Enterprise Products Partners L.P. (NYSE:EPD) announced the start of service on its Rancho II pipeline between Sealy, Texas and the partnership’s ECHO terminal in southeast Houston. The 88-mile, 36-inch diameter pipeline will transport various grades of crude oil, condensate and processed condensate from the Permian Basin and the Eagle Ford Shale.
“The Rancho II pipeline is an integral part of Enterprise’s larger efforts to expand its crude oil and condensate network in Texas,” said Michael A. Creel, chief executive officer of Enterprise’s general partner. “Combined with our existing Eagle Ford assets and recently announced Midland-to-Sealy pipeline, Rancho II enhances our ability to provide crude oil and condensate from key producing areas with direct access to every refinery in Houston, Texas City, Beaumont and Port Arthur, as well as Enterprise’s marine facilities through our ECHO distribution system.”
Enterprise Products Partners L.P. is one of the largest publicly traded partnerships and a leading North American provider of midstream energy services to producers and consumers of natural gas, NGLs, crude oil, refined products and petrochemicals. Our services include: natural gas gathering, treating, processing, transportation and storage; NGL transportation, fractionation, storage and import and export terminals; crude oil and refined products transportation, storage and terminals; petrochemical transportation and services; and a marine transportation business that operates primarily on the United States inland and Intracoastal Waterway systems. The partnership’s assets include approximately 49,000 miles of pipelines; 225 million barrels of storage capacity for NGLs, crude oil, refined products and petrochemicals; and 14 billion cubic feet of natural gas storage capacity. (Original Source)
Shares of Enterprise Products Partners opened today at $27.38. EPD has a 1-year high of $41.25 and a 1-year low of $24.62. The stock’s 50-day moving average is $27.41 and its 200-day moving average is $30.37.
On the ratings front, Enterprise Products Partners has been the subject of a number of recent research reports. In a report issued on July 31, Wunderlich Securities analyst Jeffrey Birnbaum maintained a Buy rating on EPD. Separately, on the same day, Stifel Nicolaus’ Selman Akyol reiterated a Buy rating on the stock and has a price target of $34.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Jeffrey Birnbaum and Selman Akyol have a total average return of -10.1% and 0.0% respectively. Birnbaum has a success rate of 11.1% and is ranked #3435 out of 3765 analysts, while Akyol has a success rate of 47.0% and is ranked #2559.
Enterprise Products Partners LP is a energy company. It provides services to producers and consumers of natural gas, natural gas liquids (NGLs), crude oil and certain petrochemicals.