Enterprise Products Partners L.P. $EPD Shares Sold by Icon Wealth Advisors LLC

Key Points

• Icon Wealth Advisors reduced its stake in Enterprise Products Partners by 14.4% in the fourth quarter, selling 76,767 shares and leaving it with 457,137 shares valued at about $14.65 million.
• EPD reported mixed quarterly results: earnings of $0.68 per share missed estimates, while revenue of $14.39 billion beat expectations, and the company’s revenue declined 6.7% from a year earlier.
• The partnership continues to offer a hefty dividend, recently paying a quarterly dividend of $0.55 per share, or $2.20 annualized, for a yield of 5.9%; analysts currently have a consensus Hold rating with an average price target of $39.67.

Icon Wealth Advisors LLC cut its position in Enterprise Products Partners L.P. (NYSE:EPD - Free Report) by 14.4% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 457,137 shares of the oil and gas producer's stock after selling 76,767 shares during the period. Enterprise Products Partners makes up 1.0% of Icon Wealth Advisors LLC's holdings, making the stock its 27th largest position. Icon Wealth Advisors LLC's holdings in Enterprise Products Partners were worth $14,647,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of EPD. PMV Capital Advisers LLC purchased a new stake in shares of Enterprise Products Partners in the fourth quarter worth about $25,000. Palisade Asset Management LLC purchased a new stake in shares of Enterprise Products Partners in the third quarter worth about $31,000. Abich Financial Wealth Management LLC purchased a new stake in shares of Enterprise Products Partners in the third quarter worth about $32,000. Texas Capital Bancshares Inc TX purchased a new stake in shares of Enterprise Products Partners in the third quarter worth about $32,000. Finally, Daytona Street Capital LLC purchased a new stake in shares of Enterprise Products Partners in the fourth quarter worth about $42,000. 26.07% of the stock is owned by institutional investors and hedge funds.

Enterprise Products Partners Stock Performance

Shares of EPD stock opened at $37.29 on Friday. The company has a market capitalization of $80.60 billion, a P/E ratio of 13.81, a P/E/G ratio of 1.33 and a beta of 0.49. The business's 50 day moving average is $38.00 and its two-hundred day moving average is $35.67. The company has a current ratio of 0.91, a quick ratio of 0.61 and a debt-to-equity ratio of 1.03. Enterprise Products Partners L.P. has a 12-month low of $30.01 and a 12-month high of $40.17.

Enterprise Products Partners (NYSE:EPD - Get Free Report) last issued its quarterly earnings results on Monday, April 27th. The oil and gas producer reported $0.68 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.71 by ($0.03). The business had revenue of $14.39 billion for the quarter, compared to analysts' expectations of $13.62 billion. Enterprise Products Partners had a return on equity of 19.53% and a net margin of 11.45%.The business's revenue for the quarter was down 6.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.64 EPS. Analysts expect that Enterprise Products Partners L.P. will post 2.98 EPS for the current fiscal year.

Enterprise Products Partners Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, May 14th. Stockholders of record on Thursday, April 30th were paid a $0.55 dividend. The ex-dividend date of this dividend was Thursday, April 30th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 5.9%. Enterprise Products Partners's payout ratio is currently 81.48%.

Analysts Set New Price Targets

A number of analysts have recently commented on EPD shares. Wells Fargo & Company upgraded Enterprise Products Partners from an "equal weight" rating to an "overweight" rating and upped their target price for the stock from $40.00 to $42.00 in a research note on Wednesday, March 25th. Scotiabank restated a "sector perform" rating and issued a $40.00 target price (up from $39.00) on shares of Enterprise Products Partners in a research note on Tuesday, May 12th. UBS Group reiterated a "buy" rating on shares of Enterprise Products Partners in a research report on Wednesday, March 4th. Truist Financial increased their price target on Enterprise Products Partners from $36.00 to $40.00 and gave the stock a "hold" rating in a research report on Monday, May 4th. Finally, Barclays increased their price target on Enterprise Products Partners from $38.00 to $39.00 and gave the stock an "overweight" rating in a research report on Thursday, March 5th. Nine investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $39.67.

Insider Activity

In other news, CEO Aj Teague purchased 2,665 shares of the stock in a transaction dated Friday, March 20th. The shares were purchased at an average cost of $37.55 per share, with a total value of $100,070.75. Following the completion of the purchase, the chief executive officer directly owned 77,576 shares of the company's stock, valued at approximately $2,912,978.80. The trade was a 3.56% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. 32.60% of the stock is owned by corporate insiders.

Enterprise Products Partners Company Profile

Enterprise Products Partners L.P. NYSE: EPD is a Houston-based master limited partnership that provides midstream energy services across North America. The company owns and operates an extensive network of pipelines, storage facilities, processing plants and export terminals that transport and handle natural gas, natural gas liquids (NGLs), crude oil and refined and petrochemical products. Its core activities include gathering and transportation, fractionation of NGLs, natural gas processing, crude oil and condensate pipelines, and marine and terminal services that enable domestic distribution and exports.

Enterprise serves a diverse set of customers including producers, refiners, petrochemical companies, marketers and end users.

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