This 7.6%-Yielding Dividend Stock Continues to Demonstrate Why It's a Premier Passive Income Investment
Enterprise Products Partners (NYSE: EPD) has been one of the most reliable income stocks in the energy sector. The master limited partnership (MLP) has increased its cash distribution for 25 years in a row. That's impressive, given the industry's volatility.
The pipeline giant currently offers a 7.6%-yielding payout. That lucrative passive income stream is on an extremely firm foundation, which was evident in the MLP's recently reported first-quarter results.
Enterprise Products Partners produced $1.9 billion of distributable cash flow during the first quarter, roughly flat with the year-ago period. "Enterprise began 2024 with another strong quarter," stated co-CEO Jim Teague in the earnings press release. The company's integrated energy infrastructure system transported the equivalent of 12.3 million barrels per day in the period, including oil, petrochemicals, refined products, natural gas liquids (NGLs), and natural gas. Of note, its marine terminals handled a record 2.3 million barrels of hydrocarbons per day. The company benefited from the contribution of new assets placed into service during the period, which helped offset the impact of weaker commodity prices.
Source Fool.com
