10.90 +0.12 (1.11%)
After hours: 7:59PM EST
|Bid||10.83 x 28000|
|Ask||10.90 x 21500|
|Day's Range||10.78 - 11.41|
|52 Week Range||10.78 - 15.87|
|Beta (5Y Monthly)||1.58|
|PE Ratio (TTM)||7.93|
|Earnings Date||May 05, 2020 - May 10, 2020|
|Forward Dividend & Yield||1.22 (10.87%)|
|Ex-Dividend Date||Feb 05, 2020|
|1y Target Est||19.33|
See how San Antonio's energy sector fared amid the stock market's coronavirus scare as the CDC warns of a worst case scenario.
Energy Transfer LP (NYSE: ET) and Energy Transfer Operating, L.P. (ETO) today announced they have filed their respective annual reports on Form 10-K for the year ended December 31, 2019 with the Securities and Exchange Commission (SEC).
Sunoco LP (NYSE: SUN) (the "Partnership") on February 21, 2020, filed operational and financial results for the fiscal year ended December 31, 2019 on Form 10-K with the U.S. Securities and Exchange Commission. The Annual Report on Form 10-K is available in the Investor Relations section of the Partnership's website at www.SunocoLP.com under "SEC Filings," as well as on the SEC's website at www.sec.gov.
(Bloomberg) -- Energy Transfer LP claims Williams Cos.’s chief executive officer covertly undermined one of the pipeline industry’s biggest-ever takeovers and then sought to cover his tracks as the $33 billion deal imploded.Williams CEO Alan Armstrong used a personal email account and private meetings to help a former employee mount a legal challenge to a merger publicly supported by Williams’ board, Energy Transfer said in a Delaware Court of Chancery filing. Armstrong’s efforts amounted to “overt steps to scuttle the merger,” according to the filing.A Williams representative called the allegations “unfounded” and said they represent an attempt by Energy Transfer “to avoid the consequences of its own conduct.” Williams believes it’s “entitled to judgment in its favor,” according to an emailed statement.Energy Transfer and Williams have been sparring over a $1.5 billion breakup fee since June 2016, when a combination that would have created the nation’s largest natural gas transporter fell through in one of the industry’s most notorious failures. Williams argued Energy Transfer was unfairly trying to exact the breakup fee after abandoning the deal.This latest argument by Energy Transfer seeks to convince a Delaware judge that Williams was in breach of the merger agreement, and that that absolves Energy Transfer from having to pay anything.Crippled DealJohn Bumgarner, the former Williams senior vice president and a shareholder at the time of the proposed merger, said Armstrong had nothing to do with the class-action lawsuit he filed in January 2016.“I filed that lawsuit all by myself,” Bumgarner said by telephone on Thursday from Tulsa, Oklahoma.Williams argued that Energy Transfer, a creation of billionaire Kelcy Warren, invoked a tax flaw as a cover for having buyer’s remorse as oil plunged. But the court sided with Energy Transfer, saying that while its finding of a tax flaw raised questions, it did in fact cripple the deal.Now, Energy Transfer is arguing that Armstrong had been working behind the scenes with Bumgarner to inform his lawsuit and conduct a “PR campaign” against the merger. Energy Transfer said those communications showed that Williams was the one that wanted out of the deal.Beginning in December 2015, Armstrong and Bumgarner exchanged “numerous emails,” the filing said, “often using Armstrong’s personal Gmail account or a Cox Communications account that he shared with his wife.” Those communications weren’t disclosed in subsequent legal proceedings and Armstrong later deleted the Gmail account, Energy Transfer alleged.Non-Public InfoEnergy Transfer said the emails centered around non-public details of the merger that later appeared in Bumgarner’s lawsuit seeking to cancel the deal. In the interview, Bumgarner said Armstrong was only trying to get him to leave Williams out of the lawsuit, arguing that the language Bumgarner was contesting was written by Energy Transfer and not Williams.When the merger was officially terminated, Armstrong and Bumgarner met for happy hour, according to the filing. “Bumgarner followed up with an email to Armstrong two days later, referring to their ‘team’ efforts during the past 6 months,” Energy Transfer said.