Pasadena Private Wealth LLC Sells 31,576 Shares of Enterprise Products Partners L.P. $EPD

Key Points

• Pasadena Private Wealth reduced its Enterprise Products Partners stake by 29.2% in the second quarter, selling 31,576 shares and retaining 76,441 shares valued at approximately $2.81 million.
• Enterprise Products Partners reported quarterly EPS of $0.84, beating estimates by $0.09, while revenue rose 60.8% year over year to $18.27 billion.
• The company increased its quarterly dividend to $0.56 per share, representing an annualized payout of $2.24 and a yield of about 5.9%. Analysts maintain a consensus “Moderate Buy” rating with a $40 price target.

Pasadena Private Wealth LLC trimmed its position in Enterprise Products Partners L.P. (NYSE:EPD - Free Report) by 29.2% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 76,441 shares of the oil and gas producer's stock after selling 31,576 shares during the period. Pasadena Private Wealth LLC's holdings in Enterprise Products Partners were worth $2,810,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in EPD. Everest Financial Group LLC boosted its holdings in shares of Enterprise Products Partners by 3.6% in the first quarter. Everest Financial Group LLC now owns 7,886 shares of the oil and gas producer's stock worth $298,000 after buying an additional 271 shares during the last quarter. Walker Asset Management LLC increased its holdings in Enterprise Products Partners by 1.4% during the second quarter. Walker Asset Management LLC now owns 20,256 shares of the oil and gas producer's stock valued at $745,000 after buying an additional 282 shares during the last quarter. Hobbs Group Advisors LLC raised its position in Enterprise Products Partners by 1.4% in the first quarter. Hobbs Group Advisors LLC now owns 20,895 shares of the oil and gas producer's stock worth $791,000 after acquiring an additional 298 shares during the period. Hunter Associates Investment Management LLC grew its position in shares of Enterprise Products Partners by 3.8% during the 1st quarter. Hunter Associates Investment Management LLC now owns 8,106 shares of the oil and gas producer's stock valued at $307,000 after acquiring an additional 300 shares during the period. Finally, Mission Wealth Management LP grew its position in shares of Enterprise Products Partners by 1.0% during the 4th quarter. Mission Wealth Management LP now owns 32,348 shares of the oil and gas producer's stock valued at $1,037,000 after acquiring an additional 328 shares during the period. 26.07% of the stock is currently owned by institutional investors.

Enterprise Products Partners Trading Down 1.4%

Shares of EPD stock opened at $38.09 on Thursday. Enterprise Products Partners L.P. has a 52-week low of $30.01 and a 52-week high of $40.17. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.66 and a current ratio of 0.93. The firm has a market capitalization of $82.25 billion, a PE ratio of 13.22, a PEG ratio of 1.29 and a beta of 0.49. The stock has a fifty day simple moving average of $37.63 and a two-hundred day simple moving average of $37.47.

Enterprise Products Partners (NYSE:EPD - Get Free Report) last announced its quarterly earnings data on Wednesday, July 29th. The oil and gas producer reported $0.84 EPS for the quarter, beating the consensus estimate of $0.75 by $0.09. The business had revenue of $18.27 billion for the quarter, compared to the consensus estimate of $13.69 billion. Enterprise Products Partners had a return on equity of 20.67% and a net margin of 10.79%.The business's revenue was up 60.8% on a year-over-year basis. During the same period in the previous year, the business earned $0.66 earnings per share. On average, analysts predict that Enterprise Products Partners L.P. will post 2.98 EPS for the current fiscal year.

Enterprise Products Partners Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Friday, July 31st were issued a $0.56 dividend. The ex-dividend date of this dividend was Friday, July 31st. This represents a $2.24 dividend on an annualized basis and a yield of 5.9%. This is a boost from Enterprise Products Partners's previous quarterly dividend of $0.55. Enterprise Products Partners's payout ratio is presently 77.78%.

Analyst Ratings Changes

Several equities analysts recently weighed in on EPD shares. Weiss Ratings upgraded Enterprise Products Partners from a "buy (b)" rating to a "buy (a-)" rating in a research report on Tuesday, August 11th. Morgan Stanley restated an "underweight" rating and issued a $41.00 price target (up from $40.00) on shares of Enterprise Products Partners in a research report on Tuesday. UBS Group reaffirmed a "buy" rating and set a $45.00 price objective on shares of Enterprise Products Partners in a research report on Wednesday, June 17th. Scotiabank reiterated a "sector perform" rating and set a $40.00 price objective (up from $39.00) on shares of Enterprise Products Partners in a research note on Tuesday, May 12th. Finally, Stifel Nicolaus increased their target price on shares of Enterprise Products Partners from $41.00 to $42.00 and gave the stock a "buy" rating in a report on Wednesday, April 29th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $40.00.

Enterprise Products Partners Profile

Enterprise Products Partners L.P. NYSE: EPD is a Houston-based master limited partnership that provides midstream energy services across North America. The company owns and operates an extensive network of pipelines, storage facilities, processing plants and export terminals that transport and handle natural gas, natural gas liquids (NGLs), crude oil and refined and petrochemical products. Its core activities include gathering and transportation, fractionation of NGLs, natural gas processing, crude oil and condensate pipelines, and marine and terminal services that enable domestic distribution and exports.

Enterprise serves a diverse set of customers including producers, refiners, petrochemical companies, marketers and end users.

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