Enterprise Products Partners L.P. (NYSE: EPD) operates one of the largest pipeline and energy infrastructure networks in North America, transporting natural gas, crude oil, natural gas liquids, and petrochemicals.
The company has become one of the most important names in the U.S. midstream sector, recently trading around $32 per unit with a market cap of about $69 billion. Once a regional pipeline operator, EPD has steadily grown into a dominant partnership known for its stable cash flows and reliable payouts, offering a 7% yield that stands out in today’s market.
Backed by decades of expansion, a conservative balance sheet, and a reputation for disciplined capital allocation, EPD has attracted both large institutional funds and specialist energy managers. Its scale, fee-based business model, and long history of distribution growth give it competitive strengths that are difficult to replicate. While the Duncan family still controls a massive stake of more than 32%, the rest of the units are spread across a mix of energy-focused hedge funds, retirement systems, and traditional asset managers.
Looking at EPD’s ownership breakdown gives investors a sense of how the biggest players are positioning around one of the market’s most dependable income stocks.
The Investors Backing Enterprise Products Partners
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Enterprise Products Partners’ ownership is led by the Duncan family, alongside a mix of passive managers and energy-focused funds.
- Randa Duncan Williams (Insider): 702M units (32.4%), ~$22.4B
- Alps Advisors: 42.7M units (1.97%), added 1.34M (+3.2%)
- Harvest Fund Advisors: 20.0M units (0.92%), added 4.03M (+25%)
- Energy Income Partners: 14.6M units (0.68%), added 1.83M (+14.3%)
- Invesco Advisers: 26.7M units (1.23%), added 70.8K (+0.3%)
- American Century: 18.7M units (0.86%), added 252.5K (+1.4%)
Some firms reduced exposure:
- Goldman Sachs: -266K (-1.7%)
- Tortoise Capital: -550K (-3.6%)
- Neuberger Berman: -37.5K (-0.2%)
One highlight from last quarter is Citadel Advisors, led by Ken Griffin, which lifted its EPD stake by 674% to 1.27 million units worth about $39 million. That sharp increase looks like a strong show of confidence from one of the world’s largest hedge funds.
Another notable move came from First Eagle Investment Management, which boosted its holdings by 12% to 1.85 million units valued at roughly $57 million. This steady accumulation suggests ongoing conviction in EPD as a stable income play.
The Duncan family’s stake gives them control and long-term alignment with unitholders. Specialist funds like Harvest and Energy Income Partners adding to their positions looks like a vote of confidence in EPD’s steady distributions, while trimming from Goldman and Tortoise suggests diversified managers may prefer higher-growth opportunities elsewhere.
For investors, the ownership picture points to EPD as a stock best suited for income stability rather than aggressive capital growth.
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What Insider Trades Reveal About EPD
Insider activity at Enterprise Products Partners has leaned toward selling in 2025.
What stands out more, however, are the two insider purchases this summer. In late July, Director William Montgomery bought roughly 16,000 units at $31.55, while Director John Rutherford acquired around 15,000 units at $31.35. These are sizable open-market purchases for directors, suggesting a meaningful show of confidence after the stock’s pullback.
Here are some recent insider trades:
- Richard Bachmann (Director): Sold more than 300,000 units in February
- A. James Teague (Officer & Director): Disposed of over 360,000 units across several tranches in February
- William Montgomery (Director): Bought ~16,000 units in July
- John Rutherford (Director): Bought ~15,000 units in July
Most of these trades appear weighted toward sales, possibly tied to diversification or portfolio management. The July purchases were small relative to earlier disposals, suggesting limited but positive interest in holding at current levels.
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What the Ownership & Insider Trade Data Tell Us
EPD’s ownership is anchored by the Duncan family, which controls more than 32% of the partnership. That level of control provides stability and long-term alignment but also reduces outside influence on strategy. Among institutions, specialist energy funds such as Harvest Fund Advisors and Energy Income Partners have been building positions, a sign that sector insiders see value in EPD’s steady cash flows. In contrast, diversified managers like Goldman Sachs and Tortoise have trimmed back, suggesting the stock is less compelling for investors looking for higher growth opportunities.
Insider activity leans cautious as well. February saw large sales from directors Richard Bachmann and A. James Teague, while July brought only modest purchases from William Montgomery and John Rutherford. These small buys suggest some willingness to hold at current prices, but overall insider conviction to add exposure looks limited.
For investors, the overall picture is mixed. EPD remains a dependable income play, supported by strong family control and confidence from specialist funds, but its modest growth outlook and limited insider buying mean it is best suited for those prioritizing stable yield over capital appreciation.
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