Providence Capital Advisors LLC Invests $1.37 Million in Enterprise Products Partners L.P. (NYSE:EPD)

Key Points

• Providence Capital Advisors LLC acquired 40,000 shares of Enterprise Products Partners L.P. valued at approximately $1.37 million in the first quarter, indicating growing institutional interest in the company.
• Directors John R. Rutherford and William C. Montgomery made significant personal stock purchases on July 29th and July 30th, respectively, demonstrating confidence in the company's future performance.
• Enterprise Products Partners recently increased its quarterly dividend to $0.545, reflecting a dividend yield of 6.8% and signaling a commitment to returning value to shareholders.

Providence Capital Advisors LLC bought a new stake in Enterprise Products Partners L.P. (NYSE:EPD - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 40,000 shares of the oil and gas producer's stock, valued at approximately $1,366,000.

Several other hedge funds and other institutional investors have also bought and sold shares of EPD. Security National Bank acquired a new position in Enterprise Products Partners in the first quarter valued at $30,000. Alpine Bank Wealth Management acquired a new position in shares of Enterprise Products Partners during the first quarter valued at about $31,000. Colonial Trust Co SC raised its holdings in shares of Enterprise Products Partners by 44.9% during the fourth quarter. Colonial Trust Co SC now owns 1,014 shares of the oil and gas producer's stock valued at $32,000 after purchasing an additional 314 shares during the period. N.E.W. Advisory Services LLC acquired a new position in shares of Enterprise Products Partners during the first quarter valued at about $34,000. Finally, Parvin Asset Management LLC acquired a new position in shares of Enterprise Products Partners during the fourth quarter valued at about $35,000. Institutional investors and hedge funds own 26.07% of the company's stock.

Insider Activity

In related news, Director William C. Montgomery acquired 16,000 shares of the firm's 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 completion of the acquisition, the director directly owned 136,920 shares of the company's stock, valued at approximately $4,319,826. This trade represents a 13.23% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director John R. Rutherford bought 15,000 shares of Enterprise Products Partners stock in a transaction on Tuesday, July 29th. The shares were acquired at an average cost 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. The trade was a 10.45% increase in their position. The disclosure for this purchase can be found here. 32.60% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. Wall Street Zen raised shares of Enterprise Products Partners from a "hold" rating to a "buy" rating in a research report on Thursday, May 8th. Argus upgraded shares of Enterprise Products Partners to a "strong-buy" rating in a research note on Monday, May 5th. 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. Citigroup lowered their price objective on shares of Enterprise Products Partners from $37.00 to $35.00 and set a "buy" rating on the stock in a research report on Tuesday, May 13th. Finally, Barclays reduced 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. Five equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $36.25.

Enterprise Products Partners Trading Down 1.2%

Shares of EPD traded down $0.39 during trading hours on Friday, reaching $31.53. 3,731,819 shares of the company traded hands, compared to its average volume of 4,833,580. The company's fifty day moving average price is $31.41 and its two-hundred day moving average price is $31.87. The company has a market capitalization of $68.27 billion, a price-to-earnings ratio of 11.72, a price-to-earnings-growth ratio of 1.82 and a beta of 0.66. The company has a quick ratio of 0.64, a current ratio of 0.96 and a debt-to-equity ratio of 1.04. Enterprise Products Partners L.P. has a 12 month low of $27.77 and a 12 month high of $34.63.

Enterprise Products Partners (NYSE:EPD - Get Free Report) last issued its quarterly earnings results on Monday, July 28th. The oil and gas producer reported $0.66 earnings per share (EPS) 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 for the quarter, compared to analysts' expectations of $15.24 billion. During the same period last year, the business earned $0.64 earnings per share. The company's revenue was down 15.7% on a year-over-year basis. 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 announced a quarterly dividend, which was paid on Thursday, August 14th. Shareholders of record on Thursday, July 31st were issued a $0.545 dividend. This represents a $2.18 annualized dividend and a yield of 6.9%. This is a boost from Enterprise Products Partners's previous quarterly dividend of $0.54. The ex-dividend date of this dividend was Thursday, July 31st. Enterprise Products Partners's dividend payout ratio is presently 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.