Enterprise Products Ups Distribution For 59 Straight Quarters
Zacks Investment Research | Apr 08, 2019 09:21PM ET
Enterprise Products Partners L.P. (NYSE:EPD) recently announced the receipt of approvals from the board of directors of its general partners for hiking its quarterly cash distribution.
The first-quarter 2019 distribution of 43.75 cents per common unit represents a sequential increase of 0.6% and year-over-year growth of 2.3%. The new distribution is likely to be paid on May 13, to unitholders of record as of Apr 30.
With this, the partnership has raised distributions for 59 quarters in a row.The consistent returns to limited partners have been backed by the partnership’s strong presence in North America's midstream energy businesses.
Notably, Enterprise Products’ midstream assets comprise pipeline networks that spread across roughly 49,200 miles to connect consumers and producers of natural gas, NGL, oil, petrochemicals and refined products. This extensive pipeline networks will continue to provide the partnership with stable fee-based revenues.
The partnership also boasts $5.1-billion of midstream growth projects that are yet to come online. Overall, Enterprise Products’ existing pipeline networks along with the backlog of capital growth projects are likely to help the partnership consistently raise quarterly distributions in the coming quarters.
Headquartered in Houston, TX,Enterprise Products is planning to report first-quarter 2019 results on May 1, before the opening bell. Currently, the partnership carries a Zacks Rank #3 (Hold).
Meanwhile, a few better-ranked players in the energy space are Antero Resources Corporation (NYSE:AR) , NGL Energy Partners LP (NYSE:NGL) and ProPetro Holding Corp. (NYSE:PUMP) . While Antero Resources and NGL Energy sport a Zacks Rank #1 (Strong Buy), ProPetro Holding carries a Zacks Rank #2 (Buy). You can see Zacks Investment Research
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