“I don’t know what we were talking about,” Bumgarner said during the interview. “We worked together at the same company for a long time. I see him socially at the country club. I see him at United Way events. Tulsa is not a very big town.”\--With assistance from Jef Feeley.To contact the reporter on this story: Rachel Adams-Heard in Houston at firstname.lastname@example.orgTo contact the editors responsible for this story: Simon Casey at email@example.com, Joe Carroll, Steven FrankFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Pop culture has always loved the bad boy. From James Dean's Jim Stark in Rebel Without a Cause to Harrison Ford's Han Solo of Star Wars fame, everyone roots for the lovable rogue. But that's generally not true in the stock market, where "sin stocks" or "vice stocks" often get the stink eye.Investors, and particularly large institutional investors, have reputations to manage. Pensions and endowments, in particular, increasingly have environmental, social and corporate governance (ESG) mandates that prohibit them from investing in industries that are politically incorrect or deemed to be socially harmful.In the past, this has generally meant vice stocks such as tobacco, alcohol, tobacco, gambling and even defense companies. (No one in polite company wants to be branded as a merchant of death.) But today, the net is cast a little wider. Oil and gas stocks are now personae non gratae in many ESG-compliant portfolios, as are opioid-producing pharmaceuticals. Companies with a lack of diversity on their boards of directors are also often singled out.Of course, if we take this to an extreme, nearly any industry could find itself blacklisted. Coca-Cola (KO) and PepsiCo (PEP) contribute to the obesity epidemic. Twitter (TWTR) and Facebook (FB) have become mediums for hate speech, and Alphabet (GOOGL) tracks a scary amount of data on its users that could be used for nefarious purposes.The point here is not to justify bad behavior by companies or knock the idea of socially responsible investing, however. If you find a company's products or business practices objectionable, there's nothing wrong with excluding it from your portfolio. But a sin stock that one person finds objectionable might be personally fine to another. Some of the best stocks of the past decade included companies that glued people to their sofas and stuffed them with carbs.Today, we're going to look at seven of the best sin stocks to buy now. Betting against the least ESG-friendly of stocks isn't without its risks. But if you're willing to dip your toe into sectors that are politically incorrect, the rewards can be substantial. And most of these picks offer value pricing and/or significant dividend yield. SEE ALSO: All 30 Dow Stocks Ranked: The Analysts Weigh In
Energy Transfer LP (NYSE: ET) today announced the execution of a suite of gathering, processing, transportation and fractionation agreements with a large, investment- grade integrated energy company (the "Company"). These agreements increase and extend long-term commitments between the Company and Energy Transfer in the Eagle Ford and Delaware Basins through 2034 and 2040, respectively.
Energy Transfer LP (NYSE:ET) ("ET" or the "Partnership") today reported financial results for the quarter and year ended December 31, 2019.
Energy Transfer (ET) is seeing favorable earnings estimate revision activity and has a positive Zacks Earnings ESP heading into earnings season.
Energy Transfer's (ET) fourth-quarter earnings are likely to have benefited from the fee-based business and completion of project backlog.
Dallas' Brooker Law and firm founder Chip Brooker have filed a wrongful death lawsuit against Dallas-based Energy Transfer Partners (NYSE: ET) after a company employee killed two teenagers in a head-on collision while distracted by a pornographic video on his smartphone.
