Enterprise Products Partners (EPD) is positioned for another solid quarter as pricing and volumes in its core energy markets settle back to more typical levels, with investor attention on export demand, spot cargo sales and growing production from the Permian Basin, RBC Capital said Monday in a report.

RBC expects Q3 adjusted EBITDA of $2.69 billion, below its prior estimate of $2.75 billion and above the FactSet consensus of $2.68 billion. The report cited margins and volumes returning to normal levels, reduced benefits from earlier Strategic Petroleum Reserve releases, and a month of downtime at Enterprise's PDH2 petrochemical facility.

RBC lowered its 2026 adjusted EBITDA forecast to $11.01 billion from $11.07 billion while maintaining its 2027 estimate at $11.46 billion, with earnings expected to increase in 2027 as new organic growth projects begin operating.

The analyst kept 2026 and 2027 growth-capital spending estimates unchanged and continues to model $150 million in quarterly common-unit buybacks in H2, rising to $200 million per quarter in 2027 as lower capital spending supports free cash flow growth.

Q3 results are expected Oct. 27.

RBC maintained its outperform rating on Enterprise stock with a price target of $42.

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