Enterprise Products announced on Monday that its board of directors decided to declare an increase in the quarterly cash distribution paid to partners to $0.69 per common unit. This is an increase of $0.01 per unit, and the annualized payout comes to $2.76 per unit, versus a prior $2.72 per unit on an annualized basis.
This distribution of only a penny higher may not sound like much on the surface, but it actually could help MLPs with safe distribution. What investors need to know is not just that this is the 46th distribution increase since its initial public offering all the way back in 1998. This distribution hike represents the 37th consecutive quarterly increase from Enterprise.
Trading at $60.45, Enterprise’s 52-week range is $48.52 to $65.59, and its market cap is just over $55 billion. Enterprise’s new distribution yield equivalent is 4.56%.
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