Narwhal Capital Management Decreases Stock Position in Enterprise Products Partners L.P. $EPD

Key Points

• Narwhal Capital Management decreased its stake in Enterprise Products Partners L.P. by 30.5%, selling 8,000 shares and now holding 18,200 shares valued at $564,000.
• Recent analyst reports have led to price target cuts for Enterprise Products Partners, with Scotiabank reducing its target from $36.00 to $35.00.
• Company insiders have made significant purchases, with Director William C. Montgomery acquiring 16,000 shares at an average cost of $31.55, reflecting a 13.23% increase in his position.

Narwhal Capital Management lessened its position in Enterprise Products Partners L.P. (NYSE:EPD - Free Report) by 30.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 18,200 shares of the oil and gas producer's stock after selling 8,000 shares during the quarter. Narwhal Capital Management's holdings in Enterprise Products Partners were worth $564,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Brooklyn Investment Group acquired a new stake in shares of Enterprise Products Partners in the first quarter valued at approximately $27,000. Wealth Preservation Advisors LLC acquired a new stake in shares of Enterprise Products Partners in the first quarter valued at approximately $28,000. Crowley Wealth Management Inc. acquired a new stake in shares of Enterprise Products Partners in the second quarter valued at approximately $29,000. Security National Bank acquired a new stake in shares of Enterprise Products Partners in the first quarter valued at approximately $30,000. Finally, Alpine Bank Wealth Management acquired a new stake in shares of Enterprise Products Partners in the first quarter valued at approximately $31,000. Institutional investors and hedge funds own 26.07% of the company's stock.

Analyst Ratings Changes

EPD has been the subject of several recent research reports. Scotiabank cut their price target on Enterprise Products Partners from $36.00 to $35.00 and set a "sector perform" rating for the company in a report on Friday, September 19th. Mizuho set a $38.00 price target on Enterprise Products Partners and gave the company an "outperform" rating in a report on Friday, July 11th. Barclays cut their target price on Enterprise Products Partners from $36.00 to $35.00 and set an "overweight" rating for the company in a research note on Wednesday, July 2nd. TD Cowen assumed coverage on Enterprise Products Partners in a research note on Monday, July 7th. They set a "hold" rating and a $33.00 target price for the company. Finally, Morgan Stanley cut their target price on Enterprise Products Partners from $35.00 to $33.00 and set an "equal weight" rating for the company in a research note on Tuesday, August 26th. 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 company currently has an average rating of "Moderate Buy" and a consensus target price of $35.75.

Insiders Place Their Bets

In related news, Director William C. Montgomery bought 16,000 shares of the firm's stock in a transaction that occurred on Wednesday, July 30th. The stock was 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 owned 136,920 shares in the company, valued at approximately $4,319,826. This trade represents a 13.23% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John R. Rutherford bought 15,000 shares of the firm's stock in a transaction that occurred on Tuesday, July 29th. The stock was bought at an average price of $31.35 per share, with a total value of $470,250.00. Following the completion of the acquisition, the director owned 158,586 shares of the company's stock, valued at $4,971,671.10. This trade represents a 10.45% increase in their position. The disclosure for this purchase can be found here. Company insiders own 32.60% of the company's stock.

Enterprise Products Partners Trading Down 0.2%

EPD opened at $31.66 on Thursday. Enterprise Products Partners L.P. has a 52 week low of $27.77 and a 52 week high of $34.63. The business has a fifty day simple moving average of $31.58 and a 200-day simple moving average of $31.44. The firm has a market cap of $68.55 billion, a P/E ratio of 11.77, a P/E/G ratio of 2.25 and a beta of 0.64. The company has a quick ratio of 0.69, a current ratio of 0.96 and a debt-to-equity ratio of 1.04.

Enterprise Products Partners (NYSE:EPD - Get Free Report) last released 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). 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 for the quarter, compared to analysts' expectations of $15.24 billion. During the same quarter in the prior year, the business earned $0.64 earnings per share. The company's quarterly revenue was down 15.7% on a year-over-year basis. On average, equities analysts expect that Enterprise Products Partners L.P. will post 2.9 earnings per share for the current year.

Enterprise Products Partners Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Friday, October 31st will be issued a $0.545 dividend. The ex-dividend date is Friday, October 31st. This represents a $2.18 dividend on an annualized basis and a yield of 6.9%. Enterprise Products Partners's dividend payout ratio (DPR) is 81.04%.

Enterprise Products Partners Company 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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