"Enterprise owns a mix of businesses but is focused primarily on natural gas. And management has highlighted a slew of organic growth projects to be completed in the next two to three years; Enterprise should be able to maintain solid high single-digit distribution growth through at least the end of the decade.

"In particular, the company owns some of the largest processing and fractionating capacity of any MLP. Fractionation is a process in which various hydrocarbons can also be separated; propane, butane, and ethane often have more value as separate products than they would simply as a component of natural gas.

"Enterprise Products Partners' processing facilities are located in highly attractive regions. Enterprise is well positioned to process gas coming from the deepwater Gulf of Mexico, a rapidly growing production region. With rapid growth in distributions, an enviable pipeline network, and well-placed processing assets, Enterprise is a buy up to 35."

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