During third quarter 2011, the company paid a dividend of 61.25 cents per share, up 5.2% from 58.25 cents per share in the same quarter earlier year. EPD generated record distributable cash flow of $856 million during the quarter, vs. $573 million in the same period in 2010. Currently, the stock has a dividend yield of 5.3% and 5.3% one-year dividend growth, as per data compiled by Bloomberg.
Total revenue for the quarter was $11.3 billion, up 40.2% from $8.06 billion in the year-ago quarter. Net income grew to $480 million, or 55 cents per diluted share, from $348 million, or 18 cents, in the same quarter prior year. Net operating cash flow stood at $473.7 million during the quarter. During the quarter, total natural gas pipeline volumes increased 5% to a record 13.4 trillion British thermal units per day. NGL fractionation volumes increased 16% to a record 554 thousand barrels per day for the quarter.The company has announced plans to design, construct and operate a long-haul pipeline to transport ethane from the Marcellus and Utica shale plays in Pennsylvania, West Virginia and Ohio to the U.S. Gulf Coast. Recently, EPD announced plans to expand and extend a seaway crude oil pipeline that will help ease the glut of crude at Cushing, Okla. Of the 22 analysts covering the stock, 86% recommend a buy and 9% rate a hold. A consensus forecast of analysts polled by Bloomberg has average 12-month price target of $49.69 for the stock, about 10.4% higher than the current price.