Sanders Morris Harris LLC Purchases New Position in Enterprise Products Partners L.P. $EPD

Key Points

• Sanders Morris Harris LLC acquired 763,555 shares of Enterprise Products Partners during the third quarter, valued at approximately $28.05 million. EPD now represents about 3.7% of the firm’s portfolio and is its fifth-largest holding.
• Analysts maintain a broadly cautious view, with a consensus “Hold” rating and an average price target of $40.12. EPD recently traded near $35.83, below its 52-week high of $40.17.
• Enterprise Products Partners reported quarterly EPS of $0.84, exceeding estimates, while revenue rose 60.8% year over year to $18.27 billion. The company declared a quarterly dividend of $0.56, implying an annualized yield of approximately 6.3%.

Sanders Morris Harris LLC acquired a new position in shares of Enterprise Products Partners L.P. (NYSE:EPD - Free Report) during the third quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 763,555 shares of the oil and gas producer's stock, valued at approximately $28,050,000. Enterprise Products Partners accounts for approximately 3.7% of Sanders Morris Harris LLC's investment portfolio, making the stock its 5th biggest position.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. RFG Advisory LLC increased its stake in shares of Enterprise Products Partners by 1.3% during the second quarter. RFG Advisory LLC now owns 21,636 shares of the oil and gas producer's stock worth $795,000 after purchasing an additional 268 shares in the last quarter. Sigma Planning Corp boosted its position in Enterprise Products Partners by 0.8% during the second quarter. Sigma Planning Corp now owns 35,270 shares of the oil and gas producer's stock worth $1,297,000 after acquiring an additional 270 shares during the last quarter. Everest Financial Group LLC lifted its stake in Enterprise Products Partners by 3.6% in the 1st quarter. Everest Financial Group LLC now owns 7,886 shares of the oil and gas producer's stock worth $298,000 after purchasing an additional 271 shares in the last quarter. Renasant Bank increased its holdings in shares of Enterprise Products Partners by 1.3% in the second quarter. Renasant Bank now owns 21,160 shares of the oil and gas producer's stock valued at $778,000 after purchasing an additional 271 shares during the last quarter. Finally, Farther Finance Advisors LLC grew its holdings in shares of Enterprise Products Partners by 0.4% in the third quarter. Farther Finance Advisors LLC now owns 75,188 shares of the oil and gas producer's stock valued at $2,677,000 after purchasing an additional 272 shares during the period. Hedge funds and other institutional investors own 26.07% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on EPD. Melius Research began coverage on Enterprise Products Partners in a research report on Tuesday, September 22nd. They issued a "hold" rating and a $42.00 price objective for the company. Weiss Ratings lowered Enterprise Products Partners from a "buy (a-)" rating to a "buy (b)" rating in a research note on Friday, October 2nd. Morgan Stanley reissued an "underweight" rating and set a $41.00 price target (up from $40.00) on shares of Enterprise Products Partners in a research report on Tuesday, August 18th. JPMorgan Chase & Co. cut their target price on shares of Enterprise Products Partners from $43.00 to $42.00 and set a "neutral" rating on the stock in a research note on Thursday, October 8th. Finally, The Goldman Sachs Group restated a "neutral" rating and issued a $38.00 price target on shares of Enterprise Products Partners in a research note on Wednesday, June 17th. Seven analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Enterprise Products Partners currently has a consensus rating of "Hold" and an average price target of $40.12.

Enterprise Products Partners Stock Performance

NYSE:EPD traded down $0.21 during mid-day trading on Wednesday, reaching $35.83. 6,320,209 shares of the stock were exchanged, compared to its average volume of 3,883,300. The company has a quick ratio of 0.66, a current ratio of 0.93 and a debt-to-equity ratio of 1.00. Enterprise Products Partners L.P. has a 1 year low of $30.01 and a 1 year high of $40.17. The company has a 50 day simple moving average of $37.98 and a 200-day simple moving average of $37.88. The stock has a market capitalization of $77.37 billion, a P/E ratio of 12.44, a P/E/G ratio of 1.32 and a beta of 0.50.

Enterprise Products Partners (NYSE:EPD - Get Free Report) last issued its quarterly earnings data on Wednesday, July 29th. The oil and gas producer reported $0.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.75 by $0.09. Enterprise Products Partners had a net margin of 10.79% and a return on equity of 20.67%. The company had revenue of $18.27 billion for the quarter, compared to the consensus estimate of $13.69 billion. During the same period last year, the firm posted $0.66 EPS. Enterprise Products Partners's revenue for the quarter was up 60.8% on a year-over-year basis. Analysts anticipate that Enterprise Products Partners L.P. will post 3.02 earnings per share for the current fiscal year.

Enterprise Products Partners Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 13th. Investors of record on Friday, October 30th will be paid a $0.56 dividend. The ex-dividend date is Friday, October 30th. This represents a $2.24 dividend on an annualized basis and a dividend yield of 6.3%. Enterprise Products Partners's payout ratio is 77.78%.

Enterprise Products Partners Profile

Enterprise Products Partners L.P. is a publicly traded master limited partnership that owns and operates midstream energy infrastructure in the United States. The company transports, stores, processes and exports oil, natural gas, natural gas liquids (NGLs), refined products and petrochemicals.

Its operations include pipelines, natural gas processing plants, NGL fractionation facilities, underground storage, marine terminals and export infrastructure. Enterprise serves producers, refiners, petrochemical manufacturers, utilities and other energy customers by connecting major producing regions with domestic and international markets.

Enterprise Products Partners was founded in 1968 and is headquartered in Houston, Texas.

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