Enterprise Products Partners: 3 Important Facts About This 7.2% Yielding Dividend Aristocrat

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Dividend aristocrats are beloved for their income growth, dependability, and quality.Enterprise Products takes all the best aspects of aristocrats and cranks them up to 11.EPD is the quality king of ...

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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nEnterprise Products Partners: 3 Important Facts About This 7.2% Yielding Dividend Aristocrat\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-06-15 19:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4698942-enterprise-products-partners-3-important-facts-about-this-7-2-percent-yielding-dividend-aristocrat><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Dividend aristocrats are beloved for their income growth, dependability, and quality.Enterprise Products takes all the best aspects of aristocrats and cranks them up to 11.EPD is the quality king of ...</p>\n\n<a href=\"https://seekingalpha.com/article/4698942-enterprise-products-partners-3-important-facts-about-this-7-2-percent-yielding-dividend-aristocrat\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU2237443978.SGD","symbol_name":"Aberdeen Standard SICAV I - Global Dynamic Dividend A Acc SGD-H","start_time":0,"source_url":"https://seekingalpha.com/article/4698942-enterprise-products-partners-3-important-facts-about-this-7-2-percent-yielding-dividend-aristocrat","article_id":"2443996387","we_media_id":null,"thumbnails":["https://static.seekingalpha.com/cdn/s3/uploads/getty_images/71418271/image_71418271.jpg"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2443996387","pubTimestamp":1718449200,"sourceInfo":{"source_id":"seekingalpha","name":"Seeking Alpha"},"weMediaInfo":null,"summary":"Let me share with you the three reasons why you should consider Enterprise. Come for the 7.2% very low-risk yield, but stay for these three incredible facts. Fact 1: Enterprise Quality Is Stunning Enterprise Products was co-founded by Dan L. Duncan in 1968. Duncan started the company with just $10,000 and two propane delivery trucks. Over the years, he grew the company significantly, taking it public in 1998. By his death in 2010, Enterprise Products had expanded to own more than 48,700 miles of pipelines and nearly 220 million barrel equivalents of storage capacity for natural gas and NGLs. Enterprise Products Partners is often praised for its strategic management and operational excellence. Morningstar has described the company's management as \"chess masters in an industry whe","collect":0,"end_time":0,"defaultTopTitle":"seekingalpha.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU2237443978.SGD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A Acc SGD-H","BK4585":"ETF&股票定投概念","SWAN":"Amplify BlackSwan Growth & Treasury Core ETF","BK4534":"瑞士信贷持仓","BK4559":"巴菲特持仓","ENB":"安桥","BK4588":"碎股","LU1150488218.USD":"First Eagle Amundi Income Builder AU2-MD USD","BK4561":"索罗斯持仓","BK4581":"高盛持仓","VOO":"Vanguard标普500ETF","BK4590":"PTP","LU1150488135.SGD":"First Eagle Amundi Income Builder AHS-MD SGD-H","LU0238689110.USD":"贝莱德环球动力股票基金","EPD":"Enterprise Products Partners L.P","LU2237443382.USD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A MIncA USD","LU2237443549.SGD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A MIncA SGD-H","BK4144":"石油与天然气的储存和运输","LU2237443622.USD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A Acc USD"},"translate_title":"Enterprise Products Partners：关于这位股息收益率为7.2%的贵族的3个重要事实","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"VOO":1,"SWAN":1,"EPD":1,"ENB":1,"US7Y.BOND":0.9,"US6M.BOND":0.9,"US5Y.BOND":0.9,"US3Y.BOND":0.9,"US30Y.BOND":0.9,"US2Y.BOND":0.9,"US12M.BOND":0.9,"US10Y.BOND":0.9,"US912797GL51.BOND":0.6,"US912797GK78.BOND":0.6,"US912797GB79.BOND":0.6,"US912797FS14.BOND":0.6,"US912797GW17.BOND":0.6,"US912797HE00.BOND":0.6},"content_text":"Dividend aristocrats are beloved for their income growth, dependability, and quality.Enterprise Products takes all the best aspects of aristocrats and cranks them up to 11.EPD is the quality king of midstream and the only A-rated aristocrat with a 7%-plus yield.EPD's median peak decline in bear markets is 12% compared to a 60-40's 18% decline. Its average bear market returns are +5%.EPD is 16% undervalued with 27% potential upside to fair value potential within the next year, 70% within three years, 140% within five years, and 13% to 14% long-term total return potential. That matches the historical 14% returns over the last 26 years.   