Enterprise Products Partners L.P. $EPD Shares Acquired by Ellsworth Advisors LLC

Key Points

• Ellsworth Advisors LLC significantly increased its holdings in Enterprise Products Partners L.P. by 705% in Q1, now owning 185,323 shares valued at over $6.3 million.
• Several institutional investors also raised their stakes in Enterprise Products Partners, contributing to a total of 26.07% of the company's stock being held by hedge funds and institutions.
• Enterprise Products Partners announced a quarterly dividend increase to $0.545, reflecting an annualized dividend yield of 6.9% and a payout ratio of 81.04%.

Ellsworth Advisors LLC boosted its holdings in shares of Enterprise Products Partners L.P. (NYSE:EPD - Free Report) by 705.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 185,323 shares of the oil and gas producer's stock after purchasing an additional 162,301 shares during the quarter. Enterprise Products Partners makes up 1.7% of Ellsworth Advisors LLC's holdings, making the stock its 12th largest position. Ellsworth Advisors LLC's holdings in Enterprise Products Partners were worth $6,327,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in EPD. ING Groep NV acquired a new stake in shares of Enterprise Products Partners in the first quarter valued at approximately $71,052,000. Alps Advisors Inc. boosted its holdings in 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 purchasing an additional 1,967,188 shares during the period. JPMorgan Chase & Co. boosted its holdings in 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 purchasing an additional 1,717,768 shares during the period. Truist Financial Corp lifted its holdings in Enterprise Products Partners by 293.6% during the 1st quarter. Truist Financial Corp now owns 2,018,964 shares of the oil and gas producer's stock worth $68,927,000 after buying an additional 1,506,055 shares during the last quarter. Finally, Walnut Private Equity Partners LLC purchased a new stake in Enterprise Products Partners during the 1st quarter worth about $24,069,000. Institutional investors and hedge funds own 26.07% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. TD Cowen began coverage on Enterprise Products Partners in a research report on Monday, July 7th. They set a "hold" rating and a $33.00 target price on the stock. Barclays dropped 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. Morgan Stanley dropped their target price on Enterprise Products Partners from $35.00 to $33.00 and set an "equal weight" rating on the stock in a research report on Tuesday, August 26th. Scotiabank boosted their target price 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. Finally, Stifel Nicolaus dropped their target price on Enterprise Products Partners from $36.00 to $35.00 and set a "buy" rating on the stock in a research report on Tuesday, July 29th. Two analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $35.83.

Enterprise Products Partners Price Performance

EPD stock traded down $0.18 on Friday, reaching $31.75. The company had a trading volume of 3,358,988 shares, compared to its average volume of 3,154,401. The company's fifty day moving average is $31.56 and its 200 day moving average is $31.66. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.69 and a current ratio of 0.96. The company has a market cap of $68.75 billion, a P/E ratio of 11.80, a PEG ratio of 2.00 and a beta of 0.69. Enterprise Products Partners L.P. has a 1 year low of $27.77 and a 1 year high of $34.63.

Enterprise Products Partners (NYSE:EPD - Get Free Report) last issued its quarterly earnings results 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 business had revenue of $11.36 billion during 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% on a year-over-year basis. During the same quarter last year, the firm posted $0.64 earnings per share. On average, research analysts forecast that Enterprise Products Partners L.P. will post 2.9 earnings per share for the current year.

Enterprise Products Partners Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 14th. Shareholders of record on Thursday, July 31st were issued a $0.545 dividend. 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 annualized dividend and a yield of 6.9%. Enterprise Products Partners's payout ratio is presently 81.04%.

Insider Buying and Selling at Enterprise Products Partners

In other Enterprise Products Partners news, Director John R. Rutherford purchased 15,000 shares of the business's stock in a transaction on Tuesday, July 29th. The stock was bought 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 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 SEC, which is available at this link. Also, Director William C. Montgomery acquired 16,000 shares of the company's stock in a transaction dated 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 completion of the acquisition, the director owned 136,920 shares in the company, valued at approximately $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 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.