(Bloomberg) -- The billionaire chief executive officer of Energy Transfer LP defended the pipeline giant’s partnership structure, stood by his propensity for dealmaking and announced an upcoming commercial to air during the Masters golf tournament at an industry conference in Houston.Donning black cowboy boots and a suit, Kelcy Warren told the Argus Americas Crude Summit that he may at some point consider shaking up Energy Transfer’s corporate structure even as he touted the benefits of the out-of-favor master limited partnership model and predicted a revival.“We may do an up-C, and we probably will do that,” Warren said, referring to a corporate structure that typically involves a publicly traded corporation that holds an interest in a tax-advantaged limited liability company. “We probably will have an alternative currency for our unitholders to look at, but MLPs are just too good of an instrument. They’re just too efficient not to attract people back at some point.”Warren’s comments are the latest sign that even the pipeline MLP sector’s biggest players are being forced to justify sticking to the structure after most of their peers left the model behind following a series of tax changes that sent investors fleeing.“Today they’re so out of favor,” Warren said. “I think it will ultimately go back, but that’s the way it is today.”Just a few months earlier, Enterprise Products Partners LP, one of Energy Transfer’s biggest rivals, said that converting to a corporation may be “inevitable” if more MLPs continue to leave the structure behind.“There are not many of us left,” Warren said. “Do I think MLPs are dead? Absolutely not.”Warren also sought to stand by the company’s penchant for big acquisitions. His most recent deal to buy SemGroup Corp. sent the company’s units falling despite a relatively modest price tag when compared to some of his previous runs.He said it’s not sustainable for companies like his to count on cash flow from its own projects. “Sometimes you need to be defensive,” he said. “To run an MLP correctly, you must have a mix of M&A and organic growth.”It’s not just Energy Transfer’s dealmaking that has attracted criticism in the past. Warren was asked Wednesday about the Dakota Access crude oil pipeline, which garnered months of on-the-ground protests when it was under construction and is now in the process of being expanded.“I talk about DAPL like I talk about my son,” he said, referring to Dakota Access. “I’m so proud of that project.”One way the company has sought to improve its reputation among the general public is with commercials, an unusual tactic for pipeline operators. Energy Transfer has been running a television ad campaign since 2018 across major cities including Houston and New York -- even buying time during major events, like football’s Big 12 Championship.Now, Warren said, the company is working on a commercial to air during the Masters golf tournament in April.To contact the reporter on this story: Rachel Adams-Heard in Houston at firstname.lastname@example.orgTo contact the editors responsible for this story: Simon Casey at email@example.com, Carlos Caminada, Christine BuurmaFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
The outbreak of the coronavirus in China has got a grip on the market, too. This is only to be expected; with almost $60 million people under lockdown as well as an international effort in place to develop a vaccine and arrest the virus’ spread, the effect was going to be felt by several sectors.Travel companies, aviation and retailers are among the industries heavily affected, so far. Feeling the force of the outbreak most pertinently, though, is the energy sector. Since the outbreak was announced on January 17, crude oil prices have dropped by 14%, while the SPDR S&P Oil & Gas Exploration & Production ETF (XOP) has tumbled by 16%.RBC’s Michael Tran is not surprised. “Fundamentally driven pricing models break during periods of epidemics. Buyers typically scatter during such events and sell first, ask questions later,” said the analyst.As per usual, though, the market presents opportunities for those willing to seek them out. RBC recently reassessed a number of the energy stocks under its coverage and we decided to follow suit. Using TipRanks’ Stock Comparison tool, we lined up 3 of the tickers alongside each other to get the lowdown. Let’s take a look at the results. Energy Transfer LP (ET)Midstream giant Energy Transfer is one of the largest master limited partnerships (MLP) in the energy sector. The company owns and operates roughly 9,400 miles of natural gas transportation pipelines and provides various energy-related services in the