Summit Securities Group LLC Sells 21,100 Shares of Enterprise Products Partners L.P. (NYSE:EPD)

Key Points

• Summit Securities Group LLC significantly reduced its stake in Enterprise Products Partners L.P. by selling 21,100 shares, marking a 69.2% decrease during the first quarter.
• Several institutional investors, including Brighton Jones LLC and Guggenheim Capital LLC, have increased their holdings in Enterprise Products Partners, indicating positive sentiment from the investment community.
• Enterprise Products Partners recently declared a quarterly dividend of $0.545 per share, increasing its yield to 6.9% and maintaining a payout ratio of 81.04%.

Summit Securities Group LLC decreased its position in shares of Enterprise Products Partners L.P. (NYSE:EPD - Free Report) by 69.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 9,400 shares of the oil and gas producer's stock after selling 21,100 shares during the quarter. Summit Securities Group LLC's holdings in Enterprise Products Partners were worth $321,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in EPD. Brighton Jones LLC grew its position in shares of Enterprise Products Partners by 19.9% during the 4th quarter. Brighton Jones LLC now owns 32,620 shares of the oil and gas producer's stock worth $1,023,000 after buying an additional 5,425 shares in the last quarter. Russell Investments Group Ltd. grew its position in shares of Enterprise Products Partners by 5.9% during the 4th quarter. Russell Investments Group Ltd. now owns 32,031 shares of the oil and gas producer's stock worth $1,004,000 after buying an additional 1,781 shares in the last quarter. Guggenheim Capital LLC lifted its stake in shares of Enterprise Products Partners by 7.5% during the 4th quarter. Guggenheim Capital LLC now owns 24,168 shares of the oil and gas producer's stock worth $758,000 after purchasing an additional 1,687 shares during the last quarter. Zacks Investment Management lifted its stake in shares of Enterprise Products Partners by 11.9% during the 4th quarter. Zacks Investment Management now owns 13,983 shares of the oil and gas producer's stock worth $438,000 after purchasing an additional 1,490 shares during the last quarter. Finally, Cadence Bank lifted its stake in shares of Enterprise Products Partners by 8.9% during the 4th quarter. Cadence Bank now owns 57,037 shares of the oil and gas producer's stock worth $1,789,000 after purchasing an additional 4,651 shares during the last quarter. Institutional investors own 26.07% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on EPD shares. Barclays decreased their price objective on Enterprise Products Partners from $36.00 to $35.00 and set an "overweight" rating for the company in a research note on Wednesday, July 2nd. Stifel Nicolaus decreased their price objective on Enterprise Products Partners from $36.00 to $35.00 and set a "buy" rating for the company in a research note on Tuesday, July 29th. Argus upgraded Enterprise Products Partners to a "strong-buy" rating in a research note on Monday, May 5th. Mizuho set a $38.00 price objective on Enterprise Products Partners and gave the stock an "outperform" rating in a research note on Friday, July 11th. Finally, Scotiabank upped their price objective on Enterprise Products Partners from $35.00 to $36.00 and gave the stock a "sector perform" rating in a research note on Thursday, June 5th. Five investment analysts have rated the stock with a hold rating, nine have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $36.25.

Insider Buying and Selling at Enterprise Products Partners

In other Enterprise Products Partners news, Director John R. Rutherford acquired 15,000 shares of the stock in a transaction dated Tuesday, July 29th. The stock was acquired at an average cost of $31.35 per share, with a total value of $470,250.00. Following the transaction, the director owned 158,586 shares in the company, valued at $4,971,671.10. The trade was a 10.45% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director William C. Montgomery acquired 16,000 shares of the stock in a transaction dated 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 owned 136,920 shares in the company, valued at approximately $4,319,826. This represents a 13.23% increase in their position. The disclosure for this purchase can be found here. Insiders own 32.60% of the company's stock.

Enterprise Products Partners Price Performance

NYSE:EPD opened at $31.53 on Friday. 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 quick ratio of 0.64, a current ratio of 0.96 and a debt-to-equity ratio of 1.04. The company has a market capitalization of $68.27 billion, a P/E ratio of 11.72, a P/E/G ratio of 1.82 and a beta of 0.66. The stock's fifty day moving average is $31.41 and its two-hundred day moving average is $31.87.

Enterprise Products Partners (NYSE:EPD - Get Free Report) last issued its quarterly earnings data 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 net margin of 10.71% and a return on equity of 19.81%. The firm had revenue of $11.36 billion during the quarter, compared to analyst estimates of $15.24 billion. During the same period in the previous year, the firm posted $0.64 earnings per share. The company's quarterly revenue was down 15.7% compared to the same quarter last year. Equities analysts expect that Enterprise Products Partners L.P. will post 2.9 EPS for the current year.

Enterprise Products Partners Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 14th. Investors of record on Thursday, July 31st were paid a dividend of $0.545 per share. This represents a $2.18 annualized dividend and a yield of 6.9%. The ex-dividend date of this dividend was Thursday, July 31st. This is a positive change from Enterprise Products Partners's previous quarterly dividend of $0.54. Enterprise Products Partners's payout ratio is presently 81.04%.

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.