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Energy Transfer Partners, L.P. Message Board

  • sheldonsteinberg@sbcglobal.net sheldonsteinberg Jun 9, 2008 11:12 PM Flag

    ETP

    It is interesting that ETE is going
    up and ETP is headed down. Any
    comments.

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    • ETP began 2008 at 53.88 and as of Friday's close was at $48.09 - down 10.75%. ETE began 2008 at $35.23 and as of Friday's close was at $31.67 - down 10.11%.

      As of Friday's close, the average GP in my coverage universe [of AHD AHGP BGH EPE ETE HPGP MGG NRGP NSH XTXI] was down 3.42% while the MLPs for those GPs was down 0.77%.

      As of Friday's close, BGH, EPE, MGG and NSH had a worse year to date unit price performance than ETE. As of Friday's close, only MMP had under-performed ETP, but BPL, NGRY and NS were pretty close to being as bad.

      If one thinks that ETE is doing significantly better than ETP, then it totally depends on WHEN one starts their comparison.

      Given that since the beginning of the year, ETE's distribution is up 12.82% while ETP's distribution is up 5.30%, the fundamentals would suggest that ETE's small level of out-performance should be significantly higher.

      That is what the numbers say.

      But given that is sucks to loose money [even if you are not making a sale and booking those losses], I can see why anyone would be grumpy and discontent. I am grumpy and discontent.

      But ETP is doing what a reasonable expectation [at the beginning of the year] would have projected they would do - growing the distribution a bit faster than 10%/annum. And as long as the distribution is growing as projected and expected, I can hold on to it.

      But as long as ETP's unit price is falling, I am going to be a bit grumpy while I am holding on.

      Bob

 
ETP
54.82-0.91(-1.63%)Apr 17 4:08 PMEDT