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Rising Oil Prices Fuel Ascent of Midstream Energy Provider

Anyone buying gasoline likely has noticed that energy prices are climbing and that reality has helped to fuel record financial results and a recent rise in the unit price of midstream energy producer Enterprise Products Partners, L.P. (NYSE:EPD), of Houston.

The natural gas and crude oil pipeline partnership beat analysts’ expectations when it recently released first-quarter 2018 financial results and led forecasters to boost their stock price targets for the company. EPD’s stock price has jumped 9.74 percent so far this year and it should go higher amid forecasts of increased economic growth of close to 3 percent in 2018 that likely will spur additional demand.

Enterprise Products Partners, which offers a current yield of 6.45 percent, generated a 23 percent jump in distributable cash flow (DCF) to reach a record $ 1.4 billion for the first quarter of 2018, providing 1.5 times coverage of its $ 0.4275 per unit distribution. That distribution excluded proceeds from asset sales and marked a 3 percent hike from the first quarter of 2017.

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Source: Human Events

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