Oliver Luxxe Assets LLC Lowers Stock Holdings in Enterprise Products Partners L.P. $EPD

Oliver Luxxe Assets LLC reduced its position in shares of Enterprise Products Partners L.P. (NYSE:EPD) by 85.7% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 46,889 shares of the oil and gas producer’s stock after selling 281,836 shares during the period. Oliver Luxxe Assets LLC’s holdings in Enterprise Products Partners were worth $1,454,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Alps Advisors Inc. boosted its position in shares of Enterprise Products Partners by 5.0% during the first quarter. Alps Advisors Inc. now owns 41,326,613 shares of the oil and gas producer’s stock worth $1,410,891,000 after buying an additional 1,967,188 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Enterprise Products Partners by 4.3% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,003,573 shares of the oil and gas producer’s stock worth $375,662,000 after buying an additional 457,045 shares during the period. Chickasaw Capital Management LLC raised its stake in shares of Enterprise Products Partners by 1.5% in the second quarter. Chickasaw Capital Management LLC now owns 5,515,066 shares of the oil and gas producer’s stock valued at $171,022,000 after acquiring an additional 81,135 shares in the last quarter. BROOKFIELD Corp ON raised its stake in shares of Enterprise Products Partners by 2.8% in the first quarter. BROOKFIELD Corp ON now owns 4,698,769 shares of the oil and gas producer’s stock valued at $160,416,000 after acquiring an additional 128,545 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its stake in shares of Enterprise Products Partners by 65.3% in the first quarter. JPMorgan Chase & Co. now owns 4,347,247 shares of the oil and gas producer’s stock valued at $148,415,000 after acquiring an additional 1,717,768 shares in the last quarter. 26.07% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

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

Wall Street Analyst Weigh In

Several analysts have recently issued reports on EPD shares. 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. Scotiabank reduced their price objective on Enterprise Products Partners from $36.00 to $35.00 and set a “sector perform” rating on the stock in a research note on Friday. Mizuho set a $38.00 price objective on Enterprise Products Partners and gave the company an “outperform” rating in a research note on Friday, July 11th. Barclays reduced their price objective on Enterprise Products Partners from $36.00 to $35.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 2nd. Finally, TD Cowen started coverage on Enterprise Products Partners in a research note on Monday, July 7th. They issued a “hold” rating and a $33.00 price objective on the stock. Two research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat.com, Enterprise Products Partners currently has an average rating of “Moderate Buy” and an average target price of $35.75.

Enterprise Products Partners Stock Performance

Shares of EPD stock opened at $31.40 on Tuesday. The stock has a market capitalization of $67.99 billion, a PE ratio of 11.67, a price-to-earnings-growth ratio of 2.25 and a beta of 0.69. Enterprise Products Partners L.P. has a 52-week low of $27.77 and a 52-week high of $34.63. The stock’s 50-day moving average price is $31.55 and its 200 day moving average price is $31.58. The company has a quick ratio of 0.69, a current ratio of 0.96 and a debt-to-equity ratio of 1.04.

Enterprise Products Partners (NYSE:EPD) last issued its quarterly earnings results 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). The company had revenue of $11.36 billion during the quarter, compared to analyst estimates of $15.24 billion. Enterprise Products Partners had a net margin of 10.71% and a return on equity of 19.81%. The business’s revenue was down 15.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.64 EPS. As a group, equities research analysts forecast that Enterprise Products Partners L.P. will post 2.9 EPS for the current year.

Enterprise Products Partners Increases Dividend

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

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.