Highland Capital Management LP Reduces Holdings in Enterprise Products Partners L.P. (EPD)

Highland Capital Management LP lessened its stake in Enterprise Products Partners L.P. (NYSE:EPD) by 15.7% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 650,366 shares of the oil and gas producer’s stock after selling 120,900 shares during the quarter. Enterprise Products Partners accounts for about 1.0% of Highland Capital Management LP’s holdings, making the stock its 18th biggest position. Highland Capital Management LP’s holdings in Enterprise Products Partners were worth $18,685,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently added to or reduced their stakes in EPD. NWQ Investment Management Company LLC grew its stake in Enterprise Products Partners by 10.7% in the 3rd quarter. NWQ Investment Management Company LLC now owns 962,855 shares of the oil and gas producer’s stock valued at $26,007,000 after buying an additional 93,191 shares during the last quarter. Wexford Capital LP grew its stake in Enterprise Products Partners by 41.7% in the 3rd quarter. Wexford Capital LP now owns 973,612 shares of the oil and gas producer’s stock valued at $27,972,000 after buying an additional 286,505 shares during the last quarter. Jefferies Group LLC acquired a new position in Enterprise Products Partners in the 3rd quarter valued at $911,000. Patten Group Inc. grew its stake in Enterprise Products Partners by 213.8% in the 3rd quarter. Patten Group Inc. now owns 16,637 shares of the oil and gas producer’s stock valued at $478,000 after buying an additional 11,335 shares during the last quarter. Finally, Port Capital LLC grew its stake in Enterprise Products Partners by 578.7% in the 3rd quarter. Port Capital LLC now owns 281,640 shares of the oil and gas producer’s stock valued at $8,092,000 after buying an additional 240,140 shares during the last quarter. Hedge funds and other institutional investors own 37.32% of the company’s stock.

A number of research firms recently issued reports on EPD. Scotiabank set a $33.00 target price on shares of Enterprise Products Partners and gave the company a “buy” rating in a research note on Monday, August 20th. Bank of America raised their target price on shares of Enterprise Products Partners from $31.00 to $33.00 and gave the company a “buy” rating in a research note on Monday, October 15th. Zacks Investment Research lowered shares of Enterprise Products Partners from a “buy” rating to a “hold” rating in a research note on Friday, September 7th. Raymond James raised their target price on shares of Enterprise Products Partners from $34.00 to $35.00 and gave the company a “strong-buy” rating in a research note on Thursday, October 4th. Finally, Credit Suisse Group started coverage on shares of Enterprise Products Partners in a research note on Thursday, October 11th. They issued an “outperform” rating and a $36.00 target price on the stock. One research analyst has rated the stock with a sell rating, one has issued a hold rating, nineteen have issued a buy rating and two have issued a strong buy rating to the stock. Enterprise Products Partners presently has an average rating of “Buy” and an average target price of $32.75.

NYSE:EPD opened at $26.07 on Friday. The stock has a market cap of $56.64 billion, a PE ratio of 19.75, a price-to-earnings-growth ratio of 4.67 and a beta of 0.88. Enterprise Products Partners L.P. has a 52 week low of $23.10 and a 52 week high of $30.05. The company has a quick ratio of 0.49, a current ratio of 0.70 and a debt-to-equity ratio of 0.96.

Enterprise Products Partners (NYSE:EPD) last released its quarterly earnings data on Wednesday, October 31st. The oil and gas producer reported $0.60 EPS for the quarter, topping analysts’ consensus estimates of $0.45 by $0.15. The company had revenue of $9.59 billion during the quarter, compared to the consensus estimate of $9.72 billion. Enterprise Products Partners had a net margin of 10.23% and a return on equity of 16.28%. The firm’s revenue for the quarter was up 39.2% compared to the same quarter last year. During the same period last year, the firm earned $0.28 EPS. On average, equities research analysts expect that Enterprise Products Partners L.P. will post 1.87 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, November 8th. Stockholders of record on Wednesday, October 31st were issued a dividend of $0.4325 per share. This represents a $1.73 dividend on an annualized basis and a dividend yield of 6.64%. This is an increase from Enterprise Products Partners’s previous quarterly dividend of $0.43. The ex-dividend date was Tuesday, October 30th. Enterprise Products Partners’s dividend payout ratio (DPR) is presently 131.06%.

In other Enterprise Products Partners news, insider W Randall Fowler acquired 10,000 shares of Enterprise Products Partners stock in a transaction dated Tuesday, November 13th. The stock was bought at an average cost of $26.19 per share, with a total value of $261,900.00. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Aj Teague acquired 15,005 shares of Enterprise Products Partners stock in a transaction dated Wednesday, November 14th. The shares were acquired at an average cost of $26.32 per share, with a total value of $394,931.60. The disclosure for this purchase can be found here. 37.50% of the stock is currently owned by company insiders.

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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. The company operates through four segments: NGL Pipelines & Services, Crude Oil Pipelines & Services, Natural Gas Pipelines & Services, and Petrochemical & Refined Products Services.

Further Reading: Quiet Period

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

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