Brookfield Corp ON cut its stake in Enterprise Products Partners L.P. (NYSE:EPD – Free Report) by 87.8% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 497,726 shares of the oil and gas producer’s stock after selling 3,594,370 shares during the quarter. Brookfield Corp ON’s holdings in Enterprise Products Partners were worth $102,217,000 at the end of the most recent reporting period.
A number of other large investors also recently bought and sold shares of EPD. Fairfield Bush & CO. acquired a new position in Enterprise Products Partners in the first quarter valued at approximately $31,000. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Enterprise Products Partners by 2.6% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,571,535 shares of the oil and gas producer’s stock valued at $169,611,000 after acquiring an additional 169,059 shares during the period. BlackRock Inc. lifted its holdings in Enterprise Products Partners by 4.7% in the first quarter. BlackRock Inc. now owns 25,050,292 shares of the oil and gas producer’s stock valued at $646,548,000 after acquiring an additional 1,114,690 shares during the period. Cibc World Market Inc. lifted its holdings in Enterprise Products Partners by 3.2% in the first quarter. Cibc World Market Inc. now owns 89,367 shares of the oil and gas producer’s stock valued at $2,307,000 after acquiring an additional 2,804 shares during the period. Finally, Sei Investments Co. increased its position in shares of Enterprise Products Partners by 76.5% in the first quarter. Sei Investments Co. now owns 888,439 shares of the oil and gas producer’s stock valued at $22,931,000 after buying an additional 385,008 shares in the last quarter. 26.54% of the stock is owned by institutional investors and hedge funds.
In other Enterprise Products Partners news, Director William C. Montgomery purchased 50,000 shares of the firm’s stock in a transaction dated Friday, August 4th. The shares were acquired at an average price of $26.60 per share, with a total value of $1,330,000.00. Following the purchase, the director now directly owns 114,758 shares in the company, valued at approximately $3,052,562.80. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 32.60% of the company’s stock.
Enterprise Products Partners Stock Up 0.1 %
Enterprise Products Partners (NYSE:EPD – Get Free Report) last issued its earnings results on Tuesday, August 1st. The oil and gas producer reported $0.57 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.59 by ($0.02). The company had revenue of $10.65 billion during the quarter, compared to analysts’ expectations of $12.34 billion. Enterprise Products Partners had a net margin of 10.39% and a return on equity of 19.71%. The firm’s quarterly revenue was down 33.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.64 earnings per share. On average, research analysts expect that Enterprise Products Partners L.P. will post 2.52 earnings per share for the current year.
Enterprise Products Partners Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Monday, August 14th. Stockholders of record on Monday, July 31st were paid a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 7.49%. The ex-dividend date was Friday, July 28th. This is a positive change from Enterprise Products Partners’s previous quarterly dividend of $0.49. Enterprise Products Partners’s dividend payout ratio is 80.97%.
Wall Street Analysts Forecast Growth
A number of analysts have recently commented on EPD shares. TD Securities cut their price objective on Enterprise Products Partners from $32.00 to $31.00 and set a “buy” rating for the company in a research report on Wednesday, August 2nd. Mizuho boosted their price objective on Enterprise Products Partners from $32.00 to $33.00 in a research report on Wednesday, July 19th. StockNews.com initiated coverage on Enterprise Products Partners in a research report on Thursday, August 17th. They issued a “buy” rating for the company. Finally, Morgan Stanley reiterated an “equal weight” rating and set a $33.00 price target on shares of Enterprise Products Partners in a research report on Thursday, July 20th. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $30.70.
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.
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