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Enterprise Products Partners LP EPD

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Morningstar’s Analysis

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Economic Moat




Enterprise Hunkers Down for the Downturn With Its Golden Storage

Stephen Ellis Sector Strategist

Analyst Note

| Stephen Ellis |

As we expected, Enterprise Products Partners’ first-quarter results didn’t show much impact from the collapse in commodity prices in March. Management highlighted enough areas of resilience, particularly around its contracts, for us to hold to our $25.50 fair value estimate and wide moat rating. We continue to believe that Enterprise’s asset portfolio, diversified across basins and hydrocarbons, offers numerous opportunities to put capital to work at attractive returns and profit for short-term dislocations, and the firm remains deeply undervalued. In particular, its storage operations offer a good countercyclical balance at the moment.

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Company Profile

Business Description

Enterprise Products Partners is a master limited partnership that transports and processes natural gas, natural gas liquids, crude oil, refined products and petrochemicals. It is one of the largest midstream companies, with operations servicing most producing regions in the Lower 48 states. Enterprise is particularly dominant in the NGL market and is one of the few MLPs that provide midstream services across the full hydrocarbon value chain.

1100 Louisiana Street, 10th Floor
Houston, TX, 77002
T +1 713 381-6500
Sector Energy
Industry Oil & Gas Midstream
Most Recent Earnings Mar 31, 2020
Fiscal Year End Dec 31, 2020
Stock Type Hard Assets