US and China.2019 was a tale of two sides for ET. On the plus side, the company is expecting to post adjusted EBITDA of between $11 billion and $11.1 billion for the year, up by roughly 16% from 2018 and beating its estimate of between $10.6 billion to $10.8 billion. On the other hand, its focus on expansion includes the recent $5 billion acquisition of fellow energy player SemGroup. While the deal enhances its growth prospects and boosts the company's earnings and cash flow, investors saw it as weighing heavily on the balance sheet. This along with headwinds on account of construction issues with its Mariner Express 2X pipeline exerted downward pressure on the share price in 2019.Still, the company’s share price is currently trading at less than eight times earnings. This coupled with a massive dividend yield of 9.69% are reasons enough for RBC Capital’s Elvira Scotto to be bullish on Energy Transfer’s prospects in 2020.The analyst noted, “We believe ET is well-positioned to generate meaningful cash flow growth as large-scale growth projects come online over the next few years. Moreover, with its expansive asset footprint, we expect ET to continue to identify highly accretive growth opportunities over the coming years while maintaining a strong balance sheet and significant excess distribution coverage, which should allow ET to return more cash to unit holders over time via unit repurchase and distribution increases.”Scotto, therefore, reiterated an Outperform rating on ET along with a price target of $20. The target indicates that the 5-star analyst believes the midstream player can add 56% to its share price in the coming months. (To watch Scotto’s track record, click here)The rest of the Street backs up the RBC analyst. 6 Buys merge into a unanimous Strong Buy consensus rating. Should the average price target of $18 be met over the next 12 months, expect shares to gain 41%. (See Energy Transfer stock analysis on TipRanks) Marathon Petroleum Corporation (MPC)Next up is the largest petroleum refiner in the US, Marathon Petroleum. The company’s West Coast, Gulf Coast and Midwest refineries have capacity for more than 3 million barrels per day.MPC’s recent quarterly report was a strong one and beat the estimates by wide margins. Adjusted EPS of $1.56 came in 84% above the Street consensus. Although revenue of $31.4 billion represented a year-over-year loss of 3.4%, it beat the consensus estimate by 6%. In contrast to other key players, refining was the star of the show; the company reported $420 million of synergies captured in 4Q19. In total, the $1.1 billion in synergies for 2019 easily eclipsed management’s guidance for $600 million of annual gross run-rate synergies.RBC’s Brad Heffern believes there are several catalysts which can propel Marathon forward in 2020. Among those are the spinoff of its Speedway gas station business, increased repurchase activity and an increase of the company’s US drilling activity.Heffern concluded, “We like Marathon Petroleum for its diversified refining footprint across the Midwest, Rocky Mountains, Gulf Coast and West Coast, which gives the company access to both inland and waterborne crude supplies. Relatively wide inland crude spreads, especially on Canadian crudes, are likely to be a tailwind for the company. In our opinion, Marathon's retail business, Speedway, is the most attractive retail franchise in our coverage universe, and the extension of the Speedway model to the acquired ANDV stores could provide meaningful upside.”All of the above convinced the analyst to reiterate an Outperform rating on the petroleum giant. The average price target of $67 is kept, too, and conveys Heffern’s belief that Marathon can climb 29% higher in 2020. (To watch Heffern’s track record, click here)It appears the Street is singing from the same hymn sheet as the RBC analyst. Marathon’s Strong Buy consensus rating consists of 6 Buys and 1 Hold. The average price target of $72.57 indicates upside potential of 39%. (See Marathon stock analysis on TipRanks) Phillips 66 Partners (PSXP)The final energy stock on our list is Phillips 66 Partners. The Houston, Texas-based company is a fellow MLP and midstream player. Unlike the overall energy sector which only exhibited modest gains of 6% in 2019, PSXP’s share price added 45% of muscle.However, the refining sector has endured a rough time recently due to the worrisome trend of lower demand. This in turn affected PSXP’s 4Q19 earnings report, with the refining segment down by almost 60% from the previous quarter. The company also saw an 8% sequential drop in its midstream earnings, while chemicals income fell by 34%. Nevertheless, despite