Townsend Asset Management Corp NC ADV Cuts Stock Holdings in Enterprise Products Partners L.P. $EPD

Key Points

• Townsend Asset Management Corp NC ADV significantly reduced its holdings in Enterprise Products Partners, cutting its position by 55.5% during the 2nd quarter.
• Directors John R. Rutherford and William C. Montgomery both increased their stakes in the company, acquiring 15,000 and 16,000 shares respectively.
• Enterprise Products Partners announced a quarterly dividend increase to $0.545 per share, reflecting a yield of 6.9% and a payout ratio of 81.04%.

Townsend Asset Management Corp NC ADV reduced its position in shares of Enterprise Products Partners L.P. (NYSE:EPD - Free Report) by 55.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,652 shares of the oil and gas producer's stock after selling 9,551 shares during the period. Townsend Asset Management Corp NC ADV's holdings in Enterprise Products Partners were worth $237,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. ING Groep NV purchased a new stake in shares of Enterprise Products Partners in the first quarter valued at approximately $71,052,000. Alps Advisors Inc. grew its position in shares of Enterprise Products Partners by 5.0% in the first 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. JPMorgan Chase & Co. grew its position in shares of Enterprise Products Partners by 65.3% in the first quarter. JPMorgan Chase & Co. now owns 4,347,247 shares of the oil and gas producer's stock valued at $148,415,000 after purchasing an additional 1,717,768 shares in the last quarter. Northside Capital Management LLC purchased a new stake in shares of Enterprise Products Partners in the second quarter valued at approximately $47,628,000. Finally, Truist Financial Corp grew its position in shares of Enterprise Products Partners by 293.6% in the first quarter. Truist Financial Corp now owns 2,018,964 shares of the oil and gas producer's stock valued at $68,927,000 after purchasing an additional 1,506,055 shares in the last quarter. 26.07% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director John R. Rutherford acquired 15,000 shares of the company's stock in a transaction on Tuesday, July 29th. The shares were bought at an average price of $31.35 per share, with a total value of $470,250.00. Following the completion of the acquisition, the director owned 158,586 shares in the company, valued at $4,971,671.10. This trade represents a 10.45% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director William C. Montgomery acquired 16,000 shares of the company's stock in a transaction on Wednesday, July 30th. The shares were purchased at an average cost of $31.55 per share, for a total transaction of $504,800.00. Following the acquisition, the director owned 136,920 shares of the company's stock, valued at approximately $4,319,826. The trade was a 13.23% increase in their position. The disclosure for this purchase can be found here. Company insiders own 32.60% of the company's stock.

Wall Street Analysts Forecast Growth

EPD has been the topic of a number of recent analyst reports. TD Cowen initiated coverage on Enterprise Products Partners in a report on Monday, July 7th. They issued a "hold" rating and a $33.00 price objective on the stock. Barclays decreased their price target on Enterprise Products Partners from $36.00 to $35.00 and set an "overweight" rating on the stock in a research note on Wednesday, July 2nd. Stifel Nicolaus decreased their price target on Enterprise Products Partners from $36.00 to $35.00 and set a "buy" rating on the stock in a research note on Tuesday, July 29th. Mizuho set a $38.00 price target on Enterprise Products Partners and gave the stock an "outperform" rating in a research note on Friday, July 11th. Finally, Morgan Stanley reduced their price objective on Enterprise Products Partners from $35.00 to $33.00 and set an "equal weight" rating on the stock in a research note on Tuesday, August 26th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, Enterprise Products Partners has a consensus rating of "Moderate Buy" and a consensus target price of $35.75.

Enterprise Products Partners Stock Performance

NYSE:EPD opened at $31.63 on Friday. The firm has a market capitalization of $68.49 billion, a PE ratio of 11.76, a price-to-earnings-growth ratio of 2.24 and a beta of 0.69. The business's fifty day moving average price is $31.57 and its 200 day moving average price is $31.55. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.96 and a quick ratio of 0.69. Enterprise Products Partners L.P. has a 12 month low of $27.77 and a 12 month high of $34.63.

Enterprise Products Partners (NYSE:EPD - Get Free Report) last posted its earnings results on Monday, July 28th. The oil and gas producer reported $0.66 EPS for the quarter, missing the consensus estimate of $0.67 by ($0.01). The business had revenue of $11.36 billion during the quarter, compared to analysts' expectations of $15.24 billion. Enterprise Products Partners had a net margin of 10.71% and a return on equity of 19.81%. The business's quarterly revenue was down 15.7% compared to the same quarter last year. During the same period last year, the company earned $0.64 EPS. On average, sell-side analysts anticipate that Enterprise Products Partners L.P. will post 2.9 earnings per share for the current fiscal year.

Enterprise Products Partners Increases Dividend

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

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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