<p>如果你在尋找安全的高股息收益股票，中游能源行業是一個很好的起點。自上一次重大能源崩潰以來，能源行業已經發生了轉變。生產商不再追求生產增長，而是更加關注現金流。</p>
<p>與此同時，管道公司改善了其資產負債表，並學會在現金流內實現增長。能源價格及其對交易量的影響始終存在風險，但由於管道公司及其客户的財務狀況良好，現在是投資該行業的好時機。</p>
<p>讓我們來看三隻值得現在投資的高收益管道股票。我目前持有這三隻股票，並且已經持有很長時間。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTk2NzcvZ2V0dHlpbWFnZXMtMTMzNDE4NjQwMy5qcGcmdz03MDA?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://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTk2NzcvZ2V0dHlpbWFnZXMtMTMzNDE4NjQwMy5qcGcmdz03MDA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>1. Energy Transfer</h2>
<p><strong>Energy Transfer</strong>(ET -1.05%) 的前瞻收益率為 7.3%，並計劃在未來每年增加 3% 到 5% 的分紅，這是一隻每個以收入為導向的投資者都應該關注的股票。在疫情高峰期經濟短暫關閉時，該公司被迫將分紅削減一半，但它努力降低槓桿，改善資產負債表，並將分紅恢復到現在高於削減前的水平。</p>
<p>上個季度，Energy Transfer 宣稱其資產負債表處於歷史上最強的狀態。它還指出，其按需支付合同的比例達到了歷史最高，這意味着無論客户是否使用其服務，它都能從這些協議中獲得收入。總體而言，它預計今年 90% 的息税折舊攤銷前利潤（EBITDA）將來自基於費用的服務，這些服務不受波動的商品成本或價差的影響。這類合同增加了其現金流的安全性，從而提高了分紅的穩定性。</p>
<p>與此同時，該公司看到未來有許多吸引人的增長機會，主要源於天然氣需求的增加。它計劃將今年的增長資本支出（capex）從 30 億美元提高到 50 億美元，預計項目的回報率在中等十幾的水平。Energy Transfer 已經簽署了一項協議，為德克薩斯州計劃中的數據中心提供天然氣，並繼續探索與人工智能（AI）相關的機會。</p>
<p>以僅 8.1 倍的前瞻企業價值（EV）與 EBITDA 倍數交易，該股票在相對和歷史基礎上都顯得便宜。</p>
<h2>2. Enterprise Products Partners</h2>
<p>如果有一隻中游股票可以讓你安心持有，那就是 <strong>Enterprise Product Partners</strong>(EPD -1.12%)。該公司在過去 26 年中經歷了各種能源和股市動盪，每年都增加分紅。目前，該股票的前瞻收益率為 6.8%，在上個季度幾乎同比增長了 4%。</p>
<p>該公司採取保守的策略，並在中游行業中擁有最好的資產負債表之一。與 Energy Transfer 類似，它也有一個主要基於費用的業務，並在合同中儘可能包含按需支付條款。它的可分配現金流（經營現金流減去維護資本支出）的覆蓋率也很強，上個季度為 1.7 倍。</p>
<p>與 Energy Transfer 一樣，它今年增加了增長資本支出，以利用吸引人的機會。在 2022 年將增長項目支出減少到僅 16 億美元后，它計劃今年支出 40 億到 45 億美元，高於去年的 39 億美元。它目前有 60 億美元的增長項目將在今年上線，為未來幾年的穩健增長鋪平道路。</p>
<p>以不到 10 倍的前瞻 EV/EBITDA 比率交易，該股票的估值具有吸引力。</p>
<h2>3. Western Midstream Partners</h2>
<p><strong>Western Midstream Partners</strong>(WES 0.16%) 是以收入為導向投資者的夢想。該股票的收益率高達 9.4%，並計劃每年以中低個位數的速度增長分紅。去年結束時，其槓桿率低於 3 倍，這對於一家中游公司來説非常低，因此其財務狀況良好。</p>
<p>該公司的合同通常具有服務成本保護和/或最低交易量承諾（MVCs）。MVCs 要求客户通過其管道運輸最低量的產品——如天然氣、天然氣液體（NGLs）或原油——或支付相應費用。與按需支付合同類似，它們有助於確保未來的現金流，並降低交易量下降的風險。</p>
<p>它並沒有像 Energy Transfer 或 Enterprise 那樣追求過多的增長，但它正在尋找安全、高回報的有機增長項目，這些項目得到了 MVCs 的支持。它表示與客户保持密切聯繫，可以根據客户的需求迅速調整資本支出。如果找不到吸引人的增長項目，它表示可以考慮收購或股票回購。</p>
<p>該股票的價值良好，以 2025 年分析師預估的 9 倍前瞻 EV/EBITDA 比率交易。</p>

<p>本文討論了三隻值得考慮投資的高收益管道股票：1) Energy Transfer (ET)，前瞻收益率為 7.3%，計劃每年分紅增長 3-5%，強調其強大的資產負債表和基於費用的收益；2) Enterprise Products Partners (EPD)，收益率為 6.8%，擁有 26 年的分紅增長曆史，採取保守的策略並有顯著的增長項目；3) Western Midstream Partners (WES)，提供 9.4% 的收益率，專注於通過確保現金流穩定的合同實現安全增長。總體而言，中游能源行業提供了有吸引力的投資機會</p>

<p>If you're looking for stocks with high dividend yields that are safe, the midstream energy sector is a great place to start your search. The energy industry has transformed itself since the last big energy bust. Producers are no longer chasing production growth and instead are more focused on their cash flows.</p>
<div class="lb-trans"><p>如果你在尋找安全的高股息收益股票，中游能源行業是一個很好的起點。自上一次重大能源崩潰以來，能源行業已經發生了轉變。生產商不再追求生產增長，而是更加關注現金流。</p>
</div><p>Pipeline companies, meanwhile, have improved their balance sheets and learned to grow within their cash flow. Energy prices and their impact on volumes are always a risk, but with both pipeline companies and their customers in solid financial shape, now is a great time to invest in the sector.</p>
<div class="lb-trans"><p>與此同時，管道公司改善了其資產負債表，並學會在現金流內實現增長。能源價格及其對交易量的影響始終存在風險，但由於管道公司及其客户的財務狀況良好，現在是投資該行業的好時機。</p>
</div><p>Let's look at three high-yield pipeline stocks to invest in right now. I currently own all three and have for a long time.</p>
