<p>当你投资于收入时，购买收益最高的投资产品的诱惑是巨大的。这是可以理解的，因为这至少在短期内会带来更大的收入流。但如果你是一个长期的分红投资者，你必须抵制这种诱惑。</p>
<p>有时候，购买一家历史上经营良好的公司的低收益股票，比购买一家历史不太令人印象深刻的公司的高收益股票要好。这正是今天你比较 <strong>Energy Transfer</strong>（ET -1.15%）与 <strong>Enterprise Products Partners</strong>（EPD 0.57%）时的情况。</p>
<h2>Energy Transfer 是做什么的？</h2>
<p>Energy Transfer 是一家专注于能源行业中游环节的能源公司。这意味着它拥有帮助全球运输石油和天然气的基础设施。</p>
<p>然而，关键在于 Energy Transfer 的业务主要是基于费用的。作为一个收费者，流经其系统的商品价格并不如对这些产品的需求重要。无论能源价格如何，能源需求往往保持强劲。</p>
<p>Enterprise Products Partners 的情况基本相同。与 Energy Transfer 一样，它是北美最大的中游企业之一。虽然这两家 MLP 所拥有的基础资产显然存在差异，但如果投资者从商业角度看待它们，认为它们在某种程度上是可以互换的，也是可以理解的。</p>
<p>考虑到 Energy Transfer 的分配收益率为 7%，而 Enterprise 的收益率为 6.4%，你可能会被诱惑选择更高的收益率。这是一个错误。</p>
<h2>为什么 Enterprise Products Partners 是更好的选择</h2>
<p>这有几个原因，但第一个直接与分配有关。虽然 Energy Transfer 的分配最近有所增加，但在新冠疫情期间曾被削减了一半。那时能源行业面临严重压力，因此削减分配的决定并不不合理。这确保了 MLP 在一个非常不确定的时期拥有流动性。</p>
<p>Enterprise Products Partners 在 2020 年增加了分配，并且现在已经连续 26 年每年增加分配。在过去的四分之一世纪中，经历了多次能源低迷，因此 Enterprise 显然表现出更可靠的收入股票。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/8086081c855997e8a885c1d333797a24.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/8086081c855997e8a885c1d333797a24.png"/></p>
<p>ET 每股分红（季度）数据来自 YCharts</p>
<p>选择 Enterprise Products 而非 Energy Transfer 的下一个原因是财务实力。正如下图所示，Energy Transfer 的债务与 EBITDA（息税折旧摊销前利润）比率在过去十年中显著下降。</p>
<p>这很好，但 Enterprise Products Partners 的债务与 EBITDA 比率在整个期间内一直较低，并且仍然保持较低。事实上，Enterprise 的杠杆通常处于行业同类企业的低端。它的管理非常保守，并且一直如此。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/d439b3b257112ab249812b872fc80f19.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/d439b3b257112ab249812b872fc80f19.png"/></p>
<p>ET 财务债务与 EBITDA（TTM）数据来自 YCharts</p>
<p>第三个原因有点模糊，一些投资者可能认为这个故事今天已经太旧而不值得关注。然而，在 2016 年，Energy Transfer 同意收购 <strong>Williams Companies</strong>。能源行业的低迷促使它重新考虑该交易，并最终取消了它。为此，Energy Transfer 发行了可转换证券，将相当数量的混合资产出售给当时的首席执行官——这一过程引起了一些观察者的质疑。那位首席执行官是现任董事会主席。</p>
<p>这是一个复杂的时期，取消 Williams 交易的决定可能是正确的。然而，结束交易的方式令人担忧，表明 Energy Transfer 更关心内部人士而非持有人。Enterprise Products Partners 的过去没有类似事件。当你将 Energy Transfer 在 2016 年的决定与 2020 年的分配削减结合起来时，如果你是一个收入投资者，这就形成了一个令人担忧的模式。</p>
<h2>没有公司是完美的，但为什么要将就？</h2>
<p>每个企业都会经历困难时期。每个企业都会做出后来后悔的决定。然而，如果你将 Enterprise 与 Energy Transfer 进行比较，很明显 Enterprise 是更可靠的收入股票。为了获得从 Energy Transfer 中获得的额外 60 个基点的收入而降低投资标准是不值得的，因为从分配的可靠性、杠杆和影响持有人的重大决策来看，Energy Transfer 显然是一个不太理想的中游投资。</p>

<p>这篇文章将能源转移公司（Energy Transfer）和企业产品合伙公司（Enterprise Products Partners）作为股息股票进行了比较。虽然能源转移公司提供了更高的 7% 的收益率，但它有过削减分配的历史，特别是在疫情期间。相比之下，企业产品合伙公司已经连续 26 年增加其分配，并且维持较低的债务与息税折旧摊销前利润（EBITDA）比率，显示出更强的财务健康状况。文章总结认为，尽管收益率略低，企业产品合伙公司由于其稳定性和管理决策，是长期股息投资者更可靠的选择</p>

<p>When you invest for income, there's a huge temptation to buy the highest-yielding investments you can. That's understandable since it will result, at least in the near term, in a larger income stream. But you have to resist that temptation if you are a long-term dividend investor.</p>
<div class="lb-trans"><p>当你投资于收入时，购买收益最高的投资产品的诱惑是巨大的。这是可以理解的，因为这至少在短期内会带来更大的收入流。但如果你是一个长期的分红投资者，你必须抵制这种诱惑。</p>
</div><p>Sometimes, it is better to buy a lower yield backed by a historically well-run company than to buy a high yield from a company with a less-than-impressive history. This is exactly the case when you compare <strong>Energy Transfer</strong>(ET -1.15%) to <strong>Enterprise Products Partners</strong>(EPD 0.57%) today.</p>
