Monetary Management Group Inc. Lowers Position in Enterprise Products Partners L.P. (NYSE:EPD)

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Monetary Management Group Inc. cut its holdings in shares of Enterprise Products Partners L.P. (NYSE:EPD) by 6.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 13,530 shares of the oil and gas producer’s stock after selling 1,000 shares during the quarter. Monetary Management Group Inc.’s holdings in Enterprise Products Partners were worth $193,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Swift Run Capital Management LLC purchased a new position in shares of Enterprise Products Partners during the 1st quarter worth $848,000. Massachusetts Financial Services Co. MA boosted its holdings in Enterprise Products Partners by 10.5% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 16,381,871 shares of the oil and gas producer’s stock valued at $234,261,000 after acquiring an additional 1,550,386 shares during the period. Clear Harbor Asset Management LLC boosted its holdings in Enterprise Products Partners by 5.4% during the 1st quarter. Clear Harbor Asset Management LLC now owns 20,995 shares of the oil and gas producer’s stock valued at $300,000 after acquiring an additional 1,075 shares during the period. M&T Bank Corp boosted its holdings in Enterprise Products Partners by 0.3% during the 1st quarter. M&T Bank Corp now owns 808,903 shares of the oil and gas producer’s stock valued at $11,567,000 after acquiring an additional 2,113 shares during the period. Finally, MidWestOne Financial Group Inc. purchased a new position in Enterprise Products Partners during the 1st quarter valued at about $162,000. Institutional investors and hedge funds own 34.85% of the company’s stock.

A number of brokerages recently commented on EPD. Piper Sandler cut Enterprise Products Partners from an “overweight” rating to a “neutral” rating and lowered their target price for the company from $32.00 to $24.00 in a report on Monday, March 9th. Wells Fargo & Co lowered their target price on Enterprise Products Partners from $26.00 to $25.00 and set an “overweight” rating for the company in a report on Tuesday, April 14th. Cfra lowered their target price on Enterprise Products Partners from $34.00 to $31.00 and set a “buy” rating for the company in a report on Wednesday, April 29th. Mizuho restated a “buy” rating and set a $24.00 target price on shares of Enterprise Products Partners in a report on Thursday, April 30th. Finally, Stifel Nicolaus reduced their price target on Enterprise Products Partners from $35.00 to $29.00 and set a “buy” rating on the stock in a research report on Tuesday, March 17th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $27.62.

Shares of NYSE EPD traded down $2.23 during midday trading on Thursday, hitting $19.01. 401,931 shares of the company’s stock were exchanged, compared to its average volume of 10,429,890. The company has a debt-to-equity ratio of 1.07, a current ratio of 1.12 and a quick ratio of 0.89. Enterprise Products Partners L.P. has a twelve month low of $10.27 and a twelve month high of $30.86. The company has a market cap of $47.61 billion, a PE ratio of 10.02 and a beta of 1.46. The firm’s fifty day simple moving average is $18.26 and its 200-day simple moving average is $22.24.

Enterprise Products Partners (NYSE:EPD) last issued its earnings results on Wednesday, April 29th. The oil and gas producer reported $0.61 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.09. Enterprise Products Partners had a return on equity of 18.93% and a net margin of 14.75%. The business had revenue of $7.48 billion for the quarter, compared to analyst estimates of $8.28 billion. During the same quarter last year, the company earned $0.57 EPS. The business’s quarterly revenue was down 12.4% on a year-over-year basis. Equities analysts anticipate that Enterprise Products Partners L.P. will post 2 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Tuesday, May 12th. Stockholders of record on Thursday, April 30th were given a dividend of $0.445 per share. This represents a $1.78 annualized dividend and a dividend yield of 9.36%. The ex-dividend date of this dividend was Wednesday, April 29th. Enterprise Products Partners’s dividend payout ratio (DPR) is presently 82.79%.

In other news, CEO Aj Teague purchased 8,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 17th. The shares were purchased at an average price of $13.42 per share, for a total transaction of $107,360.00. Following the purchase, the chief executive officer now directly owns 1,943,357 shares of the company’s stock, valued at approximately $26,079,850.94. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Randa Duncan Williams purchased 100,000 shares of the company’s stock in a transaction that occurred on Friday, March 13th. The shares were purchased at an average price of $15.52 per share, for a total transaction of $1,552,000.00. The disclosure for this purchase can be found here. Insiders have bought a total of 183,000 shares of company stock worth $2,696,410 in the last three months. Corporate insiders own 37.50% of the company’s stock.

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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Institutional Ownership by Quarter for Enterprise Products Partners (NYSE:EPD)

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