Brookstone Capital Management Trims Stock Position in Enterprise Products Partners L.P. $EPD

Brookstone Capital Management lessened its holdings in shares of Enterprise Products Partners L.P. (NYSE:EPD) by 36.8% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 24,547 shares of the oil and gas producer’s stock after selling 14,310 shares during the period. Brookstone Capital Management’s holdings in Enterprise Products Partners were worth $761,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the business. ING Groep NV purchased a new position in Enterprise Products Partners in the first quarter valued at $71,052,000. Alps Advisors Inc. increased its holdings in Enterprise Products Partners by 5.0% in the first quarter. Alps Advisors Inc. now owns 41,326,613 shares of the oil and gas producer’s stock valued at $1,410,891,000 after buying an additional 1,967,188 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in 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 buying an additional 1,717,768 shares in the last quarter. Northside Capital Management LLC purchased a new position in Enterprise Products Partners in the second quarter valued at $47,628,000. Finally, Truist Financial Corp increased its holdings in Enterprise Products Partners by 293.6% in the first quarter. Truist Financial Corp now owns 2,018,964 shares of the oil and gas producer’s stock valued at $68,927,000 after buying an additional 1,506,055 shares in the last quarter. Hedge funds and other institutional investors own 26.07% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have weighed in on EPD. Mizuho set a $38.00 price objective on shares of Enterprise Products Partners and gave the company an “outperform” rating in a report on Friday, July 11th. Morgan Stanley dropped their target price on shares of Enterprise Products Partners from $35.00 to $33.00 and set an “equal weight” rating on the stock in a research report on Tuesday, August 26th. Weiss Ratings reiterated a “buy (b)” rating on shares of Enterprise Products Partners in a research report on Saturday. TD Cowen began coverage on shares of Enterprise Products Partners in a research report on Monday, July 7th. They issued a “hold” rating and a $33.00 target price on the stock. Finally, Barclays dropped their target price on shares of Enterprise Products Partners from $36.00 to $35.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 2nd. Two investment 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, the company presently has a consensus rating of “Moderate Buy” and an average price target of $35.82.

Insider Transactions at Enterprise Products Partners

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

Enterprise Products Partners Stock Performance

EPD opened at $31.00 on Monday. The firm has a market capitalization of $67.13 billion, a PE ratio of 11.53, a PEG ratio of 2.21 and a beta of 0.64. Enterprise Products Partners L.P. has a twelve month low of $27.77 and a twelve month high of $34.63. The firm’s 50-day moving average price is $31.45 and its 200 day moving average price is $31.29. The company has a current ratio of 0.96, a quick ratio of 0.69 and a debt-to-equity ratio of 1.04.

Enterprise Products Partners (NYSE:EPD) last posted its quarterly earnings results on Monday, July 28th. The oil and gas producer reported $0.66 earnings per share for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $15.24 billion. During the same quarter in the previous year, the firm posted $0.64 earnings per share. The business’s revenue was down 15.7% compared to the same quarter last year. As a group, sell-side analysts expect that Enterprise Products Partners L.P. will post 2.9 EPS for the current fiscal year.

Enterprise Products Partners Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Friday, October 31st will be paid 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 7.0%. Enterprise Products Partners’s payout ratio is 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.