<div class="lb-trans"><p>有时候，购买一家历史上经营良好的公司的低收益股票，比购买一家历史不太令人印象深刻的公司的高收益股票要好。这正是今天你比较 <strong>Energy Transfer</strong>（ET -1.15%）与 <strong>Enterprise Products Partners</strong>（EPD 0.57%）时的情况。</p>
</div><h2>What does Energy Transfer do?</h2>
<div class="lb-trans"><h2>Energy Transfer 是做什么的？</h2>
</div><p>Energy Transfer is an energy company with a focus on the midstream segment of the industry. That means it owns the infrastructure that helps to move oil and natural gas around the world.</p>
<div class="lb-trans"><p>Energy Transfer 是一家专注于能源行业中游环节的能源公司。这意味着它拥有帮助全球运输石油和天然气的基础设施。</p>
</div><p>The key, however, is that Energy Transfer's business is heavily fee based. As a toll taker, the price of the commodities flowing through its system is less important than the demand for those products. Energy demand tends to remain strong no matter what is going on with energy prices.</p>
<div class="lb-trans"><p>然而，关键在于 Energy Transfer 的业务主要是基于费用的。作为一个收费者，流经其系统的商品价格并不如对这些产品的需求重要。无论能源价格如何，能源需求往往保持强劲。</p>
</div><p>Enterprise Products Partners is basically the same story. Like Energy Transfer, it is one of the largest midstream players in North America. There are clearly differences in the underlying assets each of these MLP's owns, but it would be understandable if an investor viewed them as somewhat interchangeable from a business perspective.</p>
<div class="lb-trans"><p>Enterprise Products Partners 的情况基本相同。与 Energy Transfer 一样，它是北美最大的中游企业之一。虽然这两家 MLP 所拥有的基础资产显然存在差异，但如果投资者从商业角度看待它们，认为它们在某种程度上是可以互换的，也是可以理解的。</p>
</div><p>And given that Energy Transfer's distribution yield is 7% while Enterprise's yield is 6.4%, you might be tempted to simply opt for the higher yield. That's a mistake.</p>
<div class="lb-trans"><p>考虑到 Energy Transfer 的分配收益率为 7%，而 Enterprise 的收益率为 6.4%，你可能会被诱惑选择更高的收益率。这是一个错误。</p>
</div><h2>Why Enterprise Products Partners is a better choice</h2>
<div class="lb-trans"><h2>为什么 Enterprise Products Partners 是更好的选择</h2>
</div><p>There are a few reasons for this, but the first one relates directly back to the distribution. While Energy Transfer's distribution has been increasing lately, it was cut in half during the coronavirus pandemic. The energy sector was under severe strain at that time, so the decision to cut the distribution isn't unreasonable. It ensured the MLP had liquidity in what was a very uncertain time.</p>
<div class="lb-trans"><p>这有几个原因，但第一个直接与分配有关。虽然 Energy Transfer 的分配最近有所增加，但在新冠疫情期间曾被削减了一半。那时能源行业面临严重压力，因此削减分配的决定并不不合理。这确保了 MLP 在一个非常不确定的时期拥有流动性。</p>
</div><p>Enterprise Products Partners increased its distribution in 2020 and has now increased its distribution annually for 26 consecutive years. There have been multiple energy downturns in the last quarter century, so Enterprise has clearly shown itself to be a more reliable income stock.</p>
<div class="lb-trans"><p>Enterprise Products Partners 在 2020 年增加了分配，并且现在已经连续 26 年每年增加分配。在过去的四分之一世纪中，经历了多次能源低迷，因此 Enterprise 显然表现出更可靠的收入股票。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/8086081c855997e8a885c1d333797a24.png" alt="" original-src="https://media.ycharts.com/charts/8086081c855997e8a885c1d333797a24.png"/></p>
<p>ET Dividend Per Share (Quarterly) data by YCharts</p>
<div class="lb-trans"><p>ET 每股分红（季度）数据来自 YCharts</p>
</div><p>The next reason to prefer Enterprise Products over Energy Transfer is financial strength. As the chart below highlights, Energy Transfer's debt-to-EBITDA (earnings before interest, taxes, depreciation, and amortization) ratio has come down materially over the past decade.</p>
