Chickasaw Capital Management LLC Reduces Position in Enterprise Products Partners L.P. $EPD

Key Points

• Chickasaw Capital Management reduced its Enterprise Products Partners position by 3.4% in the third quarter, selling 162,740 shares. It still held 4.56 million shares valued at approximately $162.6 million, representing 5.8% of its portfolio.
• Enterprise Products Partners reported stronger-than-expected quarterly results, with EPS of $0.84 versus the $0.75 consensus and revenue of $18.27 billion, up 60.8% year over year.
• EPD shares opened at $36.93, while analysts maintained a generally cautious outlook: the stock has an average “Hold” rating and a consensus price target of $40.12.

Chickasaw Capital Management LLC trimmed its position in Enterprise Products Partners L.P. (NYSE:EPD - Free Report) by 3.4% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 4,564,870 shares of the oil and gas producer's stock after selling 162,740 shares during the period. Enterprise Products Partners makes up about 5.8% of Chickasaw Capital Management LLC's portfolio, making the stock its 8th largest holding. Chickasaw Capital Management LLC owned 0.21% of Enterprise Products Partners worth $162,555,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of EPD. Alps Advisors Inc. boosted its stake in Enterprise Products Partners by 0.6% during the fourth 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 in the last quarter. Auto Owners Insurance Co raised its position 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 worth $102,784,000 after acquiring an additional 31,060,000 shares in the last quarter. Energy Income Partners LLC acquired a new stake in Enterprise Products Partners in the 2nd quarter valued at about $508,461,000. Bank of America Corp DE acquired a new stake in Enterprise Products Partners in the 2nd quarter valued at about $416,553,000. Finally, BlackRock Inc. bought a new position in shares of Enterprise Products Partners during the 2nd quarter valued at about $255,325,000. 26.07% of the stock is currently owned by institutional investors and hedge funds.

Enterprise Products Partners Trading Down 0.9%

Enterprise Products Partners stock opened at $36.93 on Thursday. Enterprise Products Partners L.P. has a 52 week low of $30.01 and a 52 week high of $40.17. 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 $79.75 billion, a price-to-earnings ratio of 12.82, a P/E/G ratio of 1.37 and a beta of 0.50. The company has a 50 day moving average price of $38.12 and a 200 day moving average price of $37.94.

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 (EPS) for the quarter, beating 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 net margin of 10.79% and a return on equity of 20.67%. The company's revenue was up 60.8% on a year-over-year basis. During the same period in the previous year, the business earned $0.66 EPS. Research analysts forecast that Enterprise Products Partners L.P. will post 3.02 EPS for the current year.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on EPD shares. The Goldman Sachs Group reaffirmed a "neutral" rating and issued a $38.00 price objective on shares of Enterprise Products Partners in a research note on Wednesday, June 17th. TD Cowen reissued a "hold" rating and set a $38.00 target price (down from $39.00) on shares of Enterprise Products Partners in a research note on Monday, August 3rd. Weiss Ratings lowered shares of Enterprise Products Partners from a "buy (a-)" rating to a "buy (b)" rating in a research report on Friday, October 2nd. JPMorgan Chase & Co. upped their price target on Enterprise Products Partners from $41.00 to $42.00 and gave the company a "neutral" rating in a report on Thursday, July 9th. Finally, Wall Street Zen downgraded Enterprise Products Partners from a "strong-buy" rating to a "buy" rating in a research report on Saturday, October 3rd. Seven equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Enterprise Products Partners has an average rating of "Hold" and a consensus price target of $40.12.

About Enterprise Products Partners

Enterprise Products Partners L.P. is a publicly traded master limited partnership that owns and operates midstream energy infrastructure in the United States. The company transports, stores, processes and exports oil, natural gas, natural gas liquids (NGLs), refined products and petrochemicals.

Its operations include pipelines, natural gas processing plants, NGL fractionation facilities, underground storage, marine terminals and export infrastructure. Enterprise serves producers, refiners, petrochemical manufacturers, utilities and other energy customers by connecting major producing regions with domestic and international markets.

Enterprise Products Partners was founded in 1968 and is headquartered in Houston, Texas.

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