Enterprise Products Partners L.P. $EPD Shares Acquired by Chickasaw Capital Management LLC

Key Points

• Chickasaw Capital Management LLC increased its stake in Enterprise Products Partners by 1.5%, owning 5.5 million shares valued at approximately $171 million, making it the firm's 8th largest investment.
• Insiders also purchased shares recently, with Director John R. Rutherford acquiring 15,000 shares, boosting his ownership by 10.45%.
• Enterprise Products Partners announced a quarterly dividend increase to $0.545 per share, raising its annual yield to 6.8%.

Chickasaw Capital Management LLC boosted its position in shares of Enterprise Products Partners L.P. (NYSE:EPD - Free Report) by 1.5% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,515,066 shares of the oil and gas producer's stock after acquiring an additional 81,135 shares during the quarter. Enterprise Products Partners accounts for approximately 6.8% of Chickasaw Capital Management LLC's investment portfolio, making the stock its 8th biggest position. Chickasaw Capital Management LLC owned 0.25% of Enterprise Products Partners worth $171,022,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in EPD. Diversified Trust Co boosted its stake in shares of Enterprise Products Partners by 13.7% in the first quarter. Diversified Trust Co now owns 15,122 shares of the oil and gas producer's stock valued at $516,000 after buying an additional 1,821 shares in the last quarter. Aurora Private Wealth Inc. lifted its holdings in shares of Enterprise Products Partners by 3,044.1% in the 1st quarter. Aurora Private Wealth Inc. now owns 200,720 shares of the oil and gas producer's stock worth $6,853,000 after purchasing an additional 194,336 shares during the last quarter. Cyndeo Wealth Partners LLC raised its stake in shares of Enterprise Products Partners by 20.0% in the 1st quarter. Cyndeo Wealth Partners LLC now owns 133,358 shares of the oil and gas producer's stock worth $4,553,000 after buying an additional 22,202 shares in the last quarter. Forbes J M & Co. LLP purchased a new position in shares of Enterprise Products Partners during the first quarter valued at $290,000. Finally, Corigliano Investment Advisers LLC purchased a new position in Enterprise Products Partners in the first quarter valued at about $4,384,000. Institutional investors and hedge funds own 26.07% of the company's stock.

Insider Buying and Selling

In other news, Director John R. Rutherford acquired 15,000 shares of the business's stock in a transaction that occurred on Tuesday, July 29th. The stock was bought at an average price of $31.35 per share, with a total value of $470,250.00. Following the completion of the acquisition, the director directly 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 purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director William C. Montgomery acquired 16,000 shares of the company's stock in a transaction on Wednesday, July 30th. The shares were bought at an average cost of $31.55 per share, with a total value of $504,800.00. Following the acquisition, the director directly 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.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on EPD shares. Morgan Stanley dropped their target price on Enterprise Products Partners from $35.00 to $33.00 and set an "equal weight" rating for the company in a report on Tuesday, August 26th. Mizuho set a $38.00 price target on shares of Enterprise Products Partners and gave the stock an "outperform" rating in a report on Friday, July 11th. Stifel Nicolaus cut their price objective on shares of 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. Barclays reduced their target price on shares of Enterprise Products Partners from $36.00 to $35.00 and set an "overweight" rating for the company in a research report on Wednesday, July 2nd. Finally, Scotiabank raised their price target on shares of Enterprise Products Partners from $35.00 to $36.00 and gave the company a "sector perform" rating in a report on Thursday, June 5th. 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 stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $35.83.

Enterprise Products Partners Stock Performance

EPD opened at $32.04 on Thursday. The stock's 50 day simple moving average is $31.57 and its 200-day simple moving average is $31.64. Enterprise Products Partners L.P. has a 1 year low of $27.77 and a 1 year high of $34.63. The stock has a market cap of $69.37 billion, a PE ratio of 11.91, a P/E/G ratio of 1.99 and a beta of 0.69. 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 analyst estimates of $15.24 billion. Enterprise Products Partners had a return on equity of 19.81% and a net margin of 10.71%.The company's revenue for the quarter was down 15.7% compared to the same quarter last year. During the same period in the prior year, the business earned $0.64 EPS. Sell-side analysts forecast that Enterprise Products Partners L.P. will post 2.9 EPS for the current year.

Enterprise Products Partners Increases Dividend

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

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.

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