International Assets Reduces Stake in Enterprise Products Partners

International Assets Investment Management LLC has reduced its stake in Enterprise Products Partners L.P. (NYSE: EPD) by 7.8% during the second quarter of 2023. The firm sold 3,358 shares, leaving it with 39,420 shares valued at approximately $1.22 million as per its latest filing with the Securities & Exchange Commission.

Additional movements in holdings were noted among other institutional investors. Brooklyn Investment Group entered the market with a new stake worth about $27,000 in the first quarter. Likewise, Wealth Preservation Advisors LLC invested around $28,000, while Crowley Wealth Management Inc. acquired a position valued at approximately $29,000 during the same period. Security National Bank and Alpine Bank Wealth Management also purchased new stakes, valued at $30,000 and $31,000, respectively. Overall, institutional investors hold 26.07% of the company’s stock.

Market Performance and Dividend Announcement

As of Monday, the stock opened at $30.21. Enterprise Products Partners has experienced a one-year low of $27.77 and a high of $34.63. The stock’s 50-day moving average is $31.52, while its 200-day moving average stands at $31.25. With a market capitalization of $65.42 billion, the company carries a price-to-earnings (PE) ratio of 11.23 and a beta of 0.64.

In a recent announcement, Enterprise Products declared a quarterly dividend of $0.545 per share, scheduled for payment on November 14, 2023. Shareholders on record by October 31, 2023 will receive this dividend, representing an annualized yield of 7.2%. The company maintains a payout ratio of 81.04%.

Insider Activity and Analyst Ratings

In related news, Director John R. Rutherford purchased 15,000 shares on July 29, 2023, at an average price of $31.35, bringing his total holdings to 158,586 shares valued at approximately $4.97 million. Similarly, Director William C. Montgomery acquired 16,000 shares on July 30, 2023, for a total of $504,800, increasing his position by 13.23%. Currently, corporate insiders own 32.60% of the stock.

Several research firms have also weighed in on Enterprise Products Partners. Barclays downgraded its price target from $36.00 to $35.00, maintaining an “overweight” rating. Morgan Stanley decreased its target from $35.00 to $33.00 with an “equal weight” rating. Scotiabank similarly cut its price target to $35.00 while assigning a “sector perform” rating. TD Cowen initiated coverage with a “hold” rating and a target of $33.00. Weiss Ratings reaffirmed a “buy (b)” rating on the stock. Currently, the consensus rating is “Moderate Buy” with an average price target of $35.82, according to data from MarketBeat.

Enterprise Products Partners L.P. operates in the midstream energy sector, providing essential services to producers and consumers of natural gas, natural gas liquids, crude oil, petrochemicals, and refined products. The company is segmented into four core areas: NGL Pipelines & Services, Crude Oil Pipelines & Services, Natural Gas Pipelines & Services, and Petrochemical & Refined Products Services. Investors interested in real-time updates on the company’s stock can refer to platforms like HoldingsChannel.com.