Kayne Anderson Capital Advisors LP Cuts Holdings in Enterprise Products Partners L.P. $EPD

Key Points

• Kayne Anderson Capital Advisors reduced its Enterprise Products Partners stake by 1.2%, selling 162,172 shares. It still owns 12.87 million shares worth approximately $473.1 million, representing 9.3% of its portfolio.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $40.00. Institutional investors own about 26.07% of EPD.
• Enterprise Products Partners exceeded quarterly earnings expectations, reporting $0.84 EPS versus the $0.75 consensus and revenue of $18.27 billion. The company also raised its quarterly dividend to $0.56, producing a 5.8% annualized yield.

Kayne Anderson Capital Advisors LP lowered its holdings in Enterprise Products Partners L.P. (NYSE:EPD - Free Report) by 1.2% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 12,869,425 shares of the oil and gas producer's stock after selling 162,172 shares during the quarter. Enterprise Products Partners comprises approximately 9.3% of Kayne Anderson Capital Advisors LP's investment portfolio, making the stock its 2nd largest holding. Kayne Anderson Capital Advisors LP owned about 0.60% of Enterprise Products Partners worth $473,080,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Auto Owners Insurance Co grew its holdings in shares of Enterprise Products Partners by 3,106.0% during the fourth quarter. Auto Owners Insurance Co now owns 32,060,000 shares of the oil and gas producer's stock valued at $102,784,000 after buying an additional 31,060,000 shares during the last quarter. Energy Income Partners LLC acquired a new stake in shares of Enterprise Products Partners in the 2nd quarter worth about $508,461,000. BlackRock Inc. bought a new position in Enterprise Products Partners in the 2nd quarter valued at about $255,325,000. Goldman Sachs Group Inc. lifted its position in Enterprise Products Partners by 12.0% in the 4th quarter. Goldman Sachs Group Inc. now owns 18,163,343 shares of the oil and gas producer's stock valued at $582,317,000 after acquiring an additional 1,940,583 shares in the last quarter. Finally, Deutsche Bank AG acquired a new position in Enterprise Products Partners during the 2nd quarter valued at about $67,915,000. Institutional investors own 26.07% of the company's stock.

Analyst Ratings Changes

A number of analysts have commented on EPD shares. The Goldman Sachs Group reissued a "neutral" rating and set a $38.00 price objective on shares of Enterprise Products Partners in a report on Wednesday, June 17th. TD Cowen restated a "hold" rating and issued a $38.00 target price (down from $39.00) on shares of Enterprise Products Partners in a report on Monday, August 3rd. Morgan Stanley reaffirmed an "underweight" rating and set a $41.00 target price (up from $40.00) on shares of Enterprise Products Partners in a research report on Tuesday. Scotiabank reiterated a "sector perform" rating and set a $40.00 price target (up from $39.00) on shares of Enterprise Products Partners in a report on Tuesday, May 12th. Finally, Truist Financial increased their price target on Enterprise Products Partners from $36.00 to $40.00 and gave the company a "hold" rating in a research report on Monday, May 4th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Enterprise Products Partners has a consensus rating of "Moderate Buy" and an average target price of $40.00.

Enterprise Products Partners Trading Up 0.8%

NYSE:EPD opened at $38.41 on Friday. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.66 and a current ratio of 0.93. The firm has a market cap of $82.95 billion, a price-to-earnings ratio of 13.34, a price-to-earnings-growth ratio of 1.26 and a beta of 0.49. 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 50-day moving average price of $37.65 and a two-hundred day moving average price of $37.51.

Enterprise Products Partners (NYSE:EPD - Get Free Report) last announced its earnings results on Wednesday, July 29th. The oil and gas producer reported $0.84 earnings per share for the quarter, topping analysts' consensus estimates of $0.75 by $0.09. The firm had revenue of $18.27 billion for the quarter, compared to the consensus estimate of $13.69 billion. Enterprise Products Partners had a return on equity of 20.67% and a net margin of 10.79%.The company's revenue was up 60.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.66 EPS. On average, equities analysts expect that Enterprise Products Partners L.P. will post 3.01 earnings per share for the current fiscal year.

Enterprise Products Partners Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Friday, July 31st were given a $0.56 dividend. This is an increase from Enterprise Products Partners's previous quarterly dividend of $0.55. This represents a $2.24 annualized dividend and a yield of 5.8%. The ex-dividend date of this dividend was Friday, July 31st. Enterprise Products Partners's payout ratio is presently 77.78%.

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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