Oliver Luxxe Assets LLC Lowers Holdings in Enterprise Products Partners L.P. $EPD

Key Points

• Oliver Luxxe Assets LLC significantly reduced its stake by 85.7% in Enterprise Products Partners, holding only 46,889 shares worth $1,454,000 after selling 281,836 shares in Q2.
• Enterprise Products Partners increased its quarterly dividend to $0.545 per share, marking a 0.5 cent rise from the previous dividend and yielding 6.9% annually.
• Analysts have mixed views on the stock, with Morgan Stanley lowering the price target from $35.00 to $33.00, while other firms maintained a consensus rating of "Moderate Buy" and an average price target of $35.75.

Oliver Luxxe Assets LLC decreased its stake in Enterprise Products Partners L.P. (NYSE:EPD - Free Report) by 85.7% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 46,889 shares of the oil and gas producer's stock after selling 281,836 shares during the quarter. Oliver Luxxe Assets LLC's holdings in Enterprise Products Partners were worth $1,454,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of EPD. ING Groep NV purchased a new stake in shares of Enterprise Products Partners in the first quarter worth about $71,052,000. Alps Advisors Inc. raised its holdings in Enterprise Products Partners by 5.0% in the 1st quarter. Alps Advisors Inc. now owns 41,326,613 shares of the oil and gas producer's stock worth $1,410,891,000 after purchasing an additional 1,967,188 shares during the period. JPMorgan Chase & Co. raised its holdings in Enterprise Products Partners by 65.3% in the 1st quarter. JPMorgan Chase & Co. now owns 4,347,247 shares of the oil and gas producer's stock worth $148,415,000 after purchasing an additional 1,717,768 shares during the period. Truist Financial Corp raised its holdings in Enterprise Products Partners by 293.6% in the 1st quarter. Truist Financial Corp now owns 2,018,964 shares of the oil and gas producer's stock worth $68,927,000 after purchasing an additional 1,506,055 shares during the period. Finally, Walnut Private Equity Partners LLC acquired a new position in Enterprise Products Partners in the 1st quarter worth about $24,069,000. Hedge funds and other institutional investors own 26.07% of the company's stock.

Insider Activity at Enterprise Products Partners

In other Enterprise Products Partners news, Director John R. Rutherford acquired 15,000 shares of the stock in a transaction that occurred on Tuesday, July 29th. The stock was bought at an average cost of $31.35 per share, for a total transaction of $470,250.00. Following the completion of the transaction, the director owned 158,586 shares of the company's stock, valued at approximately $4,971,671.10. The trade was a 10.45% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director William C. Montgomery acquired 16,000 shares of the stock in a transaction that occurred on Wednesday, July 30th. The stock was acquired at an average price of $31.55 per share, with a total value of $504,800.00. Following the completion of the transaction, the director directly owned 136,920 shares of the company's stock, valued at $4,319,826. This trade represents a 13.23% increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 32.60% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on EPD shares. Morgan Stanley reduced their price target on Enterprise Products Partners from $35.00 to $33.00 and set an "equal weight" rating for the company in a report on Tuesday, August 26th. Scotiabank reduced 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. Mizuho set a $38.00 price target on Enterprise Products Partners and gave the stock an "outperform" rating in a report on Friday, July 11th. Barclays reduced their price target 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. Finally, Stifel Nicolaus reduced their price target on Enterprise Products Partners from $36.00 to $35.00 and set a "buy" rating for the company in a report on Tuesday, July 29th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, Enterprise Products Partners currently has a consensus rating of "Moderate Buy" and an average price target of $35.75.

Enterprise Products Partners Trading Down 0.9%

Shares of Enterprise Products Partners stock opened at $31.40 on Tuesday. The firm has a market capitalization of $67.99 billion, a price-to-earnings ratio of 11.67, a PEG ratio of 2.25 and a beta of 0.69. Enterprise Products Partners L.P. has a fifty-two week low of $27.77 and a fifty-two week high of $34.63. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.69 and a current ratio of 0.96. The stock has a 50 day moving average of $31.55 and a 200 day moving average of $31.58.

Enterprise Products Partners (NYSE:EPD - Get Free Report) last issued its quarterly earnings data on Monday, July 28th. The oil and gas producer reported $0.66 earnings per share for the quarter, missing the consensus estimate of $0.67 by ($0.01). The business had revenue of $11.36 billion during the quarter, compared to analysts' expectations of $15.24 billion. Enterprise Products Partners had a return on equity of 19.81% and a net margin of 10.71%.The company's revenue was down 15.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.64 earnings per share. As a group, research analysts predict 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 given a $0.545 dividend. The ex-dividend date 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 (DPR) is currently 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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