Enterprise Products Partners L.P. $EPD Position Reduced by Balboa Wealth Partners

Balboa Wealth Partners trimmed its position in Enterprise Products Partners L.P. (NYSE:EPD) by 21.2% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 7,043 shares of the oil and gas producer’s stock after selling 1,900 shares during the period. Balboa Wealth Partners’ holdings in Enterprise Products Partners were worth $218,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Per Stirling Capital Management LLC. boosted its stake in Enterprise Products Partners by 1.5% during the first quarter. Per Stirling Capital Management LLC. now owns 23,556 shares of the oil and gas producer’s stock valued at $804,000 after buying an additional 339 shares in the last quarter. Tranquility Partners LLC lifted its holdings in Enterprise Products Partners by 1.4% in the 2nd quarter. Tranquility Partners LLC now owns 23,944 shares of the oil and gas producer’s stock valued at $743,000 after acquiring an additional 339 shares during the last quarter. Sound Income Strategies LLC boosted its position in shares of Enterprise Products Partners by 2.1% during the 2nd quarter. Sound Income Strategies LLC now owns 16,796 shares of the oil and gas producer’s stock valued at $521,000 after purchasing an additional 340 shares in the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management grew its stake in shares of Enterprise Products Partners by 1.8% in the 2nd quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 19,353 shares of the oil and gas producer’s stock worth $600,000 after purchasing an additional 347 shares during the last quarter. Finally, Russell Investments Group Ltd. lifted its stake in Enterprise Products Partners by 1.2% during the first quarter. Russell Investments Group Ltd. now owns 32,403 shares of the oil and gas producer’s stock valued at $1,106,000 after purchasing an additional 372 shares during the last quarter. 26.07% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. TD Cowen assumed coverage on shares of Enterprise Products Partners in a research report on Monday, July 7th. They issued a “hold” rating and a $33.00 price target on the stock. Weiss Ratings restated a “buy (b)” rating on shares of Enterprise Products Partners in a report on Wednesday, October 8th. Morgan Stanley cut their target price on Enterprise Products Partners from $35.00 to $33.00 and set an “equal weight” rating on the stock in a research report on Tuesday, August 26th. Stifel Nicolaus decreased their price target on Enterprise Products Partners from $36.00 to $35.00 and set a “buy” rating for the company in a research report on Tuesday, July 29th. Finally, Scotiabank cut their price objective on Enterprise Products Partners from $36.00 to $35.00 and set a “sector perform” rating on the stock in a report on Friday, September 19th. Two research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $35.82.

Insider Buying and Selling

In related news, Director William C. Montgomery acquired 16,000 shares of the stock in a transaction that occurred on Wednesday, July 30th. The shares were purchased at an average cost of $31.55 per share, with a total value of $504,800.00. Following the completion of the transaction, the director owned 136,920 shares of the company’s stock, valued at approximately $4,319,826. This trade represents a 13.23% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director John R. Rutherford acquired 15,000 shares of the company’s stock in a transaction on Tuesday, July 29th. The stock was bought at an average price of $31.35 per share, for a total transaction of $470,250.00. Following the purchase, the director owned 158,586 shares in the company, valued at approximately $4,971,671.10. This trade represents a 10.45% increase in their position. The disclosure for this purchase can be found here. Insiders own 32.60% of the company’s stock.

Enterprise Products Partners Stock Performance

Shares of EPD stock opened at $30.79 on Wednesday. Enterprise Products Partners L.P. has a 1-year low of $27.77 and a 1-year high of $34.63. The company has a current ratio of 0.96, a quick ratio of 0.69 and a debt-to-equity ratio of 1.04. The company has a market capitalization of $66.67 billion, a price-to-earnings ratio of 11.45, a P/E/G ratio of 2.18 and a beta of 0.64. The stock’s fifty day simple moving average is $31.50 and its 200-day simple moving average is $31.24.

Enterprise Products Partners (NYSE:EPD) last announced its quarterly earnings data on Monday, July 28th. The oil and gas producer reported $0.66 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.67 by ($0.01). Enterprise Products Partners had a return on equity of 19.81% and a net margin of 10.71%.The business had revenue of $11.36 billion during the quarter, compared to analysts’ expectations of $15.24 billion. During the same period in the prior year, the company posted $0.64 earnings per share. The firm’s revenue was down 15.7% on a year-over-year basis. On average, sell-side analysts predict that Enterprise Products Partners L.P. will post 2.9 earnings per share for the current fiscal year.

Enterprise Products Partners Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Friday, October 31st will be given a $0.545 dividend. This represents a $2.18 dividend on an annualized basis and a dividend yield of 7.1%. The ex-dividend date of this dividend is Friday, October 31st. Enterprise Products Partners’s dividend payout ratio is 81.04%.

Enterprise Products Partners Company 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.