the headwinds, the company was able to generate $1.7 billion in cash, a 2% increase from the prior quarter. It was enough to fund expansion, pay out its dividend to investors ($3.50 annually) and repurchase shares.Scotto, who also covers Phillips, believes PSXP “continues to solidly execute on its plan and is well positioned for cash flow growth as projects come online.”She said, “We believe PSXP is well positioned to generate highly visible cash flow growth over the next several years, underpinned by a robust backlog of organic growth projects. PSXP's primarily fee-based revenues and minimum volume commitments help mitigate commodity price exposure and limit downside volumetric risk, respectively. We believe PSXP's growth profile coupled with limited downside risk warrants a premium valuation.”The 5-star analyst, therefore, reiterated an Outperform call on Phillips 66 and kept her price target at $65. The figure implies upside potential of 10%.PSXP’s Moderate Buy consensus rating breaks down into 3 Buys and 2 Holds. The average price target comes in a touch lower than Scotto’s, at $64, and represents possible 12-month gains in the shape of 8%. (See PSXP stock-price forecast on TipRanks)
The Texas Supreme Court on Friday ended an eight-year legal battle between two midstream competitors, Energy Transfer Partners and Enterprise Products Partners, over whether they had legally formed a partnership that was not acknowledged as such in writing. In a 15-page opinion, the court handed Houston-based Enterprise (NYSE: EPD) a unanimous win, reiterating its 2009 holding in Ingram v. Deere, that the Legislature did not intend to “spring surprise or accidental partnerships” on parties. The hard-fought legal battle dates back to 2011, when Enterprise and Dallas-based Energy Transfer (NYSE: ET) entered an agreement to explore pursuing a joint venture project together to build a pipeline from Cushing, Okla., to the Gulf Coast.
Energy Transfer launched a binding open season to solicit shipper volume commitments for ethane transportation service on its Mariner West pipeline.
Energy Transfer LP (NYSE: ET) today announced plans to release earnings for the fourth quarter and full year 2019 on Wednesday, February 19, 2020, after the market closes. ET will also host a conference call on Wednesday, February 19 at 4:00 p.m. Central Time/5:00 p.m. Eastern Time to discuss quarterly results and provide a company update including an outlook for 2020.
Energy Transfer LP (NYSE: ET) today announced a quarterly cash distribution of $0.305 per ET common unit ($1.22 on an annualized basis) for the fourth quarter ended December 31, 2019. This cash distribution is supported by the company’s underlying long-term stable cash flows. Energy Transfer benefits from a fully-integrated business with a diverse mix of earnings, generated by providing midstream services from the well-head to the market. The announced quarterly distribution is consistent with the distribution for the third quarter of 2019 and will be paid on February 19, 2020 to unitholders of record as of the close of business on February 7, 2020.
Sunoco LP (NYSE: SUN) ("SUN") announced that the Board of Directors of its general partner declared a quarterly distribution for the fourth quarter of 2019 of $0.8255 per common unit, which corresponds to $3.3020 per common unit on an annualized basis. The distribution will be paid on February 19, 2020 to common unitholders of record on February 7, 2020.
Energy Transfer Operating, L.P. today announced the quarterly cash distribution of $0.4609375 per Series C Preferred Unit (NYSE: ETPprC), the quarterly cash distribution of $0.4765625 per Series D Preferred Unit (NYSE: ETPprD), and the quarterly cash distribution of $0.4750000 per Series E Preferred Unit (NYSE: ETPprE). These cash distributions will be paid on February 18, 2020 to Series C, Series D and Series E unitholders of record as of the close of business on February 3, 2020.
In an unpredictable market, dividend and distribution payments are one of the few things investors can reliably count on. Unfortunately, many stocks that have the highest dividend yields come with a catch. When a stock drops, dividend yields rise given they are calculated as a percentage of share price.
One of Houston's largest energy engineering firms had a busy 2019. Houston-based S&B Engineers and Constructors Ltd. hired nearly 4,000 employees in the Houston area over the past 12 months. On June 25, 2019, S&B announced that it was selected by LyondellBasell (NYSE: LYB) to construct part of its project to install the world’s largest propylene oxide (PO) and tertiary butyl alcohol (TBA) plant.