Sanders Morris Harris LLC Sells 107,437 Shares of Enterprise Products Partners L.P. $EPD

Key Points

• Sanders Morris Harris LLC decreased its stake in Enterprise Products Partners by 12.8%, selling 107,437 shares, which leaves them with a total of 735,070 shares valued at approximately $22.8 million.
• Enterprise Products Partners recently reported a quarterly EPS of $0.66, which was below the consensus estimate of $0.67, indicating a 15.7% year-over-year revenue decline.
• The company announced a quarterly dividend of $0.545 per share with a dividend yield of 7.1%, set for payment on November 14th to investors of record.

Sanders Morris Harris LLC cut its position in Enterprise Products Partners L.P. (NYSE:EPD - Free Report) by 12.8% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 735,070 shares of the oil and gas producer's stock after selling 107,437 shares during the quarter. Enterprise Products Partners accounts for about 5.4% of Sanders Morris Harris LLC's portfolio, making the stock its 4th largest holding. Sanders Morris Harris LLC's holdings in Enterprise Products Partners were worth $22,795,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Probity Advisors Inc. bought a new position in Enterprise Products Partners in the second quarter valued at approximately $259,000. Avidian Wealth Enterprises LLC increased its stake in shares of Enterprise Products Partners by 18.6% in the 2nd quarter. Avidian Wealth Enterprises LLC now owns 75,287 shares of the oil and gas producer's stock valued at $2,335,000 after purchasing an additional 11,792 shares during the last quarter. Bogart Wealth LLC raised its holdings in shares of Enterprise Products Partners by 1.2% during the 2nd quarter. Bogart Wealth LLC now owns 42,790 shares of the oil and gas producer's stock worth $1,327,000 after buying an additional 515 shares in the last quarter. Princeton Global Asset Management LLC lifted its position in shares of Enterprise Products Partners by 20.2% during the 2nd quarter. Princeton Global Asset Management LLC now owns 10,679 shares of the oil and gas producer's stock worth $331,000 after buying an additional 1,794 shares during the last quarter. Finally, Schnieders Capital Management LLC boosted its stake in Enterprise Products Partners by 9.3% in the second quarter. Schnieders Capital Management LLC now owns 58,918 shares of the oil and gas producer's stock valued at $1,827,000 after buying an additional 5,000 shares in the last quarter. Institutional investors and hedge funds own 26.07% of the company's stock.

Enterprise Products Partners Stock Up 1.7%

Shares of NYSE EPD opened at $30.72 on Tuesday. The company's 50 day moving average price is $31.51 and its 200-day moving average price is $31.24. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.69 and a current ratio of 0.96. Enterprise Products Partners L.P. has a 52-week low of $27.77 and a 52-week high of $34.63. The company has a market capitalization of $66.51 billion, a P/E ratio of 11.42, a price-to-earnings-growth ratio of 2.15 and a beta of 0.64.

Enterprise Products Partners (NYSE:EPD - Get Free Report) last released its earnings results on Monday, July 28th. The oil and gas producer reported $0.66 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.67 by ($0.01). The firm had revenue of $11.36 billion during the quarter, compared to analyst estimates of $15.24 billion. Enterprise Products Partners had a net margin of 10.71% and a return on equity of 19.81%. Enterprise Products Partners's quarterly revenue was down 15.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.64 EPS. Equities analysts forecast that Enterprise Products Partners L.P. will post 2.9 earnings per share for the current year.

Enterprise Products Partners Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Friday, October 31st will be given a dividend of $0.545 per share. The ex-dividend date is Friday, October 31st. This represents a $2.18 annualized dividend and a dividend yield of 7.1%. Enterprise Products Partners's dividend payout ratio is presently 81.04%.

Insider Activity at Enterprise Products Partners

In related news, Director John R. Rutherford acquired 15,000 shares of Enterprise Products Partners stock in a transaction dated Tuesday, July 29th. The stock was bought at an average price of $31.35 per share, with a total value of $470,250.00. Following the transaction, the director directly owned 158,586 shares in the company, valued at $4,971,671.10. This represents a 10.45% increase in their position. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Also, 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 bought at an average price of $31.55 per share, for a total transaction of $504,800.00. Following the transaction, the director directly owned 136,920 shares in the company, valued at $4,319,826. This trade represents a 13.23% increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 32.60% of the company's stock.

Analysts Set New Price Targets

EPD has been the subject of a number of research reports. Stifel Nicolaus dropped their target price on shares of Enterprise Products Partners from $36.00 to $35.00 and set a "buy" rating for the company in a report on Tuesday, July 29th. Mizuho set a $38.00 price objective on shares of Enterprise Products Partners and gave the company an "outperform" rating in a research note on Friday, July 11th. Scotiabank lowered their price target on shares of Enterprise Products Partners from $36.00 to $35.00 and set a "sector perform" rating for the company in a report on Friday, September 19th. TD Cowen began coverage on Enterprise Products Partners in a research report on Monday, July 7th. They set a "hold" rating and a $33.00 price objective on the stock. Finally, Barclays reduced their price target on Enterprise Products Partners from $36.00 to $35.00 and set an "overweight" rating on the stock in a report on Wednesday, July 2nd. Two research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $35.82.

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.

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