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EPD · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is Enterprise Products Partners L.P. (EPD) stock moving?
Enterprise Products reported Q3 2026 net income up 21% to $1.6B ($0.75 per unit), adjusted EBITDA up 16% to $2.8B, and operational DCF of $2.3B, which covered declared distributions 1.9x. Distributions were raised 2.8% to $2.24 annualized, record Permian gas processing and pipeline volumes were posted, and the Permian growth outlook was raised. Sources differ on the EPS verdict (Zacks says it beat consensus, Benzinga calls it in line), but sales of $17.95B beat the $14.47B estimate. Against this, co-CEO Jim Teague steps down with Randy Fowler set to become sole CEO in January, and a $1.5B senior notes offering priced Nov 5 adds leverage. Truist kept a Hold and raised its target to $41. The stock jumped to a 38.67 high on Oct 29 with volume above 6.8M, then gave back gains to close 37.13 on Nov 10 on falling volume (2.5M). It is holding in a roughly 36.4 to 37.2 band, about 4% below the post-earnings peak, and near the Truist target there is about 10% upside. Coverage and capital returns support the stock, but the leadership change and debt issuance are open questions.
News behind the analysis
- Enterprise Products Partners Prices $1.5 Billion Senior Notes OfferingSubsidiary Enterprise Products Operating priced a $1.5 billion public offering of senior notes. The new debt adds to the partnership's long-term borrowings.
- Enterprise Products Partners Reports Q3 2026 Financial Results and Leadership TransitionQ3 2026 earnings and cash flow rose, and co-CEO Jim Teague will step down. Randy Fowler is expected to become sole CEO in January.
- Enterprise Products Partners L.P. Reports Third-Quarter 2026 Financial Results and Updates Growth OutlookReported Q3 2026 earnings of $0.75 per unit, which the company said exceeded consensus. It also raised its long-term Permian Basin production growth forecast.
- Truist Securities Maintains Hold on Enterprise Prods Partners, Raises Price Target to $41Truist kept its Hold rating and raised its price target to $41 after the Q3 report. The target sits about 10% above the Nov 10 close of $37.13.
- Enterprise Prods Partners Q3 2026 Earnings Call TranscriptFull transcript of the Q3 2026 earnings call held on Thursday, Oct 29. Management discussed results, growth projects and capital allocation.
- Enterprise Products Partners L.P. Reports Third Quarter 2026 Financial ResultsReported Q3 2026 revenue of $17.95 billion and earnings per share of $0.75. MarketScreener compared the revenue figure with FactSet estimates.
- Enterprise Prods Partners Q3 EPS $0.75, Inline, Sales $17.948B Beat $14.472B EstimateQ3 EPS of $0.75 was in line with estimates, while sales of $17.948B beat the $14.472B estimate. Benzinga's headline differs from Zacks' description of the EPS result.
About Enterprise Products Partners L.P.
Enterprise Products Partners is a Houston-based master limited partnership (MLP) and one of North America's largest midstream energy companies. It owns a large, connected network of pipelines, natural gas processing plants, NGL fractionators, storage and Gulf Coast export terminals, and is known for paying a steady quarterly cash distribution (about $0.56 per unit in Q3 2026). Because it is a partnership, holders own units and get a K-1 tax form rather than a 1099.
How it makes money
It mostly earns fees for gathering, processing, transporting, storing, fractionating and exporting natural gas liquids (NGLs), natural gas, crude oil, petrochemicals and refined products. Many of these fees are set by long-term contracts. NGL services are traditionally its biggest segment by gross operating margin, followed by crude oil, natural gas, and petrochemical and refined products services. Some profit also comes from marketing and from the price spreads on commodities it handles. Gross operating margin was about $2.7 billion in Q3 2026, and the company had roughly $6 billion of growth projects under construction.
What usually moves EPD
- Permian Basin production and NGL volumes
- US NGL, LPG and ethane export demand
- Interest rates and demand for income-paying stocks
- Distribution coverage, buybacks and capital spending
- Commodity price spreads and petrochemical margins