Delta Investment Management LLC Lowers Stake in Enterprise Products Partners L.P. $EPD

Delta Investment Management LLC cut its position in Enterprise Products Partners L.P. (NYSE:EPD) by 12.1% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 308,068 shares of the oil and gas producer’s stock after selling 42,264 shares during the quarter. Enterprise Products Partners accounts for 1.7% of Delta Investment Management LLC’s holdings, making the stock its 15th largest holding. Delta Investment Management LLC’s holdings in Enterprise Products Partners were worth $9,633,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the business. Winnow Wealth LLC acquired a new position in shares of Enterprise Products Partners in the second quarter valued at approximately $28,000. Crowley Wealth Management Inc. purchased a new position in Enterprise Products Partners in the 2nd quarter valued at approximately $29,000. Traub Capital Management LLC acquired a new position in shares of Enterprise Products Partners in the second quarter worth $31,000. Kestra Investment Management LLC acquired a new position in shares of Enterprise Products Partners in the second quarter worth $48,000. Finally, State of Wyoming purchased a new stake in shares of Enterprise Products Partners during the second quarter worth $54,000. Institutional investors and hedge funds own 26.07% of the company’s stock.

Enterprise Products Partners Price Performance

Shares of EPD opened at $32.03 on Thursday. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.88 and a quick ratio of 0.60. Enterprise Products Partners L.P. has a 1-year low of $27.77 and a 1-year high of $34.53. The stock has a market cap of $69.29 billion, a PE ratio of 12.09, a price-to-earnings-growth ratio of 2.45 and a beta of 0.59. The firm has a fifty day moving average price of $31.83 and a 200 day moving average price of $31.56.

Enterprise Products Partners (NYSE:EPD) last posted its earnings results on Wednesday, October 29th. The oil and gas producer reported $0.61 EPS for the quarter, missing analysts’ consensus estimates of $0.68 by ($0.07). Enterprise Products Partners had a return on equity of 19.40% and a net margin of 10.92%.The firm had revenue of $12.02 billion for the quarter, compared to analyst estimates of $11.83 billion. During the same quarter last year, the firm posted $0.65 EPS. The firm’s revenue for the quarter was down 12.7% on a year-over-year basis. As a group, sell-side analysts anticipate that Enterprise Products Partners L.P. will post 2.9 EPS for the current year.

Enterprise Products Partners Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 14th. Shareholders of record on Friday, October 31st were given a dividend of $0.545 per share. The ex-dividend date of this dividend was Friday, October 31st. This represents a $2.18 annualized dividend and a yield of 6.8%. Enterprise Products Partners’s payout ratio is 82.26%.

Enterprise Products Partners declared that its Board of Directors has initiated a stock buyback plan on Thursday, October 30th that authorizes the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization authorizes the oil and gas producer to buy up to 7.4% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Citigroup reiterated a “buy” rating and issued a $36.00 target price (up from $35.00) on shares of Enterprise Products Partners in a report on Tuesday, December 16th. Weiss Ratings reiterated a “buy (b)” rating on shares of Enterprise Products Partners in a research note on Wednesday, October 8th. UBS Group reissued a “buy” rating on shares of Enterprise Products Partners in a research report on Tuesday, December 16th. Stifel Nicolaus raised their target price on shares of Enterprise Products Partners from $35.00 to $38.00 and gave the company a “buy” rating in a report on Friday, October 31st. Finally, JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $35.00 price target on shares of Enterprise Products Partners in a research note on Monday, December 1st. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $35.64.

Insiders Place Their Bets

In other news, Director John R. Rutherford acquired 15,000 shares of Enterprise Products Partners stock in a transaction on Monday, December 29th. The stock was bought at an average price of $32.09 per share, for a total transaction of $481,350.00. Following the completion of the purchase, the director owned 173,586 shares in the company, valued at $5,570,374.74. This represents a 9.46% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 32.60% of the company’s stock.

Enterprise Products Partners Profile

Enterprise Products Partners L.P. (NYSE: EPD) is a Houston-based master limited partnership that provides midstream energy services across North America. The company owns and operates an extensive network of pipelines, storage facilities, processing plants and export terminals that transport and handle natural gas, natural gas liquids (NGLs), crude oil and refined and petrochemical products. Its core activities include gathering and transportation, fractionation of NGLs, natural gas processing, crude oil and condensate pipelines, and marine and terminal services that enable domestic distribution and exports.

Enterprise serves a diverse set of customers including producers, refiners, petrochemical companies, marketers and end users.