Payden & Rygel Decreases Stock Holdings in Enterprise Products Partners L.P. $EPD

Payden & Rygel lowered its holdings in shares of Enterprise Products Partners L.P. (NYSE:EPD) by 32.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 417,070 shares of the oil and gas producer’s stock after selling 203,800 shares during the quarter. Payden & Rygel’s holdings in Enterprise Products Partners were worth $13,042,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in EPD. Energy Income Partners LLC lifted its holdings in shares of Enterprise Products Partners by 14.3% in the 2nd quarter. Energy Income Partners LLC now owns 14,624,238 shares of the oil and gas producer’s stock valued at $453,498,000 after acquiring an additional 1,834,659 shares during the last quarter. Corient Private Wealth LLC raised its position in Enterprise Products Partners by 119.4% during the second quarter. Corient Private Wealth LLC now owns 2,414,035 shares of the oil and gas producer’s stock valued at $74,859,000 after purchasing an additional 1,313,976 shares during the period. Eagle Global Advisors LLC lifted its stake in shares of Enterprise Products Partners by 42.2% in the 3rd quarter. Eagle Global Advisors LLC now owns 2,931,052 shares of the oil and gas producer’s stock valued at $91,654,000 after purchasing an additional 870,103 shares during the last quarter. HRT Financial LP boosted its holdings in shares of Enterprise Products Partners by 118.1% in the 2nd quarter. HRT Financial LP now owns 1,528,580 shares of the oil and gas producer’s stock worth $47,401,000 after purchasing an additional 827,780 shares during the period. Finally, Prospera Financial Services Inc increased its position in shares of Enterprise Products Partners by 213.0% during the 2nd quarter. Prospera Financial Services Inc now owns 980,094 shares of the oil and gas producer’s stock valued at $30,395,000 after purchasing an additional 666,967 shares during the last quarter. 26.07% of the stock is currently owned by institutional investors.

Enterprise Products Partners Trading Up 0.4%

Shares of EPD opened at $36.32 on Monday. The firm has a market capitalization of $78.57 billion, a price-to-earnings ratio of 13.65, a PEG ratio of 2.58 and a beta of 0.60. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.88 and a quick ratio of 0.60. Enterprise Products Partners L.P. has a 1-year low of $27.77 and a 1-year high of $37.31. The company has a 50-day moving average of $33.36 and a 200 day moving average of $32.21.

Enterprise Products Partners (NYSE:EPD) last issued its earnings results on Tuesday, February 3rd. The oil and gas producer reported $0.75 EPS for the quarter, topping analysts’ consensus estimates of $0.69 by $0.06. The business had revenue of $13.79 billion for the quarter, compared to analyst estimates of $12.44 billion. Enterprise Products Partners had a net margin of 11.05% and a return on equity of 19.43%. The company’s quarterly revenue was down 2.9% compared to the same quarter last year. During the same period last year, the company posted $0.74 earnings per share. On average, research analysts expect that Enterprise Products Partners L.P. will post 2.9 EPS for the current year.

Enterprise Products Partners Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 13th. Shareholders of record on Friday, January 30th were issued a $0.55 dividend. The ex-dividend date was Friday, January 30th. This represents a $2.20 annualized dividend and a dividend yield of 6.1%. This is a positive change from Enterprise Products Partners’s previous quarterly dividend of $0.55. Enterprise Products Partners’s dividend payout ratio (DPR) is currently 82.71%.

Enterprise Products Partners declared that its Board of Directors has initiated a stock buyback program on Thursday, October 30th that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the oil and gas producer to repurchase up to 7.4% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Analysts Set New Price Targets

A number of analysts recently issued reports on EPD shares. Barclays restated an “overweight” rating and issued a $38.00 price target (up from $35.00) on shares of Enterprise Products Partners in a research report on Wednesday, February 4th. Citigroup reaffirmed a “buy” rating and set a $39.00 price target (up from $36.00) on shares of Enterprise Products Partners in a research note on Wednesday, February 4th. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $35.00 price target on shares of Enterprise Products Partners in a report on Monday, December 1st. Jefferies Financial Group reissued a “hold” rating and issued a $34.00 price objective on shares of Enterprise Products Partners in a research note on Wednesday, February 4th. Finally, Wells Fargo & Company upped their target price on Enterprise Products Partners from $36.00 to $38.00 and gave the company an “equal weight” rating in a research note on Thursday, February 5th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, six have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, Enterprise Products Partners currently has an average rating of “Hold” and an average price target of $36.00.

Insider Activity

In other news, Director John R. Rutherford purchased 15,000 shares of the business’s stock in a transaction dated Monday, December 29th. The shares were purchased at an average price of $32.09 per share, for a total transaction of $481,350.00. Following the completion of the purchase, the director owned 173,586 shares in the company, valued at approximately $5,570,374.74. This represents a 9.46% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 32.60% of the company’s stock.

About Enterprise Products Partners

Enterprise Products Partners L.P. (NYSE: EPD) is a Houston-based master limited partnership that provides midstream energy services across North America. The company owns and operates an extensive network of pipelines, storage facilities, processing plants and export terminals that transport and handle natural gas, natural gas liquids (NGLs), crude oil and refined and petrochemical products. Its core activities include gathering and transportation, fractionation of NGLs, natural gas processing, crude oil and condensate pipelines, and marine and terminal services that enable domestic distribution and exports.

Enterprise serves a diverse set of customers including producers, refiners, petrochemical companies, marketers and end users.