<div class="lb-trans"><p>选择 Enterprise Products 而非 Energy Transfer 的下一个原因是财务实力。正如下图所示，Energy Transfer 的债务与 EBITDA（息税折旧摊销前利润）比率在过去十年中显著下降。</p>
</div><p>That's good, but Enterprise Products Partners' debt-to-EBITDA ratio was lower the entire time and still remains lower. In fact, Enterprise's leverage is generally at the low end of the industry relative to similarly sized peers. It is conservatively managed and always has been.</p>
<div class="lb-trans"><p>这很好，但 Enterprise Products Partners 的债务与 EBITDA 比率在整个期间内一直较低，并且仍然保持较低。事实上，Enterprise 的杠杆通常处于行业同类企业的低端。它的管理非常保守，并且一直如此。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/d439b3b257112ab249812b872fc80f19.png" alt="" original-src="https://media.ycharts.com/charts/d439b3b257112ab249812b872fc80f19.png"/></p>
<p>ET Financial Debt to EBITDA (TTM) data by YCharts</p>
<div class="lb-trans"><p>ET 财务债务与 EBITDA（TTM）数据来自 YCharts</p>
</div><p>The third reason is a bit more nebulous, and some investors might think the story is too old to care about today. However, in 2016 Energy Transfer agreed to buy <strong>Williams Companies</strong>. An energy industry downturn led it to reconsider that deal and, eventually, kill it. To do so, Energy Transfer issued convertible securities, selling a notable amount of the hybrid assets to the then CEO -- a process that some observers questioned. That CEO is the current chairman of the board of directors.</p>
<div class="lb-trans"><p>第三个原因有点模糊，一些投资者可能认为这个故事今天已经太旧而不值得关注。然而，在 2016 年，Energy Transfer 同意收购 <strong>Williams Companies</strong>。能源行业的低迷促使它重新考虑该交易，并最终取消了它。为此，Energy Transfer 发行了可转换证券，将相当数量的混合资产出售给当时的首席执行官——这一过程引起了一些观察者的质疑。那位首席执行官是现任董事会主席。</p>
</div><p>This was a complicated period, and the decision to scuttle the Williams deal was probably the right call. However, the manner in which the deal was ended is troubling and suggests that Energy Transfer was more worried about insiders than unitholders. There is no similar event in Enterprise Products Partners' past. And when you combine Energy Transfer's 2016 decision with the distribution cut in 2020, it creates a troubling pattern if you are an income investor.</p>
<div class="lb-trans"><p>这是一个复杂的时期，取消 Williams 交易的决定可能是正确的。然而，结束交易的方式令人担忧，表明 Energy Transfer 更关心内部人士而非持有人。Enterprise Products Partners 的过去没有类似事件。当你将 Energy Transfer 在 2016 年的决定与 2020 年的分配削减结合起来时，如果你是一个收入投资者，这就形成了一个令人担忧的模式。</p>
</div><h2>No company is perfect, but why settle?</h2>
<div class="lb-trans"><h2>没有公司是完美的，但为什么要将就？</h2>
</div><p>Every business goes through hard times. And every business makes decisions that it later regrets. However, if you are comparing Enterprise to Energy Transfer, it is pretty clear that Enterprise is the more reliable income stock. It isn't worth the 60 basis points more in income you will get from stepping down into Energy Transfer, which is simply a less desirable midstream investment when you look at distribution reliability, leverage, and big decisions that have impacted unitholders.</p>
<div class="lb-trans"><p>每个企业都会经历困难时期。每个企业都会做出后来后悔的决定。然而，如果你将 Enterprise 与 Energy Transfer 进行比较，很明显 Enterprise 是更可靠的收入股票。为了获得从 Energy Transfer 中获得的额外 60 个基点的收入而降低投资标准是不值得的，因为从分配的可靠性、杠杆和影响持有人的重大决策来看，Energy Transfer 显然是一个不太理想的中游投资。</p>
</div>

能源转移与企业产品合作伙伴：有一个明确的股息股票赢家