Eagle Global Advisors LLC Cuts Stake in Enterprise Products Partners L.P. (NYSE:EPD)

Key Points

• Eagle Global Advisors LLC reduced its stake in Enterprise Products Partners by 2.9%, owning about 2.1 million shares valued at approximately $71.8 million.
• Enterprise Products Partners recently announced a quarterly dividend of $0.545, representing a 6.9% yield, an increase from the previous quarterly dividend of $0.54.
• Analysts have mixed forecasts for shares of Enterprise Products Partners, with a consensus average price target of $36.25 and a rating of "Moderate Buy".

Eagle Global Advisors LLC trimmed its holdings in shares of Enterprise Products Partners L.P. (NYSE:EPD - Free Report) by 2.9% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,103,914 shares of the oil and gas producer's stock after selling 62,690 shares during the quarter. Enterprise Products Partners comprises about 3.0% of Eagle Global Advisors LLC's investment portfolio, making the stock its 7th largest holding. Eagle Global Advisors LLC owned approximately 0.10% of Enterprise Products Partners worth $71,828,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of EPD. Alps Advisors Inc. increased its holdings in Enterprise Products Partners by 5.0% in the 1st 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 buying an additional 1,967,188 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Enterprise Products Partners by 8.8% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,546,528 shares of the oil and gas producer's stock valued at $330,739,000 after acquiring an additional 851,188 shares during the last quarter. Westwood Holdings Group Inc. raised its position in Enterprise Products Partners by 11.1% during the fourth quarter. Westwood Holdings Group Inc. now owns 5,830,088 shares of the oil and gas producer's stock valued at $182,832,000 after purchasing an additional 580,850 shares in the last quarter. JPMorgan Chase & Co. raised its holdings 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 worth $148,415,000 after buying an additional 1,717,768 shares in the last quarter. Finally, Stifel Financial Corp boosted its stake in Enterprise Products Partners by 10.1% in the fourth quarter. Stifel Financial Corp now owns 3,822,076 shares of the oil and gas producer's stock valued at $119,861,000 after buying an additional 351,387 shares in the last quarter. Institutional investors and hedge funds own 26.07% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on EPD. Argus raised shares of Enterprise Products Partners to a "strong-buy" rating in a report on Monday, May 5th. Stifel Nicolaus dropped their price objective on shares of Enterprise Products Partners from $36.00 to $35.00 and set a "buy" rating for the company in a research note on Tuesday, July 29th. Mizuho set a $38.00 target price on shares of Enterprise Products Partners and gave the stock an "outperform" rating in a research note on Friday, July 11th. Barclays lowered their price target on shares of Enterprise Products Partners from $36.00 to $35.00 and set an "overweight" rating for the company in a report on Wednesday, July 2nd. Finally, TD Cowen initiated coverage on Enterprise Products Partners in a report on Monday, July 7th. They set a "hold" rating and a $33.00 price objective on the stock. Five equities research analysts have rated the stock with a hold rating, nine have given a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $36.25.

Insider Transactions at Enterprise Products Partners

In other Enterprise Products Partners news, Director William C. Montgomery purchased 16,000 shares of the business's stock in a transaction on 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 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John R. Rutherford acquired 15,000 shares of Enterprise Products Partners stock in a transaction dated Tuesday, July 29th. The shares were bought at an average cost of $31.35 per share, with a total value of $470,250.00. Following the transaction, the director owned 158,586 shares in the company, valued at approximately $4,971,671.10. This trade represents a 10.45% 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 Trading Up 0.6%

Shares of NYSE EPD traded up $0.19 during trading on Thursday, reaching $31.93. The company had a trading volume of 4,198,512 shares, compared to its average volume of 4,761,028. The stock has a market cap of $69.13 billion, a P/E ratio of 11.87, a PEG ratio of 1.81 and a beta of 0.66. The company's fifty day moving average price is $31.39 and its 200-day moving average price is $31.91. The company has a quick ratio of 0.64, 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.

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 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 the consensus estimate of $15.24 billion. During the same quarter in the previous year, the business posted $0.64 EPS. The firm's revenue for the quarter was down 15.7% compared to the same quarter last year. As a group, research analysts expect 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 will be paid on Thursday, August 14th. Shareholders of record on Thursday, July 31st will be issued a dividend of $0.545 per share. This represents a $2.18 dividend on an annualized basis and a yield of 6.8%. The ex-dividend date is 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 (DPR) 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.