Lee Financial Co Reduces Stock Position in Enterprise Products Partners L.P. $EPD

Key Points

• Lee Financial Co has reduced its stock position in Enterprise Products Partners L.P. by 20.9%, owning 51,051 shares worth approximately $1.74 million after selling 13,518 shares.
• Enterprise Products Partners missed earnings expectations with a reported EPS of $0.66, falling short of the consensus estimate of $0.67.
• The company announced an increase in its quarterly dividend from $0.54 to $0.545 per share, resulting in an annual yield of 6.9%.

Lee Financial Co reduced its holdings in Enterprise Products Partners L.P. (NYSE:EPD - Free Report) by 20.9% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 51,051 shares of the oil and gas producer's stock after selling 13,518 shares during the quarter. Lee Financial Co's holdings in Enterprise Products Partners were worth $1,743,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the stock. Diversified Trust Co boosted its position in shares of Enterprise Products Partners by 13.7% during the first quarter. Diversified Trust Co now owns 15,122 shares of the oil and gas producer's stock valued at $516,000 after purchasing an additional 1,821 shares in the last quarter. Aurora Private Wealth Inc. boosted its stake in Enterprise Products Partners by 3,044.1% during the 1st quarter. Aurora Private Wealth Inc. now owns 200,720 shares of the oil and gas producer's stock valued at $6,853,000 after purchasing an additional 194,336 shares during the last quarter. Cyndeo Wealth Partners LLC increased its holdings in Enterprise Products Partners by 20.0% in the 1st quarter. Cyndeo Wealth Partners LLC now owns 133,358 shares of the oil and gas producer's stock worth $4,553,000 after buying an additional 22,202 shares in the last quarter. Forbes J M & Co. LLP bought a new stake in shares of Enterprise Products Partners in the first quarter worth approximately $290,000. Finally, Investor s Fiduciary Advisor Network LLC bought a new stake in Enterprise Products Partners in the 4th quarter worth approximately $1,146,000. Institutional investors own 26.07% of the company's stock.

Analyst Ratings Changes

Several research firms have recently commented on EPD. Citigroup reduced their price target on shares of Enterprise Products Partners from $37.00 to $35.00 and set a "buy" rating for the company in a research report on Tuesday, May 13th. Argus raised Enterprise Products Partners to a "strong-buy" rating in a report on Monday, May 5th. Barclays lowered their target price on shares of Enterprise Products Partners from $36.00 to $35.00 and set an "overweight" rating on the stock in a report on Wednesday, July 2nd. Scotiabank boosted their target price on Enterprise Products Partners from $35.00 to $36.00 and gave the stock a "sector perform" rating in a research report on Thursday, June 5th. Finally, Mizuho set a $38.00 price objective on shares of Enterprise Products Partners and gave the company an "outperform" rating in a research report on Friday, July 11th. Five investment analysts have rated the stock with a hold rating, nine have given a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $36.25.

Insider Activity at Enterprise Products Partners

In related news, Director William C. Montgomery purchased 16,000 shares of Enterprise Products Partners stock in a transaction dated Wednesday, July 30th. The stock was purchased at an average cost of $31.55 per share, with a total value of $504,800.00. Following the transaction, the director owned 136,920 shares in the company, valued at approximately $4,319,826. The trade was a 13.23% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John R. Rutherford acquired 15,000 shares of the company's stock in a transaction that occurred on Tuesday, July 29th. The shares were bought at an average cost of $31.35 per share, for a total transaction of $470,250.00. Following the transaction, the director owned 158,586 shares of the company's stock, valued at $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. Company insiders own 32.60% of the company's stock.

Enterprise Products Partners Trading Down 1.2%

EPD opened at $31.53 on Monday. 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 $31.41 and its two-hundred day moving average is $31.85. The company has a market capitalization of $68.27 billion, a P/E ratio of 11.72, a PEG ratio of 1.82 and a beta of 0.66. Enterprise Products Partners L.P. has a 52 week low of $27.77 and a 52 week high of $34.63.

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 the consensus estimate of $0.67 by ($0.01). The firm had revenue of $11.36 billion for the quarter, compared to analysts' expectations of $15.24 billion. Enterprise Products Partners had a net margin of 10.71% and a return on equity of 19.81%. The business's quarterly revenue was down 15.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.64 EPS. Analysts forecast that Enterprise Products Partners L.P. will post 2.9 earnings per share for the current year.

Enterprise Products Partners Increases Dividend

The firm 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. The ex-dividend date of this dividend was Thursday, July 31st. This is a positive change from Enterprise Products Partners's previous quarterly dividend of $0.54. This represents a $2.18 annualized dividend and a yield of 6.9%. Enterprise Products Partners's dividend payout ratio is 81.04%.

About Enterprise Products Partners

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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