Infrastructure Capital Advisors LLC Cuts Stock Position in Enterprise Products Partners L.P. $EPD

Key Points

• Infrastructure Capital Advisors reduced its Enterprise Products Partners stake by 3.6% in the second quarter, selling 56,403 shares and retaining 1.49 million shares worth approximately $54.8 million. Institutional investors collectively own 26.07% of EPD.
• Enterprise Products Partners reported quarterly EPS of $0.84, exceeding the $0.75 consensus estimate, while revenue rose 60.8% year over year to $18.27 billion.
• The company increased its quarterly dividend to $0.56 per share, equivalent to a 5.9% annualized yield. Analysts maintain a “Moderate Buy” consensus rating with an average $40 price target, compared with a recent share price of $38.12.

Infrastructure Capital Advisors LLC trimmed its holdings in shares of Enterprise Products Partners L.P. (NYSE:EPD - Free Report) by 3.6% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,491,905 shares of the oil and gas producer's stock after selling 56,403 shares during the period. Enterprise Products Partners comprises 3.2% of Infrastructure Capital Advisors LLC's holdings, making the stock its 7th largest position. Infrastructure Capital Advisors LLC owned approximately 0.07% of Enterprise Products Partners worth $54,842,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Nitor Capital Management LLC raised its holdings in Enterprise Products Partners by 0.4% during the second quarter. Nitor Capital Management LLC now owns 223,604 shares of the oil and gas producer's stock worth $8,220,000 after acquiring an additional 1,000 shares in the last quarter. LM Advisors LLC raised its stake in shares of Enterprise Products Partners by 2,547.9% during the 2nd quarter. LM Advisors LLC now owns 6,355 shares of the oil and gas producer's stock worth $234,000 after purchasing an additional 6,115 shares in the last quarter. Kirtland Hills Capital Management LLC raised its stake in shares of Enterprise Products Partners by 14.2% during the 2nd quarter. Kirtland Hills Capital Management LLC now owns 38,737 shares of the oil and gas producer's stock worth $1,424,000 after purchasing an additional 4,828 shares in the last quarter. Compass Financial Management LLC acquired a new stake in shares of Enterprise Products Partners in the 2nd quarter valued at approximately $374,000. Finally, Gamco Investors INC. ET AL boosted its holdings in shares of Enterprise Products Partners by 0.3% in the 2nd quarter. Gamco Investors INC. ET AL now owns 206,523 shares of the oil and gas producer's stock valued at $7,592,000 after buying an additional 650 shares during the last quarter. Institutional investors and hedge funds own 26.07% of the company's stock.

Enterprise Products Partners Stock Up 0.3%

Shares of EPD opened at $38.12 on Monday. 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 $82.32 billion, a P/E ratio of 13.24, a price-to-earnings-growth ratio of 1.25 and a beta of 0.49. The firm's 50-day simple moving average is $37.67 and its 200 day simple moving average is $37.54. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.66 and a current ratio of 0.93.

Enterprise Products Partners (NYSE:EPD - Get Free Report) last issued its quarterly earnings data on Wednesday, July 29th. The oil and gas producer reported $0.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.75 by $0.09. Enterprise Products Partners had a net margin of 10.79% and a return on equity of 20.67%. The firm had revenue of $18.27 billion during the quarter, compared to the consensus estimate of $13.69 billion. During the same period last year, the business posted $0.66 earnings per share. The business's revenue for the quarter was up 60.8% compared to the same quarter last year. On average, analysts forecast that Enterprise Products Partners L.P. will post 3.03 earnings per share for the current year.

Enterprise Products Partners Increases Dividend

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

Wall Street Analyst Weigh In

EPD has been the topic of a number of recent analyst reports. TD Cowen restated a "hold" rating and set a $38.00 target price (down from $39.00) on shares of Enterprise Products Partners in a report on Monday, August 3rd. The Goldman Sachs Group reiterated a "neutral" rating and issued a $38.00 price target on shares of Enterprise Products Partners in a research note on Wednesday, June 17th. Citigroup reissued a "buy" rating and issued a $44.00 price objective (up from $39.00) on shares of Enterprise Products Partners in a research report on Friday, May 1st. Truist Financial boosted their price objective 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, Scotiabank reaffirmed a "sector perform" rating and issued a $40.00 target price (up from $39.00) on shares of Enterprise Products Partners in a report on Tuesday, May 12th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, seven have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $40.00.

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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