John M Lund Photography IncDividend aristocrats are beloved for their dependability and quality. Dividend Kings Zen Research Terminal Dividend Kings Zen Research Terminal The entire dividend champion group offers a yield almost two times that of the S&P, with a far superior valuation profile. S&P Valuation Profile         Week 24     % Of Year Done 2024 Weighting 2025 Weighting   46.15% 53.85% 46.15%   Forward S&P EV/EBITDA (Cash-Adjusted Earnings) 10-Year Average Market Overvaluation   14.24 13.50 5.22%   S&P Fair Value Decline To Fair Value Cash-Adjusted Fair Value PE:    5,162.13 4.96% 19.5   Click to enlarge (Source: Dividend Kings S&P Valuation Tool)        Potential Overvaluation S&P 10-Year Average Cash-Adjusted PEG S&P Current Cash-Adjusted PEG   -31.41% 1.77 1.21   Click to enlarge (Source: Dividend Kings S&P Valuation Tool) The market is about 5% overvalued and the dividend champions are 7% undervalued. They have 89% Super SWAN quality with 93% dividend safety, indicating approximately 0.5% risk of a dividend cut and a 1% risk in a severe recession. S&P rates the dividend champions as BBB+ companies, with a 4.1% 30-year bankruptcy risk and 66th percentile global risk management.   S&PIn other words, a group of exceptionally high-quality companies with wide moats, 8% growth rates, and 10% to 11% long-term return potential. However, what if I told you that Enterprise Product Partners (NYSE:EPD) was a dividend champion (aristocrat not in the S&P) with a 7.2% yield, 13% to 14% return potential, and the highest quality in its industry? Let me share with you the three reasons why you should consider Enterprise. Come for the 7.2% very low-risk yield, but stay for these three incredible facts. Fact 1: Enterprise Quality Is Stunning Enterprise Products was co-founded by Dan L. Duncan in 1968. Duncan started the company with just $10,000 and two propane delivery trucks. Over the years, he grew the company significantly, taking it public in 1998. By his death in 2010, Enterprise Products had expanded to own more than 48,700 miles of pipelines and nearly 220 million barrel equivalents of storage capacity for natural gas and NGLs. Enterprise Products Partners is often praised for its strategic management and operational excellence. Morningstar has described the company's management as \"chess masters in an industry where others are playing checkers,\" highlighting their ability to navigate complex market conditions and make astute business decisions. Here are a few examples of why EPD's management is considered brilliant: Resilient Business Model: EPD has demonstrated tremendous resilience through various market cycles, including the financial crisis of 2007-2008, the oil price collapse from 2014 to 2017, and the COVID-19 pandemic. Since 2005, the company has consistently delivered a double-digit return on invested capital - ROIC. Investor PresentationStrategic Acquisitions and Expansions: The company has made several strategic acquisitions, such as the $3.25 billion acquisition of Navitas Midstream Partners, which expanded its footprint in the Midland Basin. This acquisition will add significant cash flow and enhance EPD's operational synergies. EPD has also invested in growth projects like the Appalachia-to-Texas pipeline (ATEX Express) and multiple natural gas liquids - NGL - plants in the Midland and Delaware Basins, which are expected to drive future growth. Financial Strength and Distribution Increases: EPD has a strong financial position, with a leverage ratio 3x and solid credit ratings (A- and A3). The company has increased its distribution for 25 consecutive years, with a compound annual growth rate of approximately 7%. Operational Efficiency: The company's integrated midstream network maximizes cash flow and operational efficiency. EPD's ability to link and leverage new builds with existing infrastructure has been critical to its success. Investor PresentationThat brilliant management team owns 32% of the stock. $4.5 billion in annual distributions and $1.5 billion goes to management. Management earns $46 million annually, but nothing is as motivating as $1.5 billion annually in safe, tax-deferred distributions. Perplexity That's $46 per second, a cool $4 million daily, including weekends and holidays. Investor PresentationManagement has distributed $53 billion to investors since the IPO, including $17 billion to themselves. This is a perfect alignment with investors. When investors get paid, management gets a 32% cut. Investor PresentationEPD is the only A-rated aristocrat yielding 7% or more, though ENB and BTI may join it in a few years. Management plans to achieve dividend king status with a 50-year payout growth streak. FactSet Research TerminalThe bond market believes management will succeed with its long-term plan. It's willing to lend EPD money for over 50 years at 6.6%, a very reasonable rate. The Final Arbiter Of Quality: Mr. Market Is Never Wrong Over Time Investor presentation Fact 2: This Aristocrat's Bear Market Defensiveness Is Legendary EPD is an energy utility, and its bear market profile reflects this.         