Park Place Capital Corp Purchases 29,299 Shares of Enterprise Products Partners L.P. $EPD

Key Points

• Park Place Capital Corp significantly increased its stake in Enterprise Products Partners L.P., acquiring 29,299 shares and raising its total holdings to 29,633 shares valued at approximately $919,000.
• Enterprise Products Partners recently declared a quarterly dividend of $0.545 per share, marking a slight increase from the previous dividend and reflecting a 7.0% dividend yield.
• The company reported a net margin of 10.71% for the last quarter, with earnings per share of $0.66, falling short of analyst expectations by $0.01, and overall revenue down 15.7% year-over-year.

Park Place Capital Corp grew its position in Enterprise Products Partners L.P. (NYSE:EPD - Free Report) by 8,772.2% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 29,633 shares of the oil and gas producer's stock after purchasing an additional 29,299 shares during the quarter. Park Place Capital Corp's holdings in Enterprise Products Partners were worth $919,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of the company. Alps Advisors Inc. boosted its stake in shares of 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 valued at $1,410,891,000 after purchasing an additional 1,967,188 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Enterprise Products Partners by 4.3% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,003,573 shares of the oil and gas producer's stock valued at $375,662,000 after purchasing an additional 457,045 shares during the last quarter. Chickasaw Capital Management LLC boosted its stake in shares of Enterprise Products Partners by 1.5% in the 2nd quarter. Chickasaw Capital Management LLC now owns 5,515,066 shares of the oil and gas producer's stock valued at $171,022,000 after purchasing an additional 81,135 shares during the last quarter. BROOKFIELD Corp ON boosted its stake in Enterprise Products Partners by 2.8% during the first quarter. BROOKFIELD Corp ON now owns 4,698,769 shares of the oil and gas producer's stock worth $160,416,000 after acquiring an additional 128,545 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in 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 worth $148,415,000 after acquiring an additional 1,717,768 shares in the last quarter. 26.07% of the stock is owned by institutional investors.

Enterprise Products Partners Stock Down 1.1%

Enterprise Products Partners stock opened at $31.27 on Tuesday. Enterprise Products Partners L.P. has a 1-year low of $27.77 and a 1-year high of $34.63. The firm has a market capitalization of $67.71 billion, a price-to-earnings ratio of 11.62, a price-to-earnings-growth ratio of 2.25 and a beta of 0.69. The firm's fifty day moving average price is $31.57 and its two-hundred day moving average price is $31.52. The company has a current ratio of 0.96, a quick ratio of 0.69 and a debt-to-equity ratio of 1.04.

Enterprise Products Partners (NYSE:EPD - Get Free Report) last released its quarterly earnings data on Monday, July 28th. The oil and gas producer reported $0.66 earnings per share for the quarter, missing analysts' consensus estimates of $0.67 by ($0.01). Enterprise Products Partners had a net margin of 10.71% and a return on equity of 19.81%. The business 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 business posted $0.64 earnings per share. The firm's quarterly revenue was down 15.7% on a year-over-year basis. On average, equities research analysts predict that Enterprise Products Partners L.P. will post 2.9 earnings per share for the current fiscal year.

Enterprise Products Partners Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 14th. Investors of record on Thursday, July 31st were given a dividend of $0.545 per share. The ex-dividend date of this dividend was Thursday, July 31st. This is an increase from Enterprise Products Partners's previous quarterly dividend of $0.54. This represents a $2.18 dividend on an annualized basis and a dividend yield of 7.0%. Enterprise Products Partners's payout ratio is 81.04%.

Insider Transactions at Enterprise Products Partners

In other news, Director John R. Rutherford purchased 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, with a total value of $470,250.00. Following the completion of the transaction, the director directly owned 158,586 shares of the company's stock, valued at approximately $4,971,671.10. This trade 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 this link. Also, Director William C. Montgomery purchased 16,000 shares of the company's stock in a transaction that occurred on Wednesday, July 30th. The shares were purchased 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 directly owned 136,920 shares of the company's stock, valued at $4,319,826. This represents a 13.23% increase in their ownership of the stock. The disclosure for this purchase can be found here. 32.60% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. Mizuho set a $38.00 target price on shares of Enterprise Products Partners and gave the stock an "outperform" rating in a research note on Friday, July 11th. Barclays cut 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 research note on Wednesday, July 2nd. TD Cowen assumed coverage on shares of Enterprise Products Partners in a research note on Monday, July 7th. They set a "hold" rating and a $33.00 target price on the stock. Scotiabank cut their target price on shares of Enterprise Products Partners from $36.00 to $35.00 and set a "sector perform" rating on the stock in a research note on Friday, September 19th. Finally, Stifel Nicolaus cut their target price on shares of Enterprise Products Partners from $36.00 to $35.00 and set a "buy" rating on the stock in a research note 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 given a Hold rating to the company. Based on data from MarketBeat.com, Enterprise Products Partners presently has a consensus rating of "Moderate Buy" and a consensus target price of $35.75.

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.

Want to see what other hedge funds are holding EPD? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Enterprise Products Partners L.P. (NYSE:EPD - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.