<div class="lb-trans"><p>讓我們來看三隻值得現在投資的高收益管道股票。我目前持有這三隻股票，並且已經持有很長時間。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTk2NzcvZ2V0dHlpbWFnZXMtMTMzNDE4NjQwMy5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F819677%2Fgettyimages-1334186403.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>圖片來源：Getty Images。</p>
</div><h2>1. Energy Transfer</h2>
<div class="lb-trans"><h2>1. Energy Transfer</h2>
</div><p>With a 7.3% forward yield and plans to increase its distribution by between 3% to 5% a year moving forward, <strong>Energy Transfer</strong>(ET -1.05%) is a stock that should be on every income-oriented investor's radar. After being forced to cut its distribution in half during the height of the pandemic when the economy effectively shut down for a short time, the company has worked hard to lower its leverage, improve its balance sheet, and restore its distribution to a level that is now above where it was before the cut.</p>
<div class="lb-trans"><p><strong>Energy Transfer</strong>(ET -1.05%) 的前瞻收益率為 7.3%，並計劃在未來每年增加 3% 到 5% 的分紅，這是一隻每個以收入為導向的投資者都應該關注的股票。在疫情高峰期經濟短暫關閉時，該公司被迫將分紅削減一半，但它努力降低槓桿，改善資產負債表，並將分紅恢復到現在高於削減前的水平。</p>
</div><p>Last quarter, Energy Transfer proclaimed that its balance sheet was in the strongest position in its history. It also noted that it had its highest-ever percentage of take-or-pay contracts, which means that it gets paid on these agreements regardless of whether or not customers use its services. Overall, it expects 90% of its earnings before interest, taxes, depreciation, and amortization (EBITDA) this year to come from fee-based services, where it has no exposure to fluctuating commodity costs or spreads. These types of contracts add to the safety of its cash flows and, thus, distributions.</p>
<div class="lb-trans"><p>上個季度，Energy Transfer 宣稱其資產負債表處於歷史上最強的狀態。它還指出，其按需支付合同的比例達到了歷史最高，這意味着無論客户是否使用其服務，它都能從這些協議中獲得收入。總體而言，它預計今年 90% 的息税折舊攤銷前利潤（EBITDA）將來自基於費用的服務，這些服務不受波動的商品成本或價差的影響。這類合同增加了其現金流的安全性，從而提高了分紅的穩定性。</p>
</div><p>Meanwhile, the company sees a lot of attractive growth opportunities ahead stemming from increased natural gas demand. It is ramping up its growth capital expenditure (capex) this year to $5 billion from $3 billion, with an expectation of mid-teens returns on its projects. Energy Transfer has already signed a deal to supply natural gas to a planned data center in Texas and continues to explore artificial intelligence (AI) related opportunities.</p>
<div class="lb-trans"><p>與此同時，該公司看到未來有許多吸引人的增長機會，主要源於天然氣需求的增加。它計劃將今年的增長資本支出（capex）從 30 億美元提高到 50 億美元，預計項目的回報率在中等十幾的水平。Energy Transfer 已經簽署了一項協議，為德克薩斯州計劃中的數據中心提供天然氣，並繼續探索與人工智能（AI）相關的機會。</p>
</div><p>Trading at a forward enterprise value (EV)-to-EBITDA multiple of just 8.1 times, the stock is also cheap both on a relative basis and on a historical basis.</p>
<div class="lb-trans"><p>以僅 8.1 倍的前瞻企業價值（EV）與 EBITDA 倍數交易，該股票在相對和歷史基礎上都顯得便宜。</p>
</div><h2>2. Enterprise Products Partners</h2>
<div class="lb-trans"><h2>2. Enterprise Products Partners</h2>
</div><p>If there is one midstream stock you can sleep well owning, it's <strong>Enterprise Product Partners</strong>(EPD -1.12%). The company has increased its distribution every year for the past 26 years through various energy and stock market turmoil. At present, the stock sports a 6.8% forward yield after increasing its distribution by nearly 4% year over year last quarter.</p>
