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Enterprise (EPD) Rewards Investors With a Distribution Hike
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Enterprise Product Partners L.P. (EPD - Free Report) ), a major player in the energy industry, has announced a 1.9% increase in its quarterly cash distribution for the second quarter of 2024, raising the payment to $0.525 per unit from the previous $0.515. The distribution of $0.525 per unit equates to $2.10 on an annualized basis.
The distribution will be payable on Aug 14 to unitholders of record as of Jul 31, with an ex-dividend date of Jul 31.
This latest distribution marks a 5.0% increase over the distribution declared for the same period in 2023. The consistent increase in distribution reflects Enterprise's robust financial performance and its commitment to returning value to its unitholders.
In addition to the distribution declaration, Enterprise reported the repurchase of $40 million worth of its common units in the open market during the second quarter of 2024. This repurchase is part of the partnership's ongoing buyback program, under which it has utilized 50% of its authorized $2.0 billion. The buyback program further highlights Enterprise's strategic focus on enhancing unitholder value through prudent capital management.
Zacks Rank & Key Picks
Currently, Enterprise carries a Zacks Rank #3 (Hold).
Hess is a leading oil and natural gas exploration and production company that made several world-class oil discoveries in the Stabroek Block, located off the coast of Guyana. The company is currently in the process of being acquired by supermajor Chevron in an all-stock deal worth $53 billion. The merger will likely result in the creation of an energy behemoth with a massive portfolio of producing assets.
The Zacks Consensus Estimate for HES’ 2024 EPS is pegged at $10.28. The company has a Zacks Style Score of B for Growth. It has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 30 days.
Sunoco is a leading wholesale motor fuel distributor in the United States, boasting a vast distribution network spanning 40 states. With long-term contracts servicing more than 10,000 convenience stores, it distributes over 10 fuel brands, ensuring a stable revenue stream. SUN currently has a Value Score of A.
The Zacks Consensus Estimate for 2024 and 2025 earnings per unit is pegged at $7.29 and $7.17, respectively. The partnership has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 60 days.
SM Energy is set to expand its oil-centered operations in the coming years, with an increasing focus on crude oil, especially in the Permian Basin and Eagle Ford regions. The company’s attractive oil and gas investments should create long-term value for shareholders.
The Zacks Consensus Estimate for SM’s 2024 EPS is pegged at $6.95. The company has a Zacks Style Score of A for Value. It has witnessed upward earnings estimate revisions for 2025 in the past seven days.
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Enterprise (EPD) Rewards Investors With a Distribution Hike
Enterprise Product Partners L.P. (EPD - Free Report) ), a major player in the energy industry, has announced a 1.9% increase in its quarterly cash distribution for the second quarter of 2024, raising the payment to $0.525 per unit from the previous $0.515. The distribution of $0.525 per unit equates to $2.10 on an annualized basis.
The distribution will be payable on Aug 14 to unitholders of record as of Jul 31, with an ex-dividend date of Jul 31.
This latest distribution marks a 5.0% increase over the distribution declared for the same period in 2023. The consistent increase in distribution reflects Enterprise's robust financial performance and its commitment to returning value to its unitholders.
In addition to the distribution declaration, Enterprise reported the repurchase of $40 million worth of its common units in the open market during the second quarter of 2024. This repurchase is part of the partnership's ongoing buyback program, under which it has utilized 50% of its authorized $2.0 billion. The buyback program further highlights Enterprise's strategic focus on enhancing unitholder value through prudent capital management.
Zacks Rank & Key Picks
Currently, Enterprise carries a Zacks Rank #3 (Hold).
Investors interested in the energy sector may look at some better-ranked stocks like Hess Corporation (HES - Free Report) , Sunoco LP (SUN - Free Report) and SM Energy Company (SM - Free Report) , each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Hess is a leading oil and natural gas exploration and production company that made several world-class oil discoveries in the Stabroek Block, located off the coast of Guyana. The company is currently in the process of being acquired by supermajor Chevron in an all-stock deal worth $53 billion. The merger will likely result in the creation of an energy behemoth with a massive portfolio of producing assets.
The Zacks Consensus Estimate for HES’ 2024 EPS is pegged at $10.28. The company has a Zacks Style Score of B for Growth. It has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 30 days.
Sunoco is a leading wholesale motor fuel distributor in the United States, boasting a vast distribution network spanning 40 states. With long-term contracts servicing more than 10,000 convenience stores, it distributes over 10 fuel brands, ensuring a stable revenue stream. SUN currently has a Value Score of A.
The Zacks Consensus Estimate for 2024 and 2025 earnings per unit is pegged at $7.29 and $7.17, respectively. The partnership has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 60 days.
SM Energy is set to expand its oil-centered operations in the coming years, with an increasing focus on crude oil, especially in the Permian Basin and Eagle Ford regions. The company’s attractive oil and gas investments should create long-term value for shareholders.
The Zacks Consensus Estimate for SM’s 2024 EPS is pegged at $6.95. The company has a Zacks Style Score of A for Value. It has witnessed upward earnings estimate revisions for 2025 in the past seven days.