Everstar Asset Management LLC Lowers Stock Holdings in Enterprise Products Partners L.P. $EPD

Everstar Asset Management LLC lowered its holdings in Enterprise Products Partners L.P. (NYSE:EPD) by 10.0% in the first quarter, Holdings Channel.com reports. The firm owned 7,000 shares of the oil and gas producer’s stock after selling 776 shares during the period. Everstar Asset Management LLC’s holdings in Enterprise Products Partners were worth $239,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in EPD. Brooklyn Investment Group purchased a new stake in Enterprise Products Partners during the first quarter valued at about $27,000. Wealth Preservation Advisors LLC purchased a new stake in Enterprise Products Partners during the first quarter valued at about $28,000. Security National Bank purchased a new stake in Enterprise Products Partners during the first quarter valued at about $30,000. Alpine Bank Wealth Management purchased a new stake in Enterprise Products Partners during the first quarter valued at about $31,000. Finally, N.E.W. Advisory Services LLC purchased a new stake in Enterprise Products Partners during the first quarter valued at about $34,000. Hedge funds and other institutional investors own 26.07% of the company’s stock.

Enterprise Products Partners Trading Down 0.5%

NYSE:EPD opened at $31.51 on Tuesday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.69 and a current ratio of 0.96. Enterprise Products Partners L.P. has a one year low of $27.77 and a one year high of $34.63. The business’s 50-day simple moving average is $31.53 and its 200 day simple moving average is $31.69. The stock has a market cap of $68.22 billion, a price-to-earnings ratio of 11.71, a price-to-earnings-growth ratio of 1.98 and a beta of 0.69.

Enterprise Products Partners (NYSE:EPD) last released its quarterly earnings results on Monday, July 28th. The oil and gas producer reported $0.66 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 analyst estimates of $15.24 billion. During the same quarter last year, the firm posted $0.64 EPS. The company’s revenue was down 15.7% compared to the same quarter last year. As a group, 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 Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 14th. Investors of record on Thursday, July 31st were paid a $0.545 dividend. This represents a $2.18 annualized dividend and a dividend yield of 6.9%. This is a positive change from Enterprise Products Partners’s previous quarterly dividend of $0.54. The ex-dividend date was Thursday, July 31st. Enterprise Products Partners’s payout ratio is presently 81.04%.

Wall Street Analyst Weigh In

A number of research firms have issued reports on EPD. Barclays lowered their price target on Enterprise Products Partners from $36.00 to $35.00 and set an “overweight” rating for the company in a research report on Wednesday, July 2nd. Morgan Stanley reduced their price objective on Enterprise Products Partners from $35.00 to $33.00 and set an “equal weight” rating on the stock in a research note on Tuesday, August 26th. Citigroup reduced their price objective on Enterprise Products Partners from $37.00 to $35.00 and set a “buy” rating on the stock in a research note on Tuesday, May 13th. TD Cowen assumed coverage on Enterprise Products Partners in a research note on Monday, July 7th. They set a “hold” rating and a $33.00 price objective on the stock. Finally, Mizuho set a $38.00 price objective on Enterprise Products Partners and gave the stock an “outperform” rating in a research note on Friday, July 11th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and five have given a Hold rating to the company. According to MarketBeat, Enterprise Products Partners presently has a consensus rating of “Moderate Buy” and a consensus target price of $35.83.

Insider Activity

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

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. It operates in four segments: NGL Pipelines & Services, Crude Oil Pipelines & Services, Natural Gas Pipelines & Services, and Petrochemical & Refined Products Services.