Hartford Financial Management Inc. trimmed its holdings in Enterprise Products Partners L.P. (NYSE:EPD) by 2.0% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 39,153 shares of the oil and gas producer’s stock after selling 795 shares during the quarter. Hartford Financial Management Inc.’s holdings in Enterprise Products Partners were worth $618,000 at the end of the most recent quarter.
Other institutional investors have also added to or reduced their stakes in the company. Beese Fulmer Investment Management Inc. bought a new stake in Enterprise Products Partners during the 2nd quarter worth about $35,000. Creative Financial Designs Inc. ADV bought a new stake in Enterprise Products Partners during the 2nd quarter worth about $35,000. JNBA Financial Advisors raised its holdings in Enterprise Products Partners by 48.1% during the 2nd quarter. JNBA Financial Advisors now owns 2,179 shares of the oil and gas producer’s stock worth $40,000 after purchasing an additional 708 shares during the last quarter. TRUE Private Wealth Advisors raised its holdings in Enterprise Products Partners by 44.0% during the 3rd quarter. TRUE Private Wealth Advisors now owns 2,290 shares of the oil and gas producer’s stock worth $36,000 after purchasing an additional 700 shares during the last quarter. Finally, Perennial Advisors LLC bought a new stake in Enterprise Products Partners during the 1st quarter worth about $68,000. 32.49% of the stock is owned by institutional investors and hedge funds.
In other Enterprise Products Partners news, CEO Aj Teague acquired 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 8th. The stock was acquired at an average cost of $17.03 per share, for a total transaction of $170,300.00. Following the transaction, the chief executive officer now owns 1,958,357 shares of the company’s stock, valued at $33,350,819.71. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders purchased a total of 35,000 shares of company stock valued at $345,300 over the last quarter. 37.50% of the stock is owned by insiders.
Enterprise Products Partners (NYSE:EPD) last issued its quarterly earnings data on Wednesday, July 29th. The oil and gas producer reported $0.47 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.46 by $0.01. Enterprise Products Partners had a return on equity of 18.06% and a net margin of 15.41%. The business had revenue of $5.75 billion during the quarter, compared to analyst estimates of $7.52 billion. During the same period in the previous year, the firm earned $0.55 EPS. Enterprise Products Partners’s quarterly revenue was down 30.5% compared to the same quarter last year. As a group, equities analysts predict that Enterprise Products Partners L.P. will post 2.08 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 12th. Investors of record on Friday, October 30th will be given a $0.445 dividend. The ex-dividend date is Thursday, October 29th. This represents a $1.78 annualized dividend and a dividend yield of 10.34%. Enterprise Products Partners’s dividend payout ratio is presently 82.79%.
EPD has been the subject of several recent research reports. SunTrust Banks boosted their price objective on Enterprise Products Partners from $21.00 to $22.00 and gave the stock a “buy” rating in a report on Thursday, July 30th. Wells Fargo & Company boosted their price objective on Enterprise Products Partners from $25.00 to $26.00 and gave the stock an “overweight” rating in a report on Wednesday, July 22nd. Royal Bank of Canada reissued a “buy” rating and set a $28.00 price objective on shares of Enterprise Products Partners in a report on Thursday, August 6th. Piper Sandler decreased their target price on Enterprise Products Partners from $22.00 to $19.00 and set an “overweight” rating for the company in a research report on Friday, October 9th. Finally, ValuEngine lowered Enterprise Products Partners from a “sell” rating to a “strong sell” rating in a research report on Thursday, October 1st. One analyst has rated the stock with a sell rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $24.36.
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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