<div class="lb-trans"><p>如果有一隻中游股票可以讓你安心持有，那就是 <strong>Enterprise Product Partners</strong>(EPD -1.12%)。該公司在過去 26 年中經歷了各種能源和股市動盪，每年都增加分紅。目前，該股票的前瞻收益率為 6.8%，在上個季度幾乎同比增長了 4%。</p>
</div><p>The company takes a conservative approach and has one of the best balance sheets in the midstream sector. Like Energy Transfer, it also has a largely fee-based business and includes take-or-pay provisions in its contracts when it can. It also carries a robust coverage ratio based on its distributable cash flow (operating cash flow minus maintenance capex), which stood at 1.7 times last quarter.</p>
<div class="lb-trans"><p>該公司採取保守的策略，並在中游行業中擁有最好的資產負債表之一。與 Energy Transfer 類似，它也有一個主要基於費用的業務，並在合同中儘可能包含按需支付條款。它的可分配現金流（經營現金流減去維護資本支出）的覆蓋率也很強，上個季度為 1.7 倍。</p>
</div><p>Like Energy Transfer, it has increased its growth capex spending this year to take advantage of attractive opportunities. After reducing its growth project spending to only $1.6 billion in 2022, it plans to spend between $4 billion and $4.5 billion this year, up from $3.9 billion a year ago. It currently has $6 billion in growth projects set to come online this year, paving the way for solid growth over the next couple of years.</p>
<div class="lb-trans"><p>與 Energy Transfer 一樣，它今年增加了增長資本支出，以利用吸引人的機會。在 2022 年將增長項目支出減少到僅 16 億美元后，它計劃今年支出 40 億到 45 億美元，高於去年的 39 億美元。它目前有 60 億美元的增長項目將在今年上線，為未來幾年的穩健增長鋪平道路。</p>
</div><p>Trading at a forward EV/EBITDA ratio of under 10 times, the stock is attractively valued.</p>
<div class="lb-trans"><p>以不到 10 倍的前瞻 EV/EBITDA 比率交易，該股票的估值具有吸引力。</p>
</div><h2>3. Western Midstream Partners</h2>
<div class="lb-trans"><h2>3. Western Midstream Partners</h2>
</div><p><strong>Western Midstream Partners</strong>(WES 0.16%) is an income-oriented investor's dream. The stock has a robust 9.4% yield and plans to grow its distribution by mid-to-low single digits annually. It ended last year with leverage of under 3 times, which is very low for a midstream company, so it's in strong financial shape.</p>
<div class="lb-trans"><p><strong>Western Midstream Partners</strong>(WES 0.16%) 是以收入為導向投資者的夢想。該股票的收益率高達 9.4%，並計劃每年以中低個位數的速度增長分紅。去年結束時，其槓桿率低於 3 倍，這對於一家中游公司來説非常低，因此其財務狀況良好。</p>
</div><p>The company's contracts generally have cost-of-service protections and/or minimum volume commitments (MVCs). MVCs require a customer to ship a minimum volume of product -- such as natural gas, natural gas liquids (NGLs), or crude -- through its pipelines or pay as if they did. Like take-or-pay contracts, they help ensure future cash flows and mitigate risk against volume declines.</p>
<div class="lb-trans"><p>該公司的合同通常具有服務成本保護和/或最低交易量承諾（MVCs）。MVCs 要求客户通過其管道運輸最低量的產品——如天然氣、天然氣液體（NGLs）或原油——或支付相應費用。與按需支付合同類似，它們有助於確保未來的現金流，並降低交易量下降的風險。</p>
</div><p>It's not pursuing as much growth as either Energy Transfer or Enterprise, but it is looking for safe, high-return organic growth projects that are supported by MVCs. It said it is in close contact with its customers and can quickly reduce or increase its capex based on their needs. In the event it can't find attractive growth projects, it said it could consider acquisitions or stock buybacks.</p>
<div class="lb-trans"><p>它並沒有像 Energy Transfer 或 Enterprise 那樣追求過多的增長，但它正在尋找安全、高回報的有機增長項目，這些項目得到了 MVCs 的支持。它表示與客户保持密切聯繫，可以根據客户的需求迅速調整資本支出。如果找不到吸引人的增長項目，它表示可以考慮收購或股票回購。</p>
</div><p>The stock is a good value, trading at a forward EV/EBITDA ratio of 9 times 2025 analyst estimates.</p>
<div class="lb-trans"><p>該股票的價值良好，以 2025 年分析師預估的 9 倍前瞻 EV/EBITDA 比率交易。</p>
</div>

以下是我目前推薦購買的三隻高收益管道股票