Hamlin Capital Management LLC Sells 70,949 Shares of Enterprise Products Partners L.P. $EPD

Key Points

• Hamlin Capital Management reduced its Enterprise Products Partners stake by 1.5%, selling 70,949 shares. It still held 4.79 million shares worth approximately $176.2 million, representing about 4% of its portfolio.
• Enterprise Products Partners reported quarterly EPS of $0.84, beating estimates of $0.75, while revenue rose 60.8% year over year to $18.27 billion.
• The company increased its quarterly dividend to $0.56 per share, or $2.24 annually, providing a 5.9% yield. Analysts’ average rating is “Hold,” with an average price target of $39.93 versus a recent price of $37.70.

Hamlin Capital Management LLC trimmed its position in shares of Enterprise Products Partners L.P. (NYSE:EPD - Free Report) by 1.5% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,792,357 shares of the oil and gas producer's stock after selling 70,949 shares during the period. Enterprise Products Partners accounts for approximately 4.0% of Hamlin Capital Management LLC's investment portfolio, making the stock its 12th biggest position. Hamlin Capital Management LLC owned approximately 0.22% of Enterprise Products Partners worth $176,167,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Alps Advisors Inc. lifted its stake in Enterprise Products Partners by 0.6% in the 4th quarter. Alps Advisors Inc. now owns 42,639,131 shares of the oil and gas producer's stock valued at $1,367,011,000 after purchasing an additional 260,305 shares during the last quarter. Auto Owners Insurance Co increased its position in Enterprise Products Partners by 3,106.0% during the fourth quarter. Auto Owners Insurance Co now owns 32,060,000 shares of the oil and gas producer's stock worth $102,784,000 after buying an additional 31,060,000 shares during the last quarter. Morgan Stanley raised its stake in Enterprise Products Partners by 4.8% in the fourth quarter. Morgan Stanley now owns 19,116,333 shares of the oil and gas producer's stock valued at $612,870,000 after buying an additional 883,983 shares during the period. Goldman Sachs Group Inc. raised its stake in Enterprise Products Partners by 12.0% in the fourth quarter. Goldman Sachs Group Inc. now owns 18,163,343 shares of the oil and gas producer's stock valued at $582,317,000 after buying an additional 1,940,583 shares during the period. Finally, Energy Income Partners LLC lifted its position in shares of Enterprise Products Partners by 0.6% in the third quarter. Energy Income Partners LLC now owns 14,705,122 shares of the oil and gas producer's stock valued at $459,829,000 after buying an additional 80,884 shares during the last quarter. 26.07% of the stock is owned by institutional investors.

Enterprise Products Partners Price Performance

NYSE:EPD opened at $37.70 on Thursday. Enterprise Products Partners L.P. has a 52 week low of $30.01 and a 52 week high of $40.17. The firm has a market cap of $81.50 billion, a price-to-earnings ratio of 13.09, a P/E/G ratio of 1.37 and a beta of 0.49. The firm's 50-day simple moving average is $37.51 and its 200 day simple moving average is $37.12. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.61 and a current ratio of 0.91.

Enterprise Products Partners (NYSE:EPD - Get Free Report) last posted its quarterly earnings data on Thursday, July 30th. The oil and gas producer reported $0.84 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.75 by $0.09. Enterprise Products Partners had a net margin of 10.79% and a return on equity of 20.80%. The firm had revenue of $18.27 billion during the quarter, compared to the consensus estimate of $13.69 billion. During the same quarter in the previous year, the firm posted $0.66 EPS. The business's revenue for the quarter was up 60.8% compared to the same quarter last year. As a group, sell-side analysts predict that Enterprise Products Partners L.P. will post 2.94 earnings per share for the current year.

Enterprise Products Partners Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Friday, July 31st will be paid a $0.56 dividend. This represents a $2.24 annualized dividend and a dividend yield of 5.9%. This is an increase from Enterprise Products Partners's previous quarterly dividend of $0.55. The ex-dividend date is Friday, July 31st. Enterprise Products Partners's dividend payout ratio is presently 77.78%.

Wall Street Analysts Forecast Growth

EPD has been the subject of several research analyst reports. Citigroup reiterated a "buy" rating and set a $44.00 target price (up from $39.00) on shares of Enterprise Products Partners in a research note on Friday, May 1st. JPMorgan Chase & Co. upped their price objective on shares of Enterprise Products Partners from $41.00 to $42.00 and gave the company a "neutral" rating in a report on Thursday, July 9th. Scotiabank reissued a "sector perform" rating and issued a $40.00 price objective (up from $39.00) on shares of Enterprise Products Partners in a research report on Tuesday, May 12th. Truist Financial raised their target price on shares of Enterprise Products Partners from $36.00 to $40.00 and gave the stock a "hold" rating in a research note on Monday, May 4th. Finally, Wall Street Zen downgraded shares of Enterprise Products Partners from a "buy" rating to a "hold" rating in a report on Sunday, July 12th. Eight research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $39.93.

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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