Envestnet Asset Management Inc. Sells 74,698 Shares of Enterprise Products Partners L.P. $EPD

Envestnet Asset Management Inc. cut its holdings in Enterprise Products Partners L.P. (NYSE:EPD) by 12.2% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 539,395 shares of the oil and gas producer’s stock after selling 74,698 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Enterprise Products Partners were worth $16,867,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the business. Energy Income Partners LLC lifted its stake in shares of Enterprise Products Partners by 14.3% during the 2nd quarter. Energy Income Partners LLC now owns 14,624,238 shares of the oil and gas producer’s stock worth $453,498,000 after purchasing an additional 1,834,659 shares during the last quarter. Corient Private Wealth LLC lifted its position in shares of Enterprise Products Partners by 119.4% during the second quarter. Corient Private Wealth LLC now owns 2,414,035 shares of the oil and gas producer’s stock valued at $74,859,000 after buying an additional 1,313,976 shares during the last quarter. Eagle Global Advisors LLC boosted its holdings in shares of Enterprise Products Partners by 42.2% in the 3rd quarter. Eagle Global Advisors LLC now owns 2,931,052 shares of the oil and gas producer’s stock valued at $91,654,000 after buying an additional 870,103 shares in the last quarter. HRT Financial LP grew its position in shares of Enterprise Products Partners by 118.1% in the 2nd quarter. HRT Financial LP now owns 1,528,580 shares of the oil and gas producer’s stock worth $47,401,000 after buying an additional 827,780 shares during the last quarter. Finally, Prospera Financial Services Inc raised its stake in shares of Enterprise Products Partners by 213.0% during the 2nd quarter. Prospera Financial Services Inc now owns 980,094 shares of the oil and gas producer’s stock worth $30,395,000 after acquiring an additional 666,967 shares in the last quarter. Hedge funds and other institutional investors own 26.07% of the company’s stock.

Enterprise Products Partners Stock Up 4.9%

EPD stock opened at $37.16 on Monday. The company has a market cap of $80.38 billion, a price-to-earnings ratio of 13.97, a PEG ratio of 2.64 and a beta of 0.60. The firm has a 50-day moving average of $32.94 and a two-hundred day moving average of $32.02. Enterprise Products Partners L.P. has a 12 month low of $27.77 and a 12 month high of $37.31. The company has a current ratio of 0.88, a quick ratio of 0.60 and a debt-to-equity ratio of 1.04.

Enterprise Products Partners (NYSE:EPD) last issued its earnings results on Tuesday, February 3rd. The oil and gas producer reported $0.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.69 by $0.06. The business had revenue of $13.79 billion during the quarter, compared to the consensus estimate of $12.44 billion. Enterprise Products Partners had a return on equity of 19.43% and a net margin of 11.05%.The company’s revenue for the quarter was down 2.9% on a year-over-year basis. During the same period last year, the company earned $0.74 EPS. As a group, analysts forecast that Enterprise Products Partners L.P. will post 2.9 earnings per share for the current fiscal year.

Enterprise Products Partners announced that its Board of Directors has authorized a stock buyback plan on Thursday, October 30th that permits the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization permits the oil and gas producer to reacquire up to 7.4% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Enterprise Products Partners Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 13th. Shareholders of record on Friday, January 30th were given a $0.55 dividend. The ex-dividend date of this dividend was Friday, January 30th. This is an increase from Enterprise Products Partners’s previous quarterly dividend of $0.55. This represents a $2.20 dividend on an annualized basis and a yield of 5.9%. Enterprise Products Partners’s dividend payout ratio is currently 82.71%.

Insider Buying and Selling at Enterprise Products Partners

In other Enterprise Products Partners news, Director John R. Rutherford purchased 15,000 shares of Enterprise Products Partners stock in a transaction dated Monday, December 29th. The shares were acquired at an average price of $32.09 per share, with a total value of $481,350.00. Following the completion of the transaction, the director owned 173,586 shares of the company’s stock, valued at $5,570,374.74. This trade represents a 9.46% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 32.60% of the company’s stock.

Wall Street Analyst Weigh In

EPD has been the topic of a number of recent analyst reports. Stifel Nicolaus upped their price target on Enterprise Products Partners from $35.00 to $38.00 and gave the stock a “buy” rating in a research report on Friday, October 31st. JPMorgan Chase & Co. restated a “neutral” rating and set a $35.00 price objective on shares of Enterprise Products Partners in a report on Monday, December 1st. The Goldman Sachs Group reissued a “neutral” rating and set a $32.00 target price on shares of Enterprise Products Partners in a research report on Friday, December 19th. Barclays reaffirmed an “overweight” rating and issued a $38.00 price target (up previously from $35.00) on shares of Enterprise Products Partners in a report on Wednesday, February 4th. Finally, Wolfe Research lowered shares of Enterprise Products Partners from a “peer perform” rating to an “underperform” rating and set a $31.00 price objective on the stock. in a report on Wednesday, January 14th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, six have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $36.00.

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.