Integrated Wealth Concepts LLC Sells 15,027 Shares of Enterprise Products Partners L.P. $EPD

Key Points

• Integrated Wealth Concepts LLC reduced its holdings in Enterprise Products Partners L.P. by 14.9%, owning 85,621 shares valued at approximately $2.92 million after selling 15,027 shares in the first quarter.
• Enterprise Products Partners increased its quarterly dividend to $0.545 per share, up from $0.54, representing an annualized dividend of $2.18 and a yield of 6.9%.
• Despite reporting earnings per share of $0.66, the company missed analysts' expectations of $0.67, with revenues down 15.7% year-over-year.

Integrated Wealth Concepts LLC trimmed its position in shares of Enterprise Products Partners L.P. (NYSE:EPD - Free Report) by 14.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 85,621 shares of the oil and gas producer's stock after selling 15,027 shares during the quarter. Integrated Wealth Concepts LLC's holdings in Enterprise Products Partners were worth $2,923,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in EPD. ING Groep NV acquired a new position in shares of Enterprise Products Partners in the first quarter worth approximately $71,052,000. Alps Advisors Inc. increased its holdings 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 purchasing an additional 1,967,188 shares in the last quarter. JPMorgan Chase & Co. increased its holdings 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 worth $148,415,000 after purchasing an additional 1,717,768 shares in the last quarter. Truist Financial Corp increased its holdings in Enterprise Products Partners by 293.6% in the first quarter. Truist Financial Corp now owns 2,018,964 shares of the oil and gas producer's stock worth $68,927,000 after purchasing an additional 1,506,055 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Enterprise Products Partners by 8.8% in 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 in the last quarter. 26.07% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Enterprise Products Partners

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

Analyst Ratings Changes

EPD has been the subject of a number of research analyst reports. Mizuho set a $38.00 target price on Enterprise Products Partners and gave the stock an "outperform" rating in a report on Friday, July 11th. Barclays decreased their price objective on Enterprise Products Partners from $36.00 to $35.00 and set an "overweight" rating for the company in a report on Wednesday, July 2nd. Stifel Nicolaus decreased their price objective on Enterprise Products Partners from $36.00 to $35.00 and set a "buy" rating for the company in a report on Tuesday, July 29th. Morgan Stanley decreased their price target on Enterprise Products Partners from $35.00 to $33.00 and set an "equal weight" rating for the company in a report on Tuesday, August 26th. Finally, TD Cowen started coverage on Enterprise Products Partners in a report on Monday, July 7th. They set a "hold" rating and a $33.00 price target for the company. Two research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $35.83.

Enterprise Products Partners Stock Performance

EPD traded up $0.13 during trading on Thursday, hitting $31.78. 1,467,339 shares of the company traded hands, compared to its average volume of 4,615,226. Enterprise Products Partners L.P. has a one year low of $27.77 and a one year high of $34.63. The company has a quick ratio of 0.69, a current ratio of 0.96 and a debt-to-equity ratio of 1.04. The stock's fifty day moving average is $31.54 and its 200 day moving average is $31.69. The firm has a market cap of $68.80 billion, a P/E ratio of 11.82, a price-to-earnings-growth ratio of 1.97 and a beta of 0.69.

Enterprise Products Partners (NYSE:EPD - Get Free Report) last issued its quarterly earnings results on Monday, July 28th. The oil and gas producer reported $0.66 EPS for the quarter, missing analysts' consensus estimates of $0.67 by ($0.01). Enterprise Products Partners had a net margin of 10.71% and a return on equity of 19.81%. The firm had revenue of $11.36 billion for the quarter, compared to analysts' expectations of $15.24 billion. During the same period in the prior year, the company earned $0.64 EPS. The firm's quarterly revenue was down 15.7% on a year-over-year basis. As a group, equities analysts predict that Enterprise Products Partners L.P. will post 2.9 EPS for the current fiscal year.

Enterprise Products Partners Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 14th. Investors of record on Thursday, July 31st were 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 was Thursday, July 31st. This represents a $2.18 dividend on an annualized basis and a yield of 6.9%. Enterprise Products Partners's payout ratio is currently 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.