Morey & Quinn Wealth Partners LLC Sells 4,625 Shares of Enterprise Products Partners L.P. $EPD

Morey & Quinn Wealth Partners LLC lowered its position in Enterprise Products Partners L.P. (NYSE:EPD) by 6.9% in the 2nd quarter, Holdings Channel reports. The fund owned 62,398 shares of the oil and gas producer’s stock after selling 4,625 shares during the quarter. Enterprise Products Partners accounts for 1.5% of Morey & Quinn Wealth Partners LLC’s holdings, making the stock its 14th biggest holding. Morey & Quinn Wealth Partners LLC’s holdings in Enterprise Products Partners were worth $1,935,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in EPD. Brooklyn Investment Group bought a new position in Enterprise Products Partners during the 1st quarter valued at approximately $27,000. Wealth Preservation Advisors LLC bought a new position in Enterprise Products Partners during the 1st quarter valued at approximately $28,000. Crowley Wealth Management Inc. bought a new position in Enterprise Products Partners during the 2nd quarter valued at approximately $29,000. Security National Bank bought a new position in Enterprise Products Partners during the 1st quarter valued at approximately $30,000. Finally, Alpine Bank Wealth Management bought a new position in Enterprise Products Partners during the 1st quarter valued at approximately $31,000. Institutional investors own 26.07% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the company. Mizuho set a $38.00 price objective on Enterprise Products Partners and gave the company an “outperform” rating in a research report on Friday, July 11th. Weiss Ratings reiterated a “buy (b)” rating on shares of Enterprise Products Partners in a research note on Wednesday. TD Cowen began coverage on Enterprise Products Partners in a research note on Monday, July 7th. They set a “hold” rating and a $33.00 target price on the stock. Stifel Nicolaus cut their target price on Enterprise Products Partners from $36.00 to $35.00 and set a “buy” rating on the stock in a research note on Tuesday, July 29th. Finally, 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 note on Tuesday, August 26th. Two research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $35.75.

Enterprise Products Partners Stock Performance

Shares of EPD opened at $31.66 on Thursday. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.96 and a quick ratio of 0.69. Enterprise Products Partners L.P. has a one year low of $27.77 and a one year high of $34.63. The firm has a market capitalization of $68.55 billion, a P/E ratio of 11.77, a PEG ratio of 2.25 and a beta of 0.64. The business has a fifty day moving average of $31.58 and a 200 day moving average of $31.44.

Enterprise Products Partners (NYSE:EPD) last issued its quarterly earnings data 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 firm had revenue of $11.36 billion during the quarter, compared to the consensus estimate of $15.24 billion. During the same period in the previous year, the firm earned $0.64 EPS. The business’s revenue was down 15.7% 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 disclosed a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Friday, October 31st will be issued a $0.545 dividend. The ex-dividend date of this dividend is Friday, October 31st. This represents a $2.18 annualized dividend and a dividend yield of 6.9%. Enterprise Products Partners’s payout ratio is presently 81.04%.

Insider Buying and Selling at Enterprise Products Partners

In other news, Director John R. Rutherford acquired 15,000 shares of the business’s stock in a transaction that occurred on Tuesday, July 29th. The stock was bought at an average price of $31.35 per share, with a total value of $470,250.00. Following the completion of the acquisition, the director directly owned 158,586 shares of the company’s stock, valued at approximately $4,971,671.10. The trade was a 10.45% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director William C. Montgomery bought 16,000 shares of the stock in a transaction that occurred on Wednesday, July 30th. The shares were bought at an average price of $31.55 per share, for a total transaction of $504,800.00. Following the completion of the transaction, the director directly owned 136,920 shares of the company’s stock, valued at $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.

Enterprise Products Partners 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.