Metric US Stocks (VOO) 60-40 (BAGPX) Enterprise Products Partners   Yield 1.27% 2.58% 7.22%   2022 Bear Market (1/4/22-10/12/22 -27.5% -21.1% 13.5%   Pandemic (2/19/20-3/23/20) -35.3% -21.7% -49.1%   2018 Bear Market (9/21/2018-12/25/2018) -20.2% -11.6% -17.9%   2011 Debt Ceiling Crisis (4/29/2011-10/3/2011) -21.6% -10.8% -6.1%   Great Recession (10/8/2007-3/2/2009) -55.2% -29.9% -29.7%   Tech Crash (3/27/2000 - 10/7/2002) -49.2% -18.6% 119.6%   1990 Bear Market (7/17/1990-10/11/1990) -20.4% -8.7% NA   Average Bear Market -32.8% -17.5% 5.1%   Median Bear Market -27.5% -18.6% -12.0%   S&P Correlation During Crisis 1.00 0.84 -0.30   Tech Boom (10/12/1990-3/27/2000) 534.9% 388.9% 7.3%   Lost Decade Total Returns (3/27/2000-12/19/2011) -1.7% 42.3% 889.0%   ZIRP Era Total Returns (12/16/2008-3/16/2022) 524.5% 266.3% 406.5%   Post-Pandemic Total Returns (3/23/2020-6/5/24) 155.2% 67.4% 200.5%   Annual Returns Since Inception/1985 11.3% 8.1% 14.0%   Consensus Growth Rate 11.7% 7.0% 6.4%   Consensus Future Returns 13.0% 9.6% 13.6%   Historical Tax Expense 7.2% 20.8% 0.00%   Post-Tax Consensus Return Potential 12.3% 7.7% 13.6%   Expense Ratio 0.03% 0.03% 0.00%   Net Consensus Return Potential 12.2% 8.4% 13.6%   Negative Correlation- (SWAN)Adjusted Net Return Potential 6.1% 4.6% 19.5%   Click to enlarge (Source: Dividend Kings Portfolio Optimizer Tool) EPD's median bear market peak decline has been just 12%, far less than the S&P's 28% and 60-40's 19%. According to the FactSet median consensus of all 23 analysts covering it, EPD's 14% historical total returns are expected to continue for the foreseeable future. Fact 3: Enterprise Is One Of The Best Ultra Yield Aristocrat Opportunities On Wall Street Here's the fundamental summary for EPD. Dividend Kings Zen Research Terminal It's 16% historically undervalued, a potentially strong buy for anyone comfortable with its risk profile and complex tax treatment. It offers a 27% upside potential over the next 12 months. That's not a forecast. It's what EPD could be if it grows as expected and returns to historically fair value. Consider justified upside potential as \"what gains would be 100% sanctified by the righteousness of fundamentals?\" Consensus Upside Potential Through 2029: 140% = 17% annually FAST Graphs, FactSetEPD offers an attractive 140% upside potential over the next five years, a solid 17% annually if it grows as expected and returns to its historical fair value. Consensus Upside Potential Through 2023: 70% = 22% CAGR FAST Graphs, FactSetRisk Profile: Why Enterprise Isn't Right For Everyone First, EPD is an MLP with a K-1 tax form that some investors hate. My CPA has recommended that I avoid LPs in my family fund for complex tax reasons that I don't fully understand. That's the only reason I don't own EPD. If it ever converted to a C-corp, I would love to instantly add it to my portfolio, but that isn't likely. The Tax Implications of A C-Corp Conversion For Enterprise.  Depending on how the conversion is structured, MLPs like EPD can potentially convert to a C-corporation structure without triggering a taxable event for investors. Most MLP conversions to C-corps announced so far have been treated as taxable events for unitholders, requiring them to pay taxes on deferred gains from the return of capital distributions received over the years. However, some conversions can be structured as tax-free transactions for unitholders if they're done through specific methods, such as mergers or check-the-box elections. In a tax-free conversion, unitholders generally carry over their original tax basis to the new corporate shares received, deferring any taxable gains until those shares are eventually sold. The MLP conversion of KKR in 2018 is an example of a tax-free transaction for U.S. federal and state income tax purposes. Viper Energy Partners' announced conversion in 2018 was also structured as a non-taxable event for public unitholders by making a check-the-box election. So, in summary, while most MLP conversions tend to be taxable for investors, there are ways for MLPs like EPD to potentially structure their conversion as a tax-free transaction by utilizing specific methods permitted under tax laws. The Pros And Cons Of Corporate Conversion The biggest reason to convert to a C-corp is that it would allow EPD to join the S&P and become an official dividend aristocrat. This would increase the number of funds and ETFs that can own it and likely increase its long-term fair value cash flow multiple. However, management looked at this proposal in 2020 and chose not to convert even though it could be done without triggering a taxable event. Why? If EPD were a C-corporation, it would pay corporate taxes compared to today, when it pays almost nothing. In 2023, it generated $5.7 billion in pre-tax income. Its tax bill? $44 million or 0.78%.  