2025年涨过头了?Wolfe下调Enterprise Products Partners评级至“跑输同业” :估值已偏高,优势不再

智通财经
Jan 15

Wolfe Research发表研报,将中游能源企业Enterprise Products Partners(EPD.US)评级从“与同业持平”下调至“跑输同业”,同时给出31美元目标价。Wolfe指出,2025年公司业绩表现十分疲软,股价却走出亮眼行情,这波“例外行情”直接导致其当前估值相较同业明显偏高。

分析师Keith Stanley认为,Enterprise Products已不再具备享有高于中游能源合伙企业(MLP)同业估值溢价的底气。原因在于,该公司在2025年的表现印证了其业务防御性并不突出;当前资产负债表状况与多数同业趋同,此前的竞争优势大幅削弱;核心的二叠纪盆地天然气凝析油增长业务,正面临激烈的市场竞争,且行业产能过剩风险日益加剧。

Stanley同时表示,对于2026年石油市场的最终回暖,以及二叠纪盆地天然气运输瓶颈的缓解持谨慎乐观态度——这两大趋势将利好聚焦二叠纪盆地的相关个股。但他强调,经历2025年的股价大涨后,Enterprise Products的股价上涨空间远不及同业个股。此外,考虑到公司管理层向来秉持保守的资本配置策略,市场期待已久的本年度股票回购规模上调计划,最终也可能会让投资者大失所望。

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