Enterprise Products Partners LP

EPD: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$74.00	Lxb	Ynqbkwfj

Enterprise Products Earnings: Weak Quarter Due to Marketing, but Volumes Should Drive Strong 2024

Stephen Ellis

Feb 1, 2024

Enterprise Products Partners' fourth-quarter results were disappointing, but we expect to maintain our $27.50 fair value estimate and wide moat rating. EBITDA for the full year was $9.3 billion, essentially the same as the previous year’s level, whereas our estimate was closer to $9.5 billion. We attribute the difference to lower marketing profits, largely due to weaker natural gas liquids and natural gas pricing.

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