Grassi Investment Management Has $1.08 Million Holdings in Enterprise Products Partners L.P. $EPD

Grassi Investment Management cut its holdings in Enterprise Products Partners L.P. (NYSE:EPD) by 6.7% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 34,900 shares of the oil and gas producer’s stock after selling 2,500 shares during the period. Grassi Investment Management’s holdings in Enterprise Products Partners were worth $1,082,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the business. Brighton Jones LLC grew its position in Enterprise Products Partners by 19.9% during the fourth quarter. Brighton Jones LLC now owns 32,620 shares of the oil and gas producer’s stock worth $1,023,000 after buying an additional 5,425 shares in the last quarter. GAMMA Investing LLC grew its position in Enterprise Products Partners by 3,314.0% during the first quarter. GAMMA Investing LLC now owns 17,070 shares of the oil and gas producer’s stock worth $583,000 after buying an additional 16,570 shares in the last quarter. Merit Financial Group LLC grew its position in Enterprise Products Partners by 65.0% during the first quarter. Merit Financial Group LLC now owns 40,965 shares of the oil and gas producer’s stock worth $1,399,000 after buying an additional 16,136 shares in the last quarter. Cypress Wealth Services LLC acquired a new stake in shares of Enterprise Products Partners during the 1st quarter worth $201,000. Finally, Thurston Springer Miller Herd & Titak Inc. acquired a new stake in shares of Enterprise Products Partners during the 1st quarter worth $136,000. Institutional investors and hedge funds own 26.07% of the company’s stock.

Enterprise Products Partners Trading Up 0.7%

NYSE EPD opened at $31.65 on Friday. 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 L.P. has a twelve month low of $27.77 and a twelve month high of $34.63. The company has a market cap of $68.53 billion, a price-to-earnings ratio of 11.77, a price-to-earnings-growth ratio of 2.23 and a beta of 0.64. The business’s fifty day moving average is $31.56 and its 200 day moving average is $31.48.

Enterprise Products Partners (NYSE:EPD) last announced 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). Enterprise Products Partners had a net margin of 10.71% and a return on equity of 19.81%. The firm had revenue of $11.36 billion for the quarter, compared to analyst estimates of $15.24 billion. During the same period in the previous year, the business posted $0.64 earnings per share. The business’s revenue for the quarter 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 Increases Dividend

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

Analyst Ratings Changes

Several research firms have recently issued reports on EPD. TD Cowen started coverage on Enterprise Products Partners in a report on Monday, July 7th. They set a “hold” rating and a $33.00 target price on the stock. Morgan Stanley reduced their price objective on shares of 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. Stifel Nicolaus reduced their price target on shares of Enterprise Products Partners from $36.00 to $35.00 and set a “buy” rating on the stock in a research report on Tuesday, July 29th. Weiss Ratings reiterated a “buy (b)” rating on shares of Enterprise Products Partners in a research report on Saturday, September 27th. Finally, Scotiabank reduced their target price on Enterprise Products Partners from $36.00 to $35.00 and set a “sector perform” rating on the stock in a report on Friday, September 19th. Two equities research 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 stock. According to MarketBeat, Enterprise Products Partners presently has an average rating of “Moderate Buy” and a consensus target price of $35.75.

Insiders Place Their Bets

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

Enterprise Products Partners Company 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.