Strategic Income Management LLC Cuts Stock Holdings in Enterprise Products Partners L.P. (NYSE:EPD)

Strategic Income Management LLC trimmed its holdings in shares of Enterprise Products Partners L.P. (NYSE:EPD) by 28.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 470,390 shares of the oil and gas producer’s stock after selling 183,843 shares during the period. Enterprise Products Partners comprises about 12.8% of Strategic Income Management LLC’s portfolio, making the stock its 3rd largest position. Strategic Income Management LLC’s holdings in Enterprise Products Partners were worth $12,183,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Moneta Group Investment Advisors LLC grew its holdings in Enterprise Products Partners by 104,195.1% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 132,364,055 shares of the oil and gas producer’s stock worth $3,192,621,000 after acquiring an additional 132,237,142 shares in the last quarter. Alps Advisors Inc. grew its holdings in Enterprise Products Partners by 9.9% during the 4th quarter. Alps Advisors Inc. now owns 27,987,437 shares of the oil and gas producer’s stock worth $675,057,000 after acquiring an additional 2,510,567 shares in the last quarter. BlackRock Inc. grew its holdings in Enterprise Products Partners by 4.7% during the 1st quarter. BlackRock Inc. now owns 25,050,292 shares of the oil and gas producer’s stock worth $646,548,000 after acquiring an additional 1,114,690 shares in the last quarter. CIBC Private Wealth Group LLC grew its holdings in Enterprise Products Partners by 94.2% during the 4th quarter. CIBC Private Wealth Group LLC now owns 23,586,115 shares of the oil and gas producer’s stock worth $568,897,000 after acquiring an additional 11,442,697 shares in the last quarter. Finally, Morgan Stanley boosted its holdings in shares of Enterprise Products Partners by 17.6% in the 4th quarter. Morgan Stanley now owns 20,745,030 shares of the oil and gas producer’s stock valued at $500,370,000 after buying an additional 3,102,695 shares in the last quarter. 26.54% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on EPD. Mizuho raised their price target on shares of Enterprise Products Partners from $32.00 to $33.00 in a report on Wednesday, July 19th. StockNews.com began coverage on shares of Enterprise Products Partners in a report on Thursday, August 17th. They issued a “buy” rating on the stock. TD Securities lowered their price target on shares of Enterprise Products Partners from $32.00 to $31.00 and set a “buy” rating on the stock in a report on Wednesday, August 2nd. Finally, Morgan Stanley restated an “equal weight” rating and issued a $33.00 price target on shares of Enterprise Products Partners in a report on Thursday, July 20th. Three equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $30.70.

Insiders Place Their Bets

In other Enterprise Products Partners news, Director William C. Montgomery purchased 50,000 shares of Enterprise Products Partners stock in a transaction on Friday, August 4th. The stock was bought at an average cost of $26.60 per share, with a total value of $1,330,000.00. Following the transaction, the director now owns 114,758 shares of the company’s stock, valued at approximately $3,052,562.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 32.60% of the stock is currently owned by insiders.

Enterprise Products Partners Stock Performance

Shares of Enterprise Products Partners stock opened at $26.71 on Friday. Enterprise Products Partners L.P. has a 52 week low of $22.90 and a 52 week high of $27.28. The company has a quick ratio of 0.67, a current ratio of 0.91 and a debt-to-equity ratio of 0.98. The firm has a market capitalization of $58.01 billion, a P/E ratio of 10.81 and a beta of 1.08. The company has a 50 day moving average price of $26.62 and a 200 day moving average price of $26.20.

Enterprise Products Partners (NYSE:EPD) last posted its quarterly earnings results on Tuesday, August 1st. The oil and gas producer reported $0.57 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.59 by ($0.02). Enterprise Products Partners had a return on equity of 19.71% and a net margin of 10.39%. The business had revenue of $10.65 billion for the quarter, compared to analysts’ expectations of $12.34 billion. During the same period in the prior year, the business posted $0.64 earnings per share. The business’s quarterly revenue was down 33.7% compared to the same quarter last year. Sell-side analysts expect that Enterprise Products Partners L.P. will post 2.52 EPS for the current year.

Enterprise Products Partners Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, August 14th. Shareholders of record on Monday, July 31st were given a dividend of $0.50 per share. The ex-dividend date of this dividend was Friday, July 28th. This is a positive change from Enterprise Products Partners’s previous quarterly dividend of $0.49. This represents a $2.00 dividend on an annualized basis and a yield of 7.49%. Enterprise Products Partners’s dividend payout ratio (DPR) is currently 80.97%.

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. The company operates through four segments: NGL Pipelines & Services, Crude Oil Pipelines & Services, Natural Gas Pipelines & Services, and Petrochemical & Refined Products Services.