Miller Howard Investments Inc. NY Raises Holdings in Enterprise Products Partners L.P. $EPD

Key Points

• Miller Howard Investments Inc. increased its holdings in Enterprise Products Partners by 0.7%, owning 3,358,259 shares valued at approximately $104 million, making it the firm's second largest holding.
• Enterprise Products Partners recently increased its quarterly dividend to $0.545 per share, yielding 6.9%, up from the previous $0.54 per share.
• The company's most recent earnings report showed an EPS of $0.66, missing analysts' expectations and reflecting a revenue drop of 15.7% year-over-year.

Miller Howard Investments Inc. NY increased its position in shares of Enterprise Products Partners L.P. (NYSE:EPD - Free Report) by 0.7% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 3,358,259 shares of the oil and gas producer's stock after purchasing an additional 24,373 shares during the quarter. Enterprise Products Partners accounts for 3.3% of Miller Howard Investments Inc. NY's investment portfolio, making the stock its 2nd biggest holding. Miller Howard Investments Inc. NY owned approximately 0.15% of Enterprise Products Partners worth $104,140,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of EPD. Alps Advisors Inc. grew its holdings in shares of Enterprise Products Partners by 5.0% during 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 last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Enterprise Products Partners by 4.3% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,003,573 shares of the oil and gas producer's stock valued at $375,662,000 after purchasing an additional 457,045 shares in the last quarter. Chickasaw Capital Management LLC lifted its position in shares of Enterprise Products Partners by 1.5% during the 2nd quarter. Chickasaw Capital Management LLC now owns 5,515,066 shares of the oil and gas producer's stock valued at $171,022,000 after acquiring an additional 81,135 shares during the last quarter. BROOKFIELD Corp ON lifted its position in shares of Enterprise Products Partners by 2.8% during the 1st quarter. BROOKFIELD Corp ON now owns 4,698,769 shares of the oil and gas producer's stock valued at $160,416,000 after acquiring an additional 128,545 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its position in shares of Enterprise Products Partners by 65.3% during the 1st quarter. JPMorgan Chase & Co. now owns 4,347,247 shares of the oil and gas producer's stock valued at $148,415,000 after acquiring an additional 1,717,768 shares during the last quarter. Hedge funds and other institutional investors own 26.07% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. Scotiabank lowered their price target 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. Barclays reduced their price target on shares of 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 cut their price objective on shares of 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. TD Cowen started coverage on shares of Enterprise Products Partners in a research report on Monday, July 7th. They set a "hold" rating and a $33.00 price target on the stock. Finally, Stifel Nicolaus cut their price target 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. Two research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $35.75.

Insider Buying and Selling at Enterprise Products Partners

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 acquired at an average cost of $31.35 per share, for a total transaction of $470,250.00. Following the completion of the acquisition, the director owned 158,586 shares in the company, valued at approximately $4,971,671.10. The trade was a 10.45% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director William C. Montgomery bought 16,000 shares of the business's stock in a transaction on Wednesday, July 30th. The shares were bought at an average price of $31.55 per share, for a total transaction of $504,800.00. Following the completion of the acquisition, the director owned 136,920 shares of the company's stock, 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. Company insiders own 32.60% of the company's stock.

Enterprise Products Partners Price Performance

Shares of Enterprise Products Partners stock traded down $0.03 during trading on Tuesday, reaching $31.35. The company's stock had a trading volume of 1,608,706 shares, compared to its average volume of 4,586,301. 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 12-month low of $27.77 and a 12-month high of $34.63. The company has a market capitalization of $67.87 billion, a P/E ratio of 11.65, a price-to-earnings-growth ratio of 2.25 and a beta of 0.69. The business has a 50 day moving average price of $31.55 and a 200-day moving average price of $31.58.

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

Enterprise Products Partners Increases Dividend

The business also recently disclosed 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. The ex-dividend date of this dividend was Thursday, July 31st. This represents a $2.18 annualized dividend and a dividend yield of 7.0%. This is a boost from Enterprise Products Partners's previous quarterly dividend of $0.54. Enterprise Products Partners's dividend payout ratio is 81.04%.

About Enterprise Products Partners

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.