Spirit of America Management Corp NY Reduces Stake in Enterprise Products Partners L.P. $EPD

Key Points

• Spirit of America Management Corp NY reduced its stake in Enterprise Products Partners L.P. by 17.7% during Q2, now owning 184,136 shares valued at approximately $5.71 million.
• In the latest quarterly earnings report, Enterprise Products missed earnings estimates with $0.66 EPS against a forecast of $0.67, and its revenue dropped by 15.7% year-over-year to $11.36 billion.
• Enterprise Products announced a quarterly dividend of $0.545, yielding 7.2%, with the ex-dividend date set for October 31st, 2023.

Spirit of America Management Corp NY reduced its position in Enterprise Products Partners L.P. (NYSE:EPD - Free Report) by 17.7% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 184,136 shares of the oil and gas producer's stock after selling 39,500 shares during the period. Enterprise Products Partners comprises 1.2% of Spirit of America Management Corp NY's investment portfolio, making the stock its 24th biggest position. Spirit of America Management Corp NY's holdings in Enterprise Products Partners were worth $5,710,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the company. Alps Advisors Inc. increased its stake in Enterprise Products Partners by 5.0% in the 1st quarter. Alps Advisors Inc. now owns 41,326,613 shares of the oil and gas producer's stock valued at $1,410,891,000 after purchasing an additional 1,967,188 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Enterprise Products Partners by 4.3% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,003,573 shares of the oil and gas producer's stock valued at $375,662,000 after purchasing an additional 457,045 shares in the last quarter. Chickasaw Capital Management LLC increased its stake in Enterprise Products Partners by 1.5% in the 2nd quarter. Chickasaw Capital Management LLC now owns 5,515,066 shares of the oil and gas producer's stock valued at $171,022,000 after purchasing an additional 81,135 shares in the last quarter. Hamlin Capital Management LLC increased its stake in Enterprise Products Partners by 1.8% in the 2nd quarter. Hamlin Capital Management LLC now owns 4,995,047 shares of the oil and gas producer's stock valued at $154,896,000 after purchasing an additional 89,987 shares in the last quarter. Finally, BROOKFIELD Corp ON increased its stake in Enterprise Products Partners by 2.8% in the 1st quarter. BROOKFIELD Corp ON now owns 4,698,769 shares of the oil and gas producer's stock valued at $160,416,000 after purchasing an additional 128,545 shares in the last quarter. 26.07% of the stock is owned by hedge funds and other institutional investors.

Enterprise Products Partners Trading Down 0.1%

Shares of Enterprise Products Partners stock opened at $30.21 on Friday. Enterprise Products Partners L.P. has a fifty-two week low of $27.77 and a fifty-two week high of $34.63. The firm has a market cap of $65.42 billion, a PE ratio of 11.23, a P/E/G ratio of 2.15 and a beta of 0.64. The business's fifty day moving average is $31.52 and its two-hundred day moving average is $31.28. The company has a quick ratio of 0.69, a current ratio of 0.96 and a debt-to-equity ratio of 1.04.

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 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 business had revenue of $11.36 billion for the quarter, compared to analysts' expectations of $15.24 billion. During the same period in the prior year, the company earned $0.64 EPS. The company's revenue for the quarter was down 15.7% compared to the same quarter last year. Analysts anticipate that Enterprise Products Partners L.P. will post 2.9 earnings per share for the current year.

Enterprise Products Partners Announces Dividend

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 $0.545 dividend. This represents a $2.18 annualized dividend and a dividend yield of 7.2%. The ex-dividend date of this dividend is Friday, October 31st. Enterprise Products Partners's dividend payout ratio (DPR) is 81.04%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on EPD shares. Morgan Stanley lowered their target price on Enterprise Products Partners from $35.00 to $33.00 and set an "equal weight" rating on the stock in a report on Tuesday, August 26th. Barclays lowered 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. 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. Scotiabank lowered their target price on Enterprise Products Partners from $36.00 to $35.00 and set a "sector perform" rating on the stock in a report on Friday, September 19th. Finally, Stifel Nicolaus lowered 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. Two investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $35.82.

Insider Buying and Selling at Enterprise Products Partners

In other news, Director William C. Montgomery bought 16,000 shares of the business'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 transaction, the director owned 136,920 shares of the company's stock, valued at $4,319,826. This represents a 13.23% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director John R. Rutherford bought 15,000 shares of the business's stock in a transaction that occurred on Tuesday, July 29th. The stock was 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 directly owned 158,586 shares in the company, valued at approximately $4,971,671.10. This trade represents a 10.45% increase in their position. The disclosure for this purchase can be found here. Company insiders own 32.60% of the company's stock.

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.

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