and gave the stock a "sector perform" rating in a research report on Thursday, June 5th. Two investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $35.83.

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.