With corporate taxes likely to rise, EPD has no fundamental benefit to \"check the box.\" Think of it like this. If EPD remains an MLP, the first 100% of your cost basis in distributions is the return of capital and merely lowers your cost basis to zero. If you never sell, you never pay taxes on your cost basis. When you die, the step-up provision resets the cost basis to the closing price on the day of your death. Your heirs can permanently defer those taxes you never paid on the original cost basis worth of distributions. If EPD converts to a C-corporation, all future dividends will be subject to the same dividend tax rate as qualified dividends. Kiplinger, Vanguard, Investopedia, PerplexityKeep in mind that most states also tax dividends. Kiplinger, Vanguard, Investopedia, PerplexityKiplinger, Vanguard, Investopedia, PerplexityKiplinger, Vanguard, Investopedia, PerplexityKiplinger, Vanguard, Investopedia, PerplexityKiplinger, Vanguard, Investopedia, PerplexityDividend Tax Rate for the Highest Tax Bracket in NYC For individuals in the highest tax bracket in NYC, the combined federal and state tax rates on dividends are as follows: Qualified Dividends:   Federal Tax Rate: 20%  Net Investment Income Tax (NIIT): 3.8%  New York State Tax Rate: 10.9%  New York City Tax Rate: 3.876%  The total combined tax rate for qualified dividends:20%+3.8%+10.9%+3.876%=38.576%20%+3.8%+10.9%+3.876%=38.576% Non-Qualified (Ordinary) Dividends:   Federal Tax Rate: 37%  Net Investment Income Tax (NIIT): 3.8%  New York State Tax Rate: 10.9%  New York City Tax Rate: 3.876%  Total combined tax rate for non-qualified dividends:37%+3.8%+10.9%+3.876%=55.576%37%+3.8%+10.9%+3.876%=55.576% As you can see, taxes are something that individual investors have to consider. For example, the dividend tax rate for the highest income earnings in New York City is 56%. That's why the rich of NYC don't invest in REITs in taxable accounts. They own physical real estate, which has powerful tax advantages. Foreign Investors Be Warned: Your Tax Treatment Is Different Non-US investors in Master Limited Partnerships (MLPs) face specific tax implications: Withholding Tax: The US will withhold taxes from MLP distributions at the highest individual tax rate, which is currently 37% for non-corporate foreign partners. Filing Requirements: Non-US investors must file US tax returns to report the income and any gains from the sale of MLP units. State Taxes: State income taxes may also apply depending on the states in which the MLP operates. Highest Tax Rates for MLPs by Country Here are the highest tax rates for MLP distributions for non-US investors by country: Highest Tax Rates for MLP Investors in EU Countries For non-US investors in Master Limited Partnerships (MLPs), the tax treatment can be complex and varies by country. Here are the top 10 EU countries with the highest personal income tax rates, which would apply to MLP distributions: 1. Denmark: 55.9%2. France: 55.4%3. Austria: 55.0%4. Spain: 54.0%5. Portugal: 53.0%6. Sweden: 52.3%7. Finland: 51.4%8. Slovenia: 50.0%9. Netherlands: 49.5%10. Ireland: 48.0% These rates represent the top statutory personal income tax rates in these countries for 2024. MLP distributions to non-US investors are typically subject to withholding at the highest marginal tax rate, which means these high tax rates would apply to the distributions received by investors in these countries. Total returns over the long term = yield + growth. So, if you lose 55% of the yield on EPD, the total return can fall to as low as 9% long-term, assuming it grows as analysts expect. Bottom Line: Enterprise's 7.2% Yield Is Just The Beginning Enterprise and Enbridge (ENB) are the quality kings of midstream. And Enterprise has what some analysts consider to be the superior management team.  EPD quality score: 91% ENB: 90%  \"Chess masters in an industry where everyone else is playing checkers.\" - Morningstar EPD is hard to beat if you want to sleep well at night, enjoy incredible, very low-risk income today, and steady and dependable annual increases in all market and economic conditions. For complex tax reasons, I cannot own EPD in my family fund. However, if that weren't the case, it would join the Fantastic Five and create the Super Six. EPD is an excellent choice for anyone looking for an alternative to Enbridge. The yields and growth rates are similar, and EPD's performance during bear markets is slightly better.  I consider it a high conviction (80% Templeton/Mark's certainty limit) confidence recommendation. It's the kind of blue chip that if it ever drops 5%, 10%, or 15% in a day, the knee-jerk reaction can usually be, \"This is a buying opportunity overreaction.\"","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.26.4","shortVersion":"4.26.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2443996387"}