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

Morey & Quinn Wealth Partners LLC cut its position in Enterprise Products Partners L.P. (NYSE:EPD) by 6.9% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 62,398 shares of the oil and gas producer’s stock after selling 4,625 shares during the quarter. Enterprise Products Partners comprises about 1.5% of Morey & Quinn Wealth Partners LLC’s holdings, making the stock its 14th largest position. Morey & Quinn Wealth Partners LLC’s holdings in Enterprise Products Partners were worth $1,935,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the company. Strategic Advisors LLC boosted its holdings in shares of Enterprise Products Partners by 3.5% in the 1st quarter. Strategic Advisors LLC now owns 9,985 shares of the oil and gas producer’s stock worth $341,000 after purchasing an additional 337 shares in the last quarter. Per Stirling Capital Management LLC. boosted its holdings in shares of Enterprise Products Partners by 1.5% in the 1st quarter. Per Stirling Capital Management LLC. now owns 23,556 shares of the oil and gas producer’s stock worth $804,000 after purchasing an additional 339 shares in the last quarter. Sound Income Strategies LLC boosted its holdings in shares of Enterprise Products Partners by 2.1% in the 2nd quarter. Sound Income Strategies LLC now owns 16,796 shares of the oil and gas producer’s stock worth $521,000 after purchasing an additional 340 shares in the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management boosted its holdings 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 in the last quarter. Finally, Keystone Wealth Services LLC boosted its holdings in shares of Enterprise Products Partners by 2.6% in the 1st quarter. Keystone Wealth Services LLC now owns 13,937 shares of the oil and gas producer’s stock worth $476,000 after purchasing an additional 349 shares in the last quarter. 26.07% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Enterprise Products Partners news, Director John R. Rutherford purchased 15,000 shares of the stock in a transaction on Tuesday, July 29th. The stock was acquired at an average price of $31.35 per share, with a total value of $470,250.00. Following the transaction, the director directly owned 158,586 shares of the company’s stock, valued at approximately $4,971,671.10. This trade represents a 10.45% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director William C. Montgomery bought 16,000 shares of the firm’s stock in a transaction dated Wednesday, July 30th. The stock was purchased at an average cost of $31.55 per share, with a total value of $504,800.00. Following the transaction, the director directly owned 136,920 shares in the company, valued at approximately $4,319,826. This represents a 13.23% increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 32.60% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. Stifel Nicolaus cut their price objective on Enterprise Products Partners from $36.00 to $35.00 and set a “buy” rating for the company in a report on Tuesday, July 29th. Mizuho set a $38.00 target price on Enterprise Products Partners and gave the company an “outperform” rating in a research note on Friday, July 11th. Scotiabank lowered their target price on Enterprise Products Partners from $36.00 to $35.00 and set a “sector perform” rating for the company in a research note on Friday, September 19th. Morgan Stanley lowered their target price on Enterprise Products Partners from $35.00 to $33.00 and set an “equal weight” rating for the company in a research note on Tuesday, August 26th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Enterprise Products Partners in a research note on Wednesday. Two analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Enterprise Products Partners currently has a consensus rating of “Moderate Buy” and a consensus target price of $35.75.

Enterprise Products Partners Trading Down 0.2%

EPD opened at $31.66 on Thursday. The business has a 50 day simple moving average of $31.58 and a two-hundred day simple moving average of $31.44. The firm has a market capitalization of $68.55 billion, a price-to-earnings ratio of 11.77, a PEG ratio of 2.25 and a beta of 0.64. 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.

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 analysts’ consensus estimates of $0.67 by ($0.01). The business had revenue of $11.36 billion for the quarter, compared to the consensus estimate of $15.24 billion. Enterprise Products Partners had a net margin of 10.71% and a return on equity of 19.81%. The company’s revenue for the quarter was down 15.7% on a year-over-year basis. During the same period in the previous year, the company earned $0.64 EPS. Analysts predict that Enterprise Products Partners L.P. will post 2.9 EPS for the current year.

Enterprise Products Partners Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Friday, October 31st will be given a dividend of $0.545 per share. The ex-dividend date of this dividend is Friday, October 31st. This represents a $2.18 dividend on an annualized basis and a yield of 6.9%. Enterprise Products Partners’s dividend 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.