Principal Financial Group Inc. Cuts Stake in Enterprise Products Partners L.P. $EPD

Principal Financial Group Inc. lowered its stake in shares of Enterprise Products Partners L.P. (NYSE:EPD) by 2.3% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 4,590,192 shares of the oil and gas producer’s stock after selling 107,188 shares during the quarter. Principal Financial Group Inc.’s holdings in Enterprise Products Partners were worth $147,162,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. PMV Capital Advisers LLC bought a new stake in Enterprise Products Partners in the fourth quarter worth about $25,000. Palisade Asset Management LLC purchased a new stake in shares of Enterprise Products Partners during the 3rd quarter worth approximately $31,000. Abich Financial Wealth Management LLC bought a new stake in shares of Enterprise Products Partners in the 3rd quarter worth approximately $32,000. Texas Capital Bancshares Inc TX purchased a new position in Enterprise Products Partners in the third quarter valued at approximately $32,000. Finally, Daytona Street Capital LLC purchased a new position in Enterprise Products Partners in the fourth quarter valued at approximately $42,000. Hedge funds and other institutional investors own 26.07% of the company’s stock.

Analyst Ratings Changes

EPD has been the subject of a number of recent research reports. Barclays raised their target price on Enterprise Products Partners from $38.00 to $39.00 and gave the stock an “overweight” rating in a research report on Thursday, March 5th. TD Cowen reissued a “hold” rating and issued a $38.00 price objective (up from $34.00) on shares of Enterprise Products Partners in a report on Thursday, April 16th. JPMorgan Chase & Co. boosted their price objective on Enterprise Products Partners from $35.00 to $39.00 and gave the company a “neutral” rating in a research note on Tuesday, March 10th. Jefferies Financial Group increased their target price on shares of Enterprise Products Partners from $34.00 to $40.00 and gave the stock a “hold” rating in a research report on Tuesday, March 31st. Finally, Wolfe Research raised shares of Enterprise Products Partners from a “strong sell” rating to a “hold” rating in a research report on Tuesday, April 21st. Nine equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $38.93.

Insider Buying and Selling

In other news, CEO Aj Teague acquired 2,665 shares of Enterprise Products Partners stock in a transaction that occurred on Friday, March 20th. The stock was bought at an average price of $37.55 per share, with a total value of $100,070.75. Following the completion of the purchase, the chief executive officer owned 77,576 shares in the company, valued at approximately $2,912,978.80. The trade was a 3.56% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 32.60% of the company’s stock.

Enterprise Products Partners Stock Performance

NYSE:EPD opened at $37.68 on Thursday. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.74 and a current ratio of 1.04. Enterprise Products Partners L.P. has a 52-week low of $29.90 and a 52-week high of $39.74. The firm has a market cap of $81.45 billion, a price-to-earnings ratio of 13.95, a PEG ratio of 1.46 and a beta of 0.52. The business’s fifty day moving average is $37.58 and its 200 day moving average is $34.38.

Enterprise Products Partners (NYSE:EPD) last issued its earnings results on Tuesday, April 28th. The oil and gas producer reported $0.68 EPS for the quarter, missing the consensus estimate of $0.71 by ($0.03). The company had revenue of $14.39 billion during the quarter, compared to the consensus estimate of $13.62 billion. Enterprise Products Partners had a return on equity of 19.56% and a net margin of 11.45%.The firm’s revenue for the quarter was down 6.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.64 EPS. Research analysts predict that Enterprise Products Partners L.P. will post 2.89 EPS for the current year.

Enterprise Products Partners Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 14th. Stockholders of record on Thursday, April 30th will be given a $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a dividend yield of 5.8%. The ex-dividend date is Thursday, April 30th. Enterprise Products Partners’s dividend payout ratio (DPR) is 81.48%.

Enterprise Products Partners Profile

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.