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

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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...

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Wolfe Downgrades Enterprise Products Partners to \"Underperform\": Valuation Already High, Edge No More","themeId":"","isJumpTheme":false,"ttsUrl":"https://static.tigerbbs.com/bc2fd7beffabde724ddc5847bf757832","symbols_score_info":{"MLP":1,"QGmain":0.6,"UGAZ":0.6,"UNG":0.6,"MNGmain":0.6,"DGAZ":0.6,"NGmain":0.61},"content_text":"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。","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.42.0","shortVersion":"4.42.0","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1150022817","isCrawlerRequest":true}