|Bid||20.1000 x 800|
|Ask||20.1100 x 1500|
|Day's Range||20.0800 - 20.2400|
|52 Week Range||15.0600 - 21.6800|
|PE Ratio (TTM)||18.50|
|Earnings Date||Aug 6, 2018 - Aug 10, 2018|
|Forward Dividend & Yield||2.26 (11.80%)|
|1y Target Est||24.00|
Energy Transfer Partners, L.P. (ETP) today announced the initial pro-rated quarterly cash distribution of $0.56337 per Series C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (liquidation preference $