Enterprise Products Partners L.P. (NYSE:EPD) Holdings Reduced by US Bancorp DE

Key Points

• US Bancorp DE has reduced its stock position in Enterprise Products Partners L.P. by 8.4%, now owning 672,717 shares valued at approximately $22.97 million.
• In related activity, Truist Financial Corp significantly increased its stake by 293.6% during the same quarter.
• Enterprise Products Partners recently announced a quarterly dividend increase to $0.545 per share, with an annualized yield of 7.1%.

US Bancorp DE cut its stake in shares of Enterprise Products Partners L.P. (NYSE:EPD - Free Report) by 8.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 672,717 shares of the oil and gas producer's stock after selling 61,299 shares during the period. US Bancorp DE's holdings in Enterprise Products Partners were worth $22,967,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Brighton Jones LLC boosted its position in 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 valued at $1,023,000 after acquiring an additional 5,425 shares in the last quarter. O Shaughnessy Asset Management LLC raised its stake in Enterprise Products Partners by 4.5% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 24,937 shares of the oil and gas producer's stock worth $782,000 after acquiring an additional 1,074 shares during the last quarter. Alliancebernstein L.P. raised its stake in Enterprise Products Partners by 51.5% in the 4th quarter. Alliancebernstein L.P. now owns 362,183 shares of the oil and gas producer's stock worth $11,358,000 after acquiring an additional 123,170 shares during the last quarter. Franklin Resources Inc. raised its stake in Enterprise Products Partners by 7.4% in the 4th quarter. Franklin Resources Inc. now owns 168,559 shares of the oil and gas producer's stock worth $5,286,000 after acquiring an additional 11,626 shares during the last quarter. Finally, National Bank of Canada FI raised its stake in shares of Enterprise Products Partners by 55.4% during the 4th quarter. National Bank of Canada FI now owns 1,010 shares of the oil and gas producer's stock valued at $32,000 after buying an additional 360 shares during the last quarter. 26.07% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. Stifel Nicolaus reduced 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. Wall Street Zen upgraded Enterprise Products Partners from a "hold" rating to a "buy" rating in a research note on Thursday, May 8th. Barclays cut their price target 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. Citigroup cut their price target on Enterprise Products Partners from $37.00 to $35.00 and set a "buy" rating for the company in a research note on Tuesday, May 13th. Finally, TD Cowen began coverage on Enterprise Products Partners in a research note on Monday, July 7th. They issued a "hold" rating and a $33.00 price target for the company. Five analysts have rated the stock with a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $36.25.

Enterprise Products Partners Price Performance

Shares of EPD stock traded down $0.24 during midday trading on Friday, reaching $30.75. 4,221,882 shares of the company traded hands, compared to its average volume of 4,303,896. The firm's 50 day simple moving average is $31.38 and its two-hundred day simple moving average is $32.02. Enterprise Products Partners L.P. has a 1-year low of $27.37 and a 1-year high of $34.63. The company has a debt-to-equity ratio of 0.98, a current ratio of 0.86 and a quick ratio of 0.64. The firm has a market cap of $66.69 billion, a PE ratio of 11.43, a price-to-earnings-growth ratio of 1.77 and a beta of 0.66.

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). The business had revenue of $11.36 billion for the quarter, compared to analysts' expectations of $15.24 billion. Enterprise Products Partners had a return on equity of 19.88% and a net margin of 10.71%. The company's revenue for the quarter was down 15.7% on a year-over-year basis. During the same period last year, the business earned $0.64 earnings per share. On average, equities research analysts expect that Enterprise Products Partners L.P. will post 2.9 EPS for the current fiscal year.

Enterprise Products Partners Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 14th. Stockholders of record on Thursday, July 31st will be paid a dividend of $0.545 per share. The ex-dividend date of this dividend is Thursday, July 31st. This represents a $2.18 annualized dividend and a dividend yield of 7.1%. This is a boost from Enterprise Products Partners's previous quarterly dividend of $0.54. Enterprise Products Partners's dividend payout ratio is presently 81.04%.

Insider Buying and Selling at Enterprise Products Partners

In other Enterprise Products Partners news, Director William C. Montgomery bought 16,000 shares of Enterprise Products Partners stock in a transaction that occurred on Wednesday, July 30th. The shares were acquired at an average price 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 $4,319,826. The trade was a 13.23% increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director John R. Rutherford bought 15,000 shares of Enterprise Products Partners stock in a transaction that occurred on Tuesday, July 29th. The shares were acquired at an average price of $31.35 per share, for a total transaction of $470,250.00. Following the acquisition, the director directly owned 158,586 shares in the company, valued at approximately $4,971,671.10. This represents a 10.45% increase in their position. The disclosure for this purchase can be found here. 32.60% of the stock is owned by 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.