Eagle Global Advisors LLC Sells 42,965 Shares of Enterprise Products Partners L.P. $EPD

Key Points

• Eagle Global Advisors LLC reduced its stake in Enterprise Products Partners L.P. by 2.0%, selling 42,965 shares, and now holds approximately $63.9 million worth of the stock, which is its 10th largest holding.
• Enterprise Products Partners recently announced an increased quarterly dividend of $0.545 per share, corresponding to an annual yield of 6.9% and a payout ratio of 81.04%.
• Recent analyst ratings for Enterprise Products Partners show a range of price targets, with an average target of $35.75 and a general consensus rating of "Moderate Buy."

Eagle Global Advisors LLC cut its holdings in shares of Enterprise Products Partners L.P. (NYSE:EPD - Free Report) by 2.0% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,060,949 shares of the oil and gas producer's stock after selling 42,965 shares during the period. Enterprise Products Partners accounts for approximately 2.6% of Eagle Global Advisors LLC's investment portfolio, making the stock its 10th biggest holding. Eagle Global Advisors LLC owned about 0.10% of Enterprise Products Partners worth $63,910,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the business. Brooklyn Investment Group acquired a new position in shares of Enterprise Products Partners in the 1st quarter valued at $27,000. Wealth Preservation Advisors LLC acquired a new position in shares of Enterprise Products Partners in the 1st quarter valued at $28,000. Crowley Wealth Management Inc. acquired a new position in shares of Enterprise Products Partners in the 2nd quarter valued at $29,000. Security National Bank acquired a new position in shares of Enterprise Products Partners in the 1st quarter valued at $30,000. Finally, Alpine Bank Wealth Management acquired a new position in shares of Enterprise Products Partners in the 1st quarter valued at $31,000. 26.07% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts recently issued reports on EPD shares. Scotiabank cut their target price on Enterprise Products Partners from $36.00 to $35.00 and set a "sector perform" rating on the stock in a research report on Friday, September 19th. Barclays cut their target price on Enterprise Products Partners from $36.00 to $35.00 and set an "overweight" rating on the stock in a research report on Wednesday, July 2nd. Mizuho set a $38.00 target price on Enterprise Products Partners and gave the company an "outperform" rating in a research report on Friday, July 11th. Morgan Stanley lowered their price target on shares of Enterprise Products Partners from $35.00 to $33.00 and set an "equal weight" rating on the stock in a report on Tuesday, August 26th. Finally, TD Cowen initiated coverage on shares of Enterprise Products Partners in a report on Monday, July 7th. They issued a "hold" rating and a $33.00 price target on the stock. Two 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 stock currently has an average rating of "Moderate Buy" and an average target price of $35.75.

Insider Activity

In other news, Director John R. Rutherford bought 15,000 shares of the stock in a transaction dated Tuesday, July 29th. The shares were acquired at an average cost of $31.35 per share, with a total value of $470,250.00. Following the purchase, the director directly owned 158,586 shares in the company, valued at $4,971,671.10. The trade was a 10.45% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director William C. Montgomery bought 16,000 shares of the stock in a transaction dated Wednesday, July 30th. The shares were purchased at an average cost of $31.55 per share, for a total transaction of $504,800.00. Following the completion of the purchase, the director owned 136,920 shares in the company, valued at approximately $4,319,826. This represents a 13.23% increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 32.60% of the company's stock.

Enterprise Products Partners Trading Up 0.3%

EPD stock opened at $31.63 on Friday. The company's 50-day simple moving average is $31.57 and its 200-day simple moving average is $31.55. The company has a quick ratio of 0.69, a current ratio of 0.96 and a debt-to-equity ratio of 1.04. Enterprise Products Partners L.P. has a 52-week low of $27.77 and a 52-week high of $34.63. The firm has a market cap of $68.49 billion, a P/E ratio of 11.76, a PEG ratio of 2.24 and a beta of 0.69.

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

Enterprise Products Partners Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 14th. Stockholders of record on Thursday, July 31st were paid a dividend of $0.545 per share. This represents a $2.18 annualized dividend and a dividend yield of 6.9%. The ex-dividend date of this dividend was Thursday, July 31st. This is an increase from Enterprise Products Partners's previous quarterly dividend of $0.54. Enterprise Products Partners's dividend payout ratio is currently 81.04%.

Enterprise Products Partners Company 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.

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