Gabelli Funds LLC Reduces Stock Position in Enterprise Products Partners L.P. $EPD

Key Points

• Gabelli Funds LLC has reduced its stake in Enterprise Products Partners L.P. by 2.4%, now holding 358,500 shares valued at approximately $12.24 million.
• Despite Gabelli's reduction, other institutional investors like Brighton Jones LLC and Lido Advisors LLC increased their holdings significantly in the same period, indicating a shift in investment interest.
• Enterprise Products Partners declared an increased quarterly dividend of $0.545 per share, reflecting a growth from the previous dividend and a yield of 6.9%.

Gabelli Funds LLC trimmed its holdings in Enterprise Products Partners L.P. (NYSE:EPD - Free Report) by 2.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 358,500 shares of the oil and gas producer's stock after selling 9,000 shares during the quarter. Gabelli Funds LLC's holdings in Enterprise Products Partners were worth $12,239,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of EPD. Brighton Jones LLC lifted its holdings in shares of Enterprise Products Partners by 19.9% in the 4th quarter. Brighton Jones LLC now owns 32,620 shares of the oil and gas producer's stock valued at $1,023,000 after buying an additional 5,425 shares during the period. Tower Research Capital LLC TRC raised its holdings in shares of Enterprise Products Partners by 22.4% during the fourth quarter. Tower Research Capital LLC TRC now owns 10,091 shares of the oil and gas producer's stock valued at $316,000 after acquiring an additional 1,848 shares during the last quarter. Northern Trust Corp grew its position in shares of Enterprise Products Partners by 24.3% in the fourth quarter. Northern Trust Corp now owns 287,545 shares of the oil and gas producer's stock valued at $9,017,000 after purchasing an additional 56,286 shares in the last quarter. Lido Advisors LLC grew its position in Enterprise Products Partners by 70.6% in the fourth quarter. Lido Advisors LLC now owns 196,394 shares of the oil and gas producer's stock worth $6,159,000 after acquiring an additional 81,252 shares during the period. Finally, Bridgewealth Advisory Group LLC grew its position in Enterprise Products Partners by 7.5% in the fourth quarter. Bridgewealth Advisory Group LLC now owns 10,025 shares of the oil and gas producer's stock worth $333,000 after acquiring an additional 697 shares during the period. Institutional investors and hedge funds own 26.07% of the company's stock.

Insider Activity

In related news, Director John R. Rutherford purchased 15,000 shares of Enterprise Products Partners stock in a transaction dated Tuesday, July 29th. The shares were acquired at an average price 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 of the company's stock, valued at approximately $4,971,671.10. This trade represents a 10.45% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director William C. Montgomery purchased 16,000 shares of Enterprise Products Partners stock in a transaction dated Wednesday, July 30th. The shares were bought at an average cost of $31.55 per share, for a total transaction of $504,800.00. Following the transaction, the director directly owned 136,920 shares of the company's stock, valued at approximately $4,319,826. The trade was a 13.23% increase in their position. The disclosure for this purchase can be found here. Company insiders own 32.60% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently commented on EPD shares. Morgan Stanley lowered their price target on Enterprise Products Partners from $35.00 to $33.00 and set an "equal weight" rating for the company in a research report on Tuesday. Citigroup lowered their price target on Enterprise Products Partners from $37.00 to $35.00 and set a "buy" rating on the stock in a report on Tuesday, May 13th. TD Cowen assumed coverage on Enterprise Products Partners in a report on Monday, July 7th. They set a "hold" rating and a $33.00 price target on the stock. Scotiabank boosted their target price on Enterprise Products Partners from $35.00 to $36.00 and gave the stock a "sector perform" rating in a research report on Thursday, June 5th. Finally, Mizuho set a $38.00 price target on shares of Enterprise Products Partners and gave the company an "outperform" rating in a research report on Friday, July 11th. Two investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $35.83.

Enterprise Products Partners Stock Performance

NYSE:EPD opened at $31.65 on Thursday. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.96 and a quick ratio of 0.69. The firm has a 50-day moving average of $31.39 and a two-hundred day moving average of $31.79. The stock has a market cap of $68.52 billion, a P/E ratio of 11.76, a PEG ratio of 1.83 and a beta of 0.66. Enterprise Products Partners L.P. has a 1-year low of $27.77 and a 1-year high of $34.63.

Enterprise Products Partners (NYSE:EPD - Get Free Report) last posted its quarterly earnings data 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 firm 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 business's quarterly revenue was down 15.7% on a year-over-year basis. During the same period in the previous year, the company earned $0.64 earnings per share. On average, research analysts expect 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 was paid on Thursday, August 14th. Stockholders of record on Thursday, July 31st were given a dividend of $0.545 per share. The ex-dividend date of this dividend was Thursday, July 31st. This is a positive change from Enterprise Products Partners's previous quarterly dividend of $0.54. This represents a $2.18 annualized dividend and a dividend yield of 6.9%. Enterprise Products Partners's dividend payout ratio 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.

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