Overview
- Scotiabank raised its price target on EPD to $37 and kept a Sector Perform rating, citing a solid quarter and guidance tracking above consensus.
- Enterprise reported record Q4 2025 EBITDA of $2.7 billion, topping the prior-year quarterly high of $2.6 billion.
- The partnership declared a $0.55 per-unit distribution in January ($2.20 annualized), with 2025 operational distributable cash flow of $7.9 billion covering payouts about 1.7 times and leaving $3.2 billion for reinvestment.
- Management said ethane export terminals are fully contracted and LPG capacity is largely contracted through the end of the decade, supporting earnings visibility.
- Enterprise plans $2.5 billion to $2.9 billion of growth capital this year and $2.0 billion to $2.5 billion in 2027, supported by a low ~3.3x leverage ratio and an A- credit rating.