Enbridge Energy Partners, L.P. (NYSE:EEP) — This limited partnership owns the U.S. portion of the world’s longest crude oil pipeline. In addition, the acquisition of the East Texas System in 2001 gave the partnership entry into the natural gas business.
The partnership has a plan of steady growth that has rewarded its owners (stock holders) with steady increases in dividends. Enbridge’s earnings are expected to be $1.45 this year, up from a loss in 2010 (mostly because of acquisition expenses). Cash distributions are estimated to be $2.11 in 2011 and $2.13 next year, providing a yield of more than 7%.
Technically, EEP stock is rebounding from a double bottom at $24 made in April and October, and it recently broke through resistance at $30. It appears headed for its old high of over $32.50 made in April, and if it can exceed it, the 12-month target is $40.