Bessemer Group Inc. Sells 50,970 Shares of Enterprise Products Partners L.P. $EPD

Key Points

• Bessemer Group Inc. cut its stake in Enterprise Products Partners by 73.2% in the first quarter, selling 50,970 shares and ending with 18,660 shares worth about $706,000.
• Enterprise Products Partners reported quarterly earnings of $0.68 per share, missing analyst estimates, while revenue came in at $14.39 billion, above expectations but down 6.7% from a year earlier.
• The company raised its quarterly dividend to $0.56 per share, giving it an annualized dividend of $2.24 and a yield of about 5.8%.

Bessemer Group Inc. reduced its holdings in shares of Enterprise Products Partners L.P. (NYSE:EPD - Free Report) by 73.2% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 18,660 shares of the oil and gas producer's stock after selling 50,970 shares during the quarter. Bessemer Group Inc.'s holdings in Enterprise Products Partners were worth $706,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Alps Advisors Inc. boosted its holdings in shares of Enterprise Products Partners by 0.6% in the 4th quarter. Alps Advisors Inc. now owns 42,639,131 shares of the oil and gas producer's stock valued at $1,367,011,000 after buying an additional 260,305 shares during the last quarter. Auto Owners Insurance Co lifted its stake in Enterprise Products Partners by 3,106.0% in the fourth quarter. Auto Owners Insurance Co now owns 32,060,000 shares of the oil and gas producer's stock valued at $102,784,000 after acquiring an additional 31,060,000 shares during the last quarter. Morgan Stanley lifted its stake in Enterprise Products Partners by 4.8% in the fourth quarter. Morgan Stanley now owns 19,116,333 shares of the oil and gas producer's stock valued at $612,870,000 after acquiring an additional 883,983 shares during the last quarter. Goldman Sachs Group Inc. grew its position in shares of Enterprise Products Partners by 12.0% in the 4th quarter. Goldman Sachs Group Inc. now owns 18,163,343 shares of the oil and gas producer's stock valued at $582,317,000 after acquiring an additional 1,940,583 shares during the period. Finally, Energy Income Partners LLC increased its stake in shares of Enterprise Products Partners by 0.6% during the 3rd quarter. Energy Income Partners LLC now owns 14,705,122 shares of the oil and gas producer's stock worth $459,829,000 after purchasing an additional 80,884 shares during the last quarter. 26.07% of the stock is currently owned by institutional investors and hedge funds.

Enterprise Products Partners Price Performance

Shares of NYSE:EPD opened at $38.71 on Friday. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.61 and a current ratio of 0.91. Enterprise Products Partners L.P. has a 52 week low of $30.01 and a 52 week high of $40.17. The firm has a market cap of $83.68 billion, a PE ratio of 14.34, a price-to-earnings-growth ratio of 1.41 and a beta of 0.49. The firm's fifty day moving average is $37.67 and its 200-day moving average is $36.74.

Enterprise Products Partners (NYSE:EPD - Get Free Report) last posted its quarterly earnings data on Monday, April 27th. The oil and gas producer reported $0.68 earnings per share for the quarter, missing analysts' consensus estimates of $0.71 by ($0.03). Enterprise Products Partners had a net margin of 11.45% and a return on equity of 19.53%. The company had revenue of $14.39 billion during the quarter, compared to analyst estimates of $13.62 billion. During the same quarter in the previous year, the company earned $0.64 earnings per share. The business's revenue for the quarter was down 6.7% on a year-over-year basis. Sell-side analysts predict that Enterprise Products Partners L.P. will post 2.92 earnings per share for the current year.

Enterprise Products Partners Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Friday, July 31st will be issued a $0.56 dividend. The ex-dividend date is Friday, July 31st. This is a positive change from Enterprise Products Partners's previous quarterly dividend of $0.55. This represents a $2.24 annualized dividend and a yield of 5.8%. Enterprise Products Partners's dividend payout ratio (DPR) is presently 82.96%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Royal Bank Of Canada upped their target price on shares of Enterprise Products Partners from $40.00 to $42.00 and gave the company an "outperform" rating in a report on Monday, March 30th. Jefferies Financial Group boosted their price target on Enterprise Products Partners from $34.00 to $40.00 and gave the stock a "hold" rating in a research report on Tuesday, March 31st. TD Cowen reaffirmed a "hold" rating and issued a $38.00 price objective (up from $34.00) on shares of Enterprise Products Partners in a research report on Thursday, April 16th. Truist Financial lifted their target price on Enterprise Products Partners from $36.00 to $40.00 and gave the stock a "hold" rating in a research note on Monday, May 4th. Finally, Wall Street Zen lowered Enterprise Products Partners from a "buy" rating to a "hold" rating in a report on Sunday, July 12th. Eight equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Enterprise Products Partners currently has a consensus rating of "Hold" and an average target price of $39.93.

Enterprise Products Partners Company Profile

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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