Smithbridge Asset Management Inc. DE Has $1.64 Million Holdings in Enterprise Products Partners L.P. $EPD

Key Points

• Smithbridge Asset Management Inc. has reduced its holdings in Enterprise Products Partners L.P. by 20.7%, now owning 53,027 shares valued at approximately $1.64 million.
• Enterprise Products reported a quarterly earnings miss with $0.66 EPS, falling short of the $0.67 analysts expected, and a significant revenue decline of 15.7% year-over-year.
• Analysts have downgraded the stock's target price, with the average consensus now set at $35.82 and a rating of "Moderate Buy".

Smithbridge Asset Management Inc. DE reduced its position in Enterprise Products Partners L.P. (NYSE:EPD - Free Report) by 20.7% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 53,027 shares of the oil and gas producer's stock after selling 13,824 shares during the period. Smithbridge Asset Management Inc. DE's holdings in Enterprise Products Partners were worth $1,644,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of EPD. Brighton Jones LLC increased its position in Enterprise Products Partners by 19.9% in the 4th quarter. Brighton Jones LLC now owns 32,620 shares of the oil and gas producer's stock worth $1,023,000 after purchasing an additional 5,425 shares during the last quarter. GAMMA Investing LLC increased its position in Enterprise Products Partners by 3,314.0% in the 1st quarter. GAMMA Investing LLC now owns 17,070 shares of the oil and gas producer's stock worth $583,000 after purchasing an additional 16,570 shares during the last quarter. SG Americas Securities LLC acquired a new position in Enterprise Products Partners in the 1st quarter worth about $954,000. Wealth Enhancement Advisory Services LLC raised its holdings in Enterprise Products Partners by 4.5% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 1,116,068 shares of the oil and gas producer's stock valued at $38,103,000 after buying an additional 47,784 shares in the last quarter. Finally, Cornerstone Wealth Management LLC raised its holdings in Enterprise Products Partners by 3.5% during the first quarter. Cornerstone Wealth Management LLC now owns 23,791 shares of the oil and gas producer's stock valued at $812,000 after buying an additional 813 shares in the last quarter. 26.07% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. Stifel Nicolaus cut their target price on Enterprise Products Partners from $36.00 to $35.00 and set a "buy" rating on the stock in a report on Tuesday, July 29th. Barclays cut their target price 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. TD Cowen assumed coverage on Enterprise Products Partners in a report on Monday, July 7th. They set a "hold" rating and a $33.00 target price on the stock. Mizuho set a $38.00 target price on Enterprise Products Partners and gave the company an "outperform" rating in a report on Friday, July 11th. Finally, Scotiabank lowered their price target on Enterprise Products Partners from $36.00 to $35.00 and set a "sector perform" rating on the stock in a research report on Friday, September 19th. Two investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $35.82.

Enterprise Products Partners Trading Down 0.8%

Shares of NYSE:EPD opened at $30.27 on Friday. The company has a market cap of $65.54 billion, a P/E ratio of 11.25, a P/E/G ratio of 2.17 and a beta of 0.64. The stock's 50-day moving average is $31.54 and its 200-day moving average is $31.31. 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 debt-to-equity ratio of 1.04, a quick ratio of 0.69 and a current ratio of 0.96.

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 for the quarter, missing analysts' consensus estimates of $0.67 by ($0.01). Enterprise Products Partners had a return on equity of 19.81% and a net margin of 10.71%.The firm had revenue of $11.36 billion for the quarter, compared to analyst estimates of $15.24 billion. During the same period last year, the business earned $0.64 earnings per share. The firm's quarterly revenue was down 15.7% compared to the same quarter last year. Equities research analysts predict that Enterprise Products Partners L.P. will post 2.9 earnings per share for the current year.

Enterprise Products Partners Dividend Announcement

The company 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 of this dividend is Friday, October 31st. This represents a $2.18 dividend on an annualized basis and a yield of 7.2%. Enterprise Products Partners's dividend payout ratio (DPR) is 81.04%.

Insider Transactions at Enterprise Products Partners

In other news, Director William C. Montgomery bought 16,000 shares of the firm's stock in a transaction that occurred on Wednesday, July 30th. The shares were acquired at an average cost of $31.55 per share, with a total value of $504,800.00. Following the completion of the transaction, the director directly owned 136,920 shares in the company, valued at $4,319,826. This represents a 13.23% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John R. Rutherford bought 15,000 shares of the firm's stock in a transaction that occurred on Tuesday, July 29th. The shares were purchased at an average cost of $31.35 per share, for a total transaction of $470,250.00. Following the completion of the transaction, the director owned 158,586 shares of the company's stock, valued at $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. 32.60% of the stock is owned by company insiders.

Enterprise Products Partners 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.

Want to see what other hedge funds are holding EPD? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Enterprise Products Partners L.P. (NYSE:EPD - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.