Wells Fargo Upgrades Enterprise Products (EPD) to Overweight on Permian Growth Outlook

Enterprise Products Partners L.P. (NYSE:EPD) is included among the Dividend Stock Portfolio for Income: 15 Stocks to Invest In.

On March 25, Wells Fargo upgraded Enterprise Products Partners L.P. (NYSE:EPD) to Overweight from Equal Weight. It raised the stock’s price target to $42 from $40. The firm said the Iran war is expected to create a “structural shift” in global energy markets, including midstream. The analyst told investors that this could drive higher demand for U.S. energy. Wells Fargo also expects Permian gas and natural gas liquids supply to increase to meet that demand. Based on this view, the firm upgraded three midstream names.

A day earlier, on March 24, Truist Financial initiated coverage on Enterprise Products with a Hold rating and a $36 price target. The firm described the company as a large, well-established midstream MLP with operations spanning liquids and gas from the wellhead to the water. It also noted that Enterprise is “maintaining a strong balance sheet and well-covered distribution.”

Enterprise Products Partners L.P. (NYSE:EPD) 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.

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