Enterprise Products Partners L.P. $EPD Shares Sold by Kamunting Street Capital Management L.P.

Key Points

• Kamunting Street Capital Management L.P. reduced its stake in Enterprise Products Partners L.P. by 12.1%, selling 90,000 shares, which now constitutes 14.9% of their total holdings.
• Several hedge funds, including Brooklyn Investment Group and Security National Bank, have recently acquired new stakes in Enterprise Products Partners, indicating increasing interest from institutional investors.
• Despite missing earnings estimates, Enterprise Products Partners recently increased its quarterly dividend to $0.545 per share, reflecting a yield of 6.8% and a payout ratio of 81.04%.

Kamunting Street Capital Management L.P. trimmed its position in shares of Enterprise Products Partners L.P. (NYSE:EPD - Free Report) by 12.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 651,991 shares of the oil and gas producer's stock after selling 90,000 shares during the quarter. Enterprise Products Partners accounts for 14.9% of Kamunting Street Capital Management L.P.'s portfolio, making the stock its 3rd largest position. Kamunting Street Capital Management L.P.'s holdings in Enterprise Products Partners were worth $22,259,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Brooklyn Investment Group bought a new stake in shares of Enterprise Products Partners in the first quarter worth about $27,000. Security National Bank acquired a new position in shares of Enterprise Products Partners in the 1st quarter valued at approximately $30,000. Alpine Bank Wealth Management bought a new stake in Enterprise Products Partners during the 1st quarter worth approximately $31,000. N.E.W. Advisory Services LLC acquired a new stake in Enterprise Products Partners during the 1st quarter worth approximately $34,000. Finally, Colonial Trust Co SC raised its holdings in 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 worth $32,000 after buying an additional 314 shares during the period. Institutional investors and hedge funds own 26.07% of the company's stock.

Analyst Ratings Changes

EPD has been the subject of several research reports. Morgan Stanley lowered their price objective on shares of Enterprise Products Partners from $35.00 to $33.00 and set an "equal weight" rating for the company in a research report on Tuesday. Scotiabank increased their target price on Enterprise Products Partners from $35.00 to $36.00 and gave the stock a "sector perform" rating in a report on Thursday, June 5th. Stifel Nicolaus dropped their price target on Enterprise Products Partners from $36.00 to $35.00 and set a "buy" rating on the stock in a research note on Tuesday, July 29th. TD Cowen initiated coverage on Enterprise Products Partners in a report on Monday, July 7th. They issued a "hold" rating and a $33.00 price target on the stock. Finally, 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. Two research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, Enterprise Products Partners presently has a consensus rating of "Moderate Buy" and an average target price of $35.83.

Enterprise Products Partners Stock Up 0.0%

Shares of NYSE:EPD traded up $0.02 during midday trading on Tuesday, hitting $31.71. The stock had a trading volume of 3,810,745 shares, compared to its average volume of 4,716,716. 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 business's 50-day simple moving average is $31.37 and its 200-day simple moving average is $31.79. 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 market cap of $68.65 billion, a P/E ratio of 11.79, a PEG ratio of 1.84 and a beta of 0.66.

Enterprise Products Partners (NYSE:EPD - Get Free Report) last announced 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 during the quarter, compared to analyst estimates of $15.24 billion. During the same quarter in the prior year, the business earned $0.64 EPS. The business's revenue was down 15.7% compared to the same quarter last year. On average, sell-side analysts forecast that Enterprise Products Partners L.P. will post 2.9 earnings per share for the current fiscal 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. The ex-dividend date was Thursday, July 31st. This represents a $2.18 annualized dividend and a dividend yield of 6.9%. This is an increase from Enterprise Products Partners's previous quarterly dividend of $0.54. Enterprise Products Partners's dividend payout ratio is presently 81.04%.

Insider Buying and Selling

In related news, Director William C. Montgomery acquired 16,000 shares of the firm's stock in a transaction on Wednesday, July 30th. The shares were purchased at an average cost of $31.55 per share, for a total transaction of $504,800.00. Following the completion of the acquisition, the director directly owned 136,920 shares in the company, valued at approximately $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 accessible through the SEC website. Also, Director John R. Rutherford bought 15,000 shares of the business's stock in a transaction dated Tuesday, July 29th. The shares were bought at an average price of $31.35 per share, with a total value of $470,250.00. Following the purchase, the director owned 158,586 shares in the company, valued at $4,971,671.10. The trade was 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 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.