Gagnon Securities LLC Sells 10,313 Shares of Enterprise Products Partners L.P. (NYSE:EPD)

Key Points

• Gagnon Securities LLC reduced its stake in Enterprise Products Partners by 2.1%, holding 487,877 shares valued at approximately $16.66 million after the sale.
• Directors William C. Montgomery and John R. Rutherford made significant purchases of Enterprise Products' stock, increasing their ownership by 13.23% and 10.45%, respectively.
• The company declared a quarterly dividend of $0.545, resulting in an annualized dividend yield of 7.0%, reflecting a slight increase from the previous quarter's dividend.

Gagnon Securities LLC cut its holdings in Enterprise Products Partners L.P. (NYSE:EPD - Free Report) by 2.1% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 487,877 shares of the oil and gas producer's stock after selling 10,313 shares during the period. Enterprise Products Partners makes up approximately 3.7% of Gagnon Securities LLC's investment portfolio, making the stock its 6th largest position. Gagnon Securities LLC's holdings in Enterprise Products Partners were worth $16,656,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Brighton Jones LLC grew its holdings in shares of Enterprise Products Partners by 19.9% during the 4th quarter. Brighton Jones LLC now owns 32,620 shares of the oil and gas producer's stock worth $1,023,000 after purchasing an additional 5,425 shares in the last quarter. O Shaughnessy Asset Management LLC grew its stake in Enterprise Products Partners by 4.5% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 24,937 shares of the oil and gas producer's stock worth $782,000 after buying an additional 1,074 shares in the last quarter. Alliancebernstein L.P. increased its holdings in Enterprise Products Partners by 51.5% in the 4th quarter. Alliancebernstein L.P. now owns 362,183 shares of the oil and gas producer's stock valued at $11,358,000 after buying an additional 123,170 shares during the period. Franklin Resources Inc. raised its position in shares of Enterprise Products Partners by 7.4% in the 4th quarter. Franklin Resources Inc. now owns 168,559 shares of the oil and gas producer's stock valued at $5,286,000 after buying an additional 11,626 shares in the last quarter. Finally, National Bank of Canada FI lifted its holdings in shares of Enterprise Products Partners by 55.4% during the 4th quarter. National Bank of Canada FI now owns 1,010 shares of the oil and gas producer's stock worth $32,000 after acquiring an additional 360 shares during the period. 26.07% of the stock is owned by institutional investors.

Insider Buying and Selling at Enterprise Products Partners

In other news, Director William C. Montgomery purchased 16,000 shares of the business's stock in a transaction on Wednesday, July 30th. The shares were acquired at an average price of $31.55 per share, with a total value of $504,800.00. Following the completion of the transaction, the director owned 136,920 shares of the company's stock, valued at $4,319,826. The trade was a 13.23% increase in their position. The purchase 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 the stock in a transaction dated Tuesday, July 29th. The stock was acquired at an average cost of $31.35 per share, with a total value of $470,250.00. Following the completion of the transaction, the director owned 158,586 shares in the company, valued at approximately $4,971,671.10. This represents a 10.45% increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 32.60% of the company's stock.

Enterprise Products Partners Trading Up 0.9%

Shares of NYSE:EPD traded up $0.27 during mid-day trading on Friday, reaching $31.46. 5,434,247 shares of the company's stock were exchanged, compared to its average volume of 4,556,419. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.64 and a current ratio of 0.86. Enterprise Products Partners L.P. has a twelve month low of $27.77 and a twelve month high of $34.63. The firm has a market capitalization of $68.23 billion, a price-to-earnings ratio of 11.70, a PEG ratio of 1.80 and a beta of 0.66. The business's fifty day moving average price is $31.38 and its 200-day moving average price is $31.95.

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 company 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 19.88%. The company's quarterly revenue was down 15.7% on a year-over-year basis. During the same period in the previous year, the company posted $0.64 EPS. On average, research analysts predict that Enterprise Products Partners L.P. will post 2.9 EPS for the current fiscal year.

Enterprise Products Partners Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 14th. Stockholders of record on Thursday, July 31st will be given a dividend of $0.545 per share. This represents a $2.18 annualized dividend and a dividend yield of 6.9%. This is a boost from Enterprise Products Partners's previous quarterly dividend of $0.54. The ex-dividend date is Thursday, July 31st. Enterprise Products Partners's dividend payout ratio is currently 81.04%.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Scotiabank lifted their price objective on shares of Enterprise Products Partners from $35.00 to $36.00 and gave the company a "sector perform" rating in a research note on Thursday, June 5th. Argus upgraded Enterprise Products Partners to a "strong-buy" rating in a research note on Monday, May 5th. Mizuho set a $38.00 price objective on Enterprise Products Partners and gave the stock an "outperform" rating in a research report on Friday, July 11th. Stifel Nicolaus decreased 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. Finally, Citigroup lowered their target price on Enterprise Products Partners from $37.00 to $35.00 and set a "buy" rating for the company in a research note on Tuesday, May 13th. 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 stock. Based on data from MarketBeat, Enterprise Products Partners presently has an average rating of "Moderate Buy" and a consensus price target of $36.25.

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.