2024-08-01 04:46:00 ET
Enterprise Products Partners (NYSE: EPD) offers investors the best of both worlds. The master limited partnership (MLP) pays a very high-yielding distribution (recently over 7%) and has a sparkling growth record. The company has raised its distribution twice this year (by 5% overall), extending its growth streak to 26 consecutive years.
The magnificent rise in the MLP's payout seems almost certain to continue. It recently added some expansion projects to its backlog, further extending the clarity on its growth outlook.
The MLP recently announced plans to proceed with a key expansion project along the Houston Ship Channel, to meet strong customer demand for export capacity for natural gas liquids. The company plans to add enough refrigeration at the Enterprise Hydrocarbons Terminal to increase its propane and butane export capacity by about 300,000 barrels per day. The expanded service is expected to begin by the end of 2026.
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This Magnificent Ultra-High-Yield Dividend Stock Continues to Pump More Fuel Into Its Growth Engine