HB Wealth Management LLC Purchases 28,393 Shares of Enterprise Products Partners L.P. (NYSE:EPD)

Key Points

• HB Wealth Management LLC increased its shareholding in Enterprise Products Partners L.P. by 24.8%, owning a total of 142,914 shares valued at approximately $4.88 million.
• The company announced a quarterly dividend increase to $0.545 per share, with a yield of 6.91% and a payout ratio of 80.15%.
• Analysts have varied expectations for the stock, with price targets ranging from $33.00 to $36.00, and an overall rating of "Moderate Buy" according to recent assessments.

HB Wealth Management LLC boosted its position in Enterprise Products Partners L.P. (NYSE:EPD - Free Report) by 24.8% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 142,914 shares of the oil and gas producer's stock after purchasing an additional 28,393 shares during the quarter. HB Wealth Management LLC's holdings in Enterprise Products Partners were worth $4,879,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Security National Bank bought a new stake in shares of Enterprise Products Partners during the 1st quarter valued at $30,000. Alpine Bank Wealth Management bought a new stake in shares of Enterprise Products Partners during the 1st quarter valued at $31,000. National Bank of Canada FI lifted its position 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 valued at $32,000 after acquiring an additional 360 shares during the period. Colonial Trust Co SC lifted its position in shares of Enterprise Products Partners by 44.9% during the 4th quarter. Colonial Trust Co SC now owns 1,014 shares of the oil and gas producer's stock valued at $32,000 after acquiring an additional 314 shares during the period. Finally, North Capital Inc. bought a new stake in shares of Enterprise Products Partners during the 1st quarter valued at $38,000. 26.07% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

EPD has been the subject of several recent analyst reports. Stifel Nicolaus dropped their price objective on Enterprise Products Partners from $36.00 to $35.00 and set a "buy" rating for the company in a research report on Tuesday. Scotiabank upped their price objective 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. Citigroup dropped their price objective on Enterprise Products Partners from $37.00 to $35.00 and set a "buy" rating for the company in a research report on Tuesday, May 13th. 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. Finally, TD Cowen initiated coverage on Enterprise Products Partners in a research report on Monday, July 7th. They set a "hold" rating and a $33.00 price objective for the company. Five equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $36.25.

Insider Activity

In other Enterprise Products Partners news, Director William C. Montgomery acquired 16,000 shares of the business's stock in a transaction dated Wednesday, July 30th. The stock was bought at an average price of $31.55 per share, with a total value of $504,800.00. Following the completion of the acquisition, the director owned 136,920 shares of the company's stock, valued at $4,319,826. This trade represents a 13.23% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director John R. Rutherford acquired 15,000 shares of the business's stock in a transaction dated Tuesday, July 29th. The shares were acquired at an average cost of $31.35 per share, with a total value of $470,250.00. Following the acquisition, the director directly owned 158,586 shares of the company's stock, valued at $4,971,671.10. This represents a 10.45% increase in their position. The disclosure for this purchase can be found here. 32.60% of the stock is currently owned by insiders.

Enterprise Products Partners Price Performance

EPD stock traded up $0.01 during mid-day trading on Thursday, reaching $30.93. 1,989,180 shares of the company traded hands, compared to its average volume of 4,761,572. The company has a debt-to-equity ratio of 0.98, a current ratio of 0.86 and a quick ratio of 0.64. The company has a market capitalization of $67.07 billion, a P/E ratio of 11.50, a P/E/G ratio of 1.82 and a beta of 0.64. Enterprise Products Partners L.P. has a 52-week low of $27.37 and a 52-week high of $34.63. The company has a fifty day moving average price of $31.40 and a 200-day moving average price of $32.07.

Enterprise Products Partners (NYSE:EPD - Get Free Report) last posted its earnings results 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 company had revenue of $11.36 billion for 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 19.88%. The firm's quarterly revenue was down 15.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.64 EPS. As a group, analysts anticipate 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 disclosed a quarterly dividend, which will be paid on Thursday, August 14th. Stockholders of record on Thursday, July 31st will be issued a dividend of $0.545 per share. This is a positive change from Enterprise Products Partners's previous quarterly dividend of $0.54. The ex-dividend date of this dividend is Thursday, July 31st. This represents a $2.18 annualized dividend and a dividend yield of 7.05%. Enterprise Products Partners's payout ratio is presently 80.15%.

About Enterprise Products Partners

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.