Enterprise Products Partners L.P. (NYSE:EPD) Stock Position Trimmed by Longfellow Investment Management Co. LLC

Key Points

• Longfellow Investment Management Co. LLC reduced its stake in Enterprise Products Partners L.P. by 4.2%, owning approximately 1.69 million shares valued at $57.86 million.
• Enterprise Products reported a net margin of 10.71% and earnings per share (EPS) of $0.66 for the last quarter, missing expectations by $0.01.
• The company announced a quarterly dividend increase to $0.545, representing a yield of 6.9%, with the ex-dividend date set for July 31st.

Longfellow Investment Management Co. LLC decreased its position in Enterprise Products Partners L.P. (NYSE:EPD - Free Report) by 4.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,694,782 shares of the oil and gas producer's stock after selling 73,574 shares during the quarter. Enterprise Products Partners makes up 14.1% of Longfellow Investment Management Co. LLC's portfolio, making the stock its biggest position. Longfellow Investment Management Co. LLC owned approximately 0.08% of Enterprise Products Partners worth $57,860,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in EPD. Security National Bank purchased a new stake in shares of Enterprise Products Partners in the first quarter worth $30,000. Alpine Bank Wealth Management purchased a new stake in shares of Enterprise Products Partners during the first quarter valued at $31,000. National Bank of Canada FI boosted its position in shares of Enterprise Products Partners by 55.4% during the fourth quarter. National Bank of Canada FI now owns 1,010 shares of the oil and gas producer's stock valued at $32,000 after buying an additional 360 shares during the last quarter. Colonial Trust Co SC boosted its position in shares of Enterprise Products Partners by 44.9% during the fourth quarter. Colonial Trust Co SC now owns 1,014 shares of the oil and gas producer's stock valued at $32,000 after buying an additional 314 shares during the last quarter. Finally, N.E.W. Advisory Services LLC bought a new position in Enterprise Products Partners in the first quarter valued at about $34,000. Institutional investors own 26.07% of the company's stock.

Insider Buying and Selling at Enterprise Products Partners

In related news, Director William C. Montgomery purchased 16,000 shares of Enterprise Products Partners stock in a transaction dated Wednesday, July 30th. The stock was purchased at an average cost of $31.55 per share, with a total value of $504,800.00. Following the transaction, the director owned 136,920 shares in the company, valued at approximately $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 can be accessed through this hyperlink. Also, Director John R. Rutherford bought 15,000 shares of Enterprise Products Partners stock in a transaction that occurred on Tuesday, July 29th. The shares were acquired at an average cost of $31.35 per share, for a total transaction of $470,250.00. Following the completion of the transaction, the director directly owned 158,586 shares in the company, valued at $4,971,671.10. This represents a 10.45% 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.

Analyst Ratings Changes

EPD has been the topic of a number of recent research reports. Barclays lowered their target price on Enterprise Products Partners from $36.00 to $35.00 and set an "overweight" rating on the stock in a report on Wednesday, July 2nd. TD Cowen started coverage on Enterprise Products Partners in a research note on Monday, July 7th. They set a "hold" rating and a $33.00 target price on the stock. Citigroup reduced their price objective on Enterprise Products Partners from $37.00 to $35.00 and set a "buy" rating on the stock in a research note on Tuesday, May 13th. Stifel Nicolaus reduced their price objective on Enterprise Products Partners from $36.00 to $35.00 and set a "buy" rating on the stock in a research note on Tuesday, July 29th. Finally, Mizuho set a $38.00 price objective on Enterprise Products Partners and gave the stock an "outperform" rating in a research note on Friday, July 11th. Five analysts have rated the stock with a hold rating, nine have given a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $36.25.

Enterprise Products Partners Stock Up 0.6%

Shares of EPD stock traded up $0.19 during mid-day trading on Thursday, hitting $31.93. The stock had a trading volume of 4,198,512 shares, compared to its average volume of 4,761,028. Enterprise Products Partners L.P. has a 12-month low of $27.77 and a 12-month high of $34.63. The firm has a market capitalization of $69.13 billion, a P/E ratio of 11.87, a price-to-earnings-growth ratio of 1.81 and a beta of 0.66. The firm's 50-day moving average is $31.39 and its two-hundred day moving average is $31.91. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.96 and a quick ratio of 0.64.

Enterprise Products Partners (NYSE:EPD - Get Free Report) last issued its 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 firm had revenue of $11.36 billion during the quarter, compared to analysts' expectations of $15.24 billion. Enterprise Products Partners had a return on equity of 19.81% and a net margin of 10.71%. Enterprise Products Partners's quarterly revenue was down 15.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.64 earnings per share. On average, analysts predict that Enterprise Products Partners L.P. will post 2.9 earnings per share for the current fiscal year.

Enterprise Products Partners Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 14th. Stockholders of record on Thursday, July 31st will be given a $0.545 dividend. This represents a $2.18 annualized dividend and a dividend yield of 6.8%. The ex-dividend date of this dividend is Thursday, July 31st. This is a positive change from Enterprise Products Partners's previous quarterly dividend of $0.54. Enterprise Products Partners's dividend payout ratio is presently 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.