Ieq Capital LLC Purchases 16,420 Shares of Enterprise Products Partners L.P. $EPD

Key Points

• Ieq Capital LLC increased its stake in Enterprise Products Partners by 37.1%, owning 60,666 shares valued at approximately $2.07 million after acquiring additional shares in the first quarter.
• Enterprise Products Partners reported Q2 earnings of $0.66 per share, missing expectations, with revenue of $11.36 billion, down 15.7% year-over-year.
• The company has increased its quarterly dividend to $0.545 per share, which translates to an annual yield of 6.8%.

Ieq Capital LLC raised its holdings in Enterprise Products Partners L.P. (NYSE:EPD - Free Report) by 37.1% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 60,666 shares of the oil and gas producer's stock after acquiring an additional 16,420 shares during the period. Ieq Capital LLC's holdings in Enterprise Products Partners were worth $2,071,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. ING Groep NV bought a new position in shares of Enterprise Products Partners in the 1st quarter worth $71,052,000. Alps Advisors Inc. grew its position in Enterprise Products Partners by 5.0% in the first quarter. Alps Advisors Inc. now owns 41,326,613 shares of the oil and gas producer's stock worth $1,410,891,000 after acquiring an additional 1,967,188 shares in the last quarter. JPMorgan Chase & Co. increased its stake in Enterprise Products Partners by 65.3% in the first quarter. JPMorgan Chase & Co. now owns 4,347,247 shares of the oil and gas producer's stock valued at $148,415,000 after acquiring an additional 1,717,768 shares during the last quarter. Truist Financial Corp raised its position in Enterprise Products Partners by 293.6% during the first quarter. Truist Financial Corp now owns 2,018,964 shares of the oil and gas producer's stock valued at $68,927,000 after purchasing an additional 1,506,055 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Enterprise Products Partners by 8.8% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,546,528 shares of the oil and gas producer's stock worth $330,739,000 after purchasing an additional 851,188 shares during the last quarter. Hedge funds and other institutional investors own 26.07% of the company's stock.

Enterprise Products Partners Trading Down 0.5%

EPD traded down $0.15 during trading on Wednesday, hitting $31.86. 1,951,987 shares of the stock traded hands, compared to its average volume of 4,653,902. The firm has a market capitalization of $68.97 billion, a P/E ratio of 11.84, a price-to-earnings-growth ratio of 1.87 and a beta of 0.69. Enterprise Products Partners L.P. has a 12-month low of $27.77 and a 12-month high of $34.63. 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 $31.47 and a 200 day moving average of $31.75.

Enterprise Products Partners (NYSE:EPD - Get Free Report) last released its quarterly earnings data on Monday, July 28th. The oil and gas producer reported $0.66 earnings per share (EPS) 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%. Enterprise Products Partners's revenue was down 15.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.64 EPS. Equities research analysts anticipate that Enterprise Products Partners L.P. will post 2.9 EPS for the current year.

Enterprise Products Partners Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 14th. Stockholders of record on Thursday, July 31st were paid a dividend of $0.545 per share. This represents a $2.18 annualized dividend and a dividend yield of 6.8%. This is a boost from Enterprise Products Partners's previous quarterly dividend of $0.54. The ex-dividend date of this dividend was Thursday, July 31st. Enterprise Products Partners's payout ratio is presently 81.04%.

Insider Activity at Enterprise Products Partners

In other Enterprise Products Partners news, Director William C. Montgomery bought 16,000 shares of Enterprise Products Partners stock in a transaction dated Wednesday, July 30th. The shares were purchased at an average cost of $31.55 per share, with a total value of $504,800.00. Following the completion of the purchase, the director owned 136,920 shares of the company's stock, valued at approximately $4,319,826. This represents a 13.23% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John R. Rutherford bought 15,000 shares of Enterprise Products Partners stock in a transaction dated 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 purchase, the director directly 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 disclosure for this purchase can be found here. 32.60% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

EPD has been the topic of a number of research reports. Wall Street Zen raised Enterprise Products Partners from a "hold" rating to a "buy" rating in a report on Thursday, May 8th. Mizuho set a $38.00 price target on shares of Enterprise Products Partners and gave the stock an "outperform" rating in a research note on Friday, July 11th. Scotiabank upped 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. TD Cowen started coverage on shares of Enterprise Products Partners in a research report on Monday, July 7th. They issued a "hold" rating and a $33.00 target price on the stock. Finally, Morgan Stanley lowered their price target on shares of Enterprise Products Partners from $35.00 to $33.00 and set an "equal weight" rating for the company in a research note on Tuesday, August 26th. Two investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $35.83.

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.