Overview
- Scotiabank’s Brandon Bingham lifted Enterprise Products’ target to $37 on February 5 and kept a Sector Perform rating, pointing to a solid quarter and guidance running ahead of consensus.
- Enterprise reported record fourth‑quarter 2025 EBITDA of $2.7 billion, topping the prior high from late 2024.
- Management said ethane export terminals are fully contracted, all 20 Permian processing trains expected by year‑end are contracted, and LPG export capacity is largely booked through the end of the decade.
- Lower crude prices weighed on marketing results, with average oil prices roughly $12 per barrel below 2024 levels compressing spreads.
- The analyst backdrop remains divided, with RBC maintaining Buy at $35, Morgan Stanley maintaining Sell at $34 on January 28, and CNN reporting about 57% Buy ratings.