Kingswood Wealth Advisors LLC Sells 69,615 Shares of Enterprise Products Partners L.P. $EPD

Key Points

• Kingswood Wealth Advisors LLC reduced its holdings in Enterprise Products Partners L.P. by 79.4%, now owning 18,083 shares after selling 69,615 shares in the second quarter.
• Several institutional investors, including ING Groep NV and Truist Financial Corp, have recently altered their stakes, indicating significant interest in Enterprise Products Partners.
• The company announced a quarterly dividend of $0.545 per share, yielding 7.0%, set to be distributed on November 14th to shareholders of record on October 31st.

Kingswood Wealth Advisors LLC lessened its holdings in Enterprise Products Partners L.P. (NYSE:EPD - Free Report) by 79.4% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 18,083 shares of the oil and gas producer's stock after selling 69,615 shares during the period. Kingswood Wealth Advisors LLC's holdings in Enterprise Products Partners were worth $561,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. 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 shares of Enterprise Products Partners by 5.0% during the first quarter. Alps Advisors Inc. now owns 41,326,613 shares of the oil and gas producer's stock valued at $1,410,891,000 after acquiring an additional 1,967,188 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Enterprise Products Partners by 65.3% during 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 in the last quarter. Northside Capital Management LLC bought a new stake in Enterprise Products Partners during the second quarter worth $47,628,000. Finally, Truist Financial Corp grew its holdings 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 worth $68,927,000 after buying an additional 1,506,055 shares in the last quarter. Institutional investors own 26.07% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Barclays cut their price objective on Enterprise Products Partners from $36.00 to $35.00 and set an "overweight" rating on the stock in a research report on Wednesday, July 2nd. Weiss Ratings restated a "buy (b)" rating on shares of Enterprise Products Partners in a research note on Wednesday. TD Cowen started coverage on Enterprise Products Partners in a research note on Monday, July 7th. They issued a "hold" rating and a $33.00 target price on the stock. Morgan Stanley reduced their price objective on Enterprise Products Partners from $35.00 to $33.00 and set an "equal weight" rating on the stock in a research report on Tuesday, August 26th. Finally, Mizuho set a $38.00 target price on Enterprise Products Partners and gave the company an "outperform" rating in a report on Friday, July 11th. Two research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $35.75.

Insiders Place Their Bets

In related news, Director John R. Rutherford bought 15,000 shares of the stock in a transaction on Tuesday, July 29th. The stock was bought at an average price of $31.35 per share, for a total transaction of $470,250.00. Following the completion of the acquisition, the director directly 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 acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director William C. Montgomery purchased 16,000 shares of Enterprise Products Partners stock in a transaction dated Wednesday, July 30th. The shares were acquired at an average cost of $31.55 per share, for a total transaction of $504,800.00. Following the completion of the transaction, 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 position. The disclosure for this purchase can be found here. 32.60% of the stock is owned by corporate insiders.

Enterprise Products Partners Price Performance

Shares of Enterprise Products Partners stock opened at $31.27 on Friday. Enterprise Products Partners L.P. has a 52 week low of $27.77 and a 52 week 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 50-day simple moving average is $31.58 and its 200-day simple moving average is $31.42. The company has a market capitalization of $67.70 billion, a price-to-earnings ratio of 11.62, a PEG ratio of 2.25 and a beta of 0.64.

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

Enterprise Products Partners Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Friday, October 31st will be issued a dividend of $0.545 per share. The ex-dividend date is Friday, October 31st. This represents a $2.18 dividend on an annualized basis and a yield of 7.0%. Enterprise Products Partners's dividend 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.

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