ProVise Management Group LLC Has $4.06 Million Stock Position in Enterprise Products Partners L.P. (NYSE:EPD)

Key Points

• ProVise Management Group LLC reduced its stake in Enterprise Products Partners by 11.8% during the first quarter, now holding 118,913 shares valued at approximately $4.06 million.
• Enterprise Products Partners has recently adjusted its quarterly dividend to $0.545, reflecting an annualized yield of 7.0%, up from the previous dividend of $0.54.
• Despite a miss in quarterly earnings expectations with an EPS of $0.66 against a forecast of $0.67, analysts show mixed ratings with a consensus price target of $36.25 for the company's stock.

ProVise Management Group LLC reduced its stake in shares of Enterprise Products Partners L.P. (NYSE:EPD - Free Report) by 11.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 118,913 shares of the oil and gas producer's stock after selling 15,935 shares during the quarter. ProVise Management Group LLC's holdings in Enterprise Products Partners were worth $4,060,000 as of its most recent filing with the SEC.

Several other institutional investors have also made changes to their positions in the stock. Security National Bank acquired a new stake in Enterprise Products Partners in the first quarter valued at approximately $30,000. Alpine Bank Wealth Management acquired a new stake in Enterprise Products Partners in the first quarter valued at approximately $31,000. N.E.W. Advisory Services LLC acquired a new stake in Enterprise Products Partners in the first quarter valued at approximately $34,000. National Bank of Canada FI lifted its stake in Enterprise Products Partners by 55.4% in the fourth quarter. National Bank of Canada FI now owns 1,010 shares of the oil and gas producer's stock valued at $32,000 after acquiring an additional 360 shares during the last quarter. Finally, Colonial Trust Co SC lifted its stake in Enterprise Products Partners by 44.9% in 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 acquiring an additional 314 shares during the last quarter. 26.07% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

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

Enterprise Products Partners Stock Performance

Shares of NYSE:EPD traded down $0.24 during trading on Friday, reaching $30.75. The stock had a trading volume of 4,221,882 shares, compared to its average volume of 4,092,727. Enterprise Products Partners L.P. has a 52 week low of $27.37 and a 52 week high of $34.63. The stock has a fifty day simple moving average of $31.38 and a two-hundred day simple moving average of $32.04. The firm has a market capitalization of $66.69 billion, a price-to-earnings ratio of 11.43, a P/E/G ratio of 1.79 and a beta of 0.66. The company has a quick ratio of 0.64, a current ratio of 0.86 and a debt-to-equity ratio of 0.98.

Enterprise Products Partners (NYSE:EPD - Get Free Report) last announced its 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 return on equity of 19.88% and a net margin of 10.71%. The company had revenue of $11.36 billion for the quarter, compared to the consensus estimate of $15.24 billion. During the same period last year, the firm posted $0.64 EPS. The company's revenue was down 15.7% compared to the same quarter last year. As a group, analysts anticipate that Enterprise Products Partners L.P. will post 2.9 earnings per share for the current fiscal year.

Enterprise Products Partners Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 14th. Investors of record on Thursday, July 31st will be given a dividend of $0.545 per share. This represents a $2.18 dividend on an annualized basis and a yield of 7.1%. This is an increase from Enterprise Products Partners's previous quarterly dividend of $0.54. The ex-dividend date of this dividend is Thursday, July 31st. Enterprise Products Partners's payout ratio is presently 81.04%.

Analyst Ratings Changes

A number of analysts have issued reports on EPD shares. Mizuho set a $38.00 target price on shares of Enterprise Products Partners and gave the company an "outperform" rating in a research note on Friday, July 11th. Scotiabank lifted their target price on shares of Enterprise Products Partners from $35.00 to $36.00 and gave the company a "sector perform" rating in a research note on Thursday, June 5th. TD Cowen began coverage on shares of Enterprise Products Partners in a research report on Monday, July 7th. They issued a "hold" rating and a $33.00 price target on the stock. Citigroup dropped their price target 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, Argus raised shares of Enterprise Products Partners to a "strong-buy" rating in a research report on Monday, May 5th. Five research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $36.25.

About Enterprise Products Partners

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.