CIBC Private Wealth Group LLC trimmed its stake in shares of Enterprise Products Partners L.P. (NYSE:EPD) by 2.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 18,326,917 shares of the oil and gas producer’s stock after selling 485,163 shares during the quarter. Enterprise Products Partners comprises approximately 2.0% of CIBC Private Wealth Group LLC’s investment portfolio, making the stock its 5th biggest position. CIBC Private Wealth Group LLC’s holdings in Enterprise Products Partners were worth $450,658,000 as of its most recent SEC filing.
A number of other hedge funds also recently added to or reduced their stakes in the business. Welch & Forbes LLC lifted its holdings in shares of Enterprise Products Partners by 16.2% during the fourth quarter. Welch & Forbes LLC now owns 28,650 shares of the oil and gas producer’s stock worth $704,000 after buying an additional 3,996 shares in the last quarter. LVW Advisors LLC lifted its holdings in shares of Enterprise Products Partners by 7.3% during the fourth quarter. LVW Advisors LLC now owns 33,812 shares of the oil and gas producer’s stock worth $831,000 after buying an additional 2,300 shares in the last quarter. Pinnacle Associates Ltd. lifted its holdings in shares of Enterprise Products Partners by 3.0% during the fourth quarter. Pinnacle Associates Ltd. now owns 172,288 shares of the oil and gas producer’s stock worth $4,237,000 after buying an additional 5,092 shares in the last quarter. Bridgeworth LLC lifted its holdings in shares of Enterprise Products Partners by 53.8% during the fourth quarter. Bridgeworth LLC now owns 17,162 shares of the oil and gas producer’s stock worth $295,000 after buying an additional 6,000 shares in the last quarter. Finally, SWS Partners acquired a new stake in shares of Enterprise Products Partners during the fourth quarter worth $255,000. 36.81% of the stock is owned by hedge funds and other institutional investors.
In related news, CEO Aj Teague purchased 10,000 shares of the company’s stock in a transaction that occurred on Monday, December 31st. The stock was acquired at an average price of $24.36 per share, with a total value of $243,600.00. Following the completion of the purchase, the chief executive officer now directly owns 1,654,372 shares in the company, valued at $40,300,501.92. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In the last ninety days, insiders purchased 55,005 shares of company stock valued at $1,390,132. 37.50% of the stock is owned by insiders.
Enterprise Products Partners (NYSE:EPD) last posted its quarterly earnings results on Thursday, January 31st. The oil and gas producer reported $0.59 EPS for the quarter, beating the Zacks’ consensus estimate of $0.50 by $0.09. The business had revenue of $9.18 billion during the quarter, compared to the consensus estimate of $9.46 billion. Enterprise Products Partners had a return on equity of 18.34% and a net margin of 11.42%. During the same quarter in the previous year, the firm earned $0.36 earnings per share. On average, sell-side analysts predict that Enterprise Products Partners L.P. will post 1.93 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, February 8th. Investors of record on Thursday, January 31st were paid a $0.435 dividend. This represents a $1.74 dividend on an annualized basis and a yield of 6.32%. The ex-dividend date of this dividend was Wednesday, January 30th. This is an increase from Enterprise Products Partners’s previous quarterly dividend of $0.43. Enterprise Products Partners’s payout ratio is 89.69%.
A number of research firms have recently weighed in on EPD. Evercore ISI began coverage on Enterprise Products Partners in a report on Tuesday, February 5th. They set an “outperform” rating for the company. Bank of America lifted their target price on Enterprise Products Partners from $31.00 to $33.00 and gave the stock a “buy” rating in a report on Monday, October 15th. ValuEngine downgraded Enterprise Products Partners from a “hold” rating to a “sell” rating in a report on Thursday, November 1st. Wells Fargo & Co reissued a “buy” rating on shares of Enterprise Products Partners in a report on Wednesday, October 31st. Finally, Citigroup dropped their target price on Enterprise Products Partners from $32.00 to $31.00 and set a “buy” rating for the company in a report on Thursday, November 29th. Three research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company. The stock has an average rating of “Buy” and an average target price of $32.61.
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. The company operates through four segments: NGL Pipelines & Services, Crude Oil Pipelines & Services, Natural Gas Pipelines & Services, and Petrochemical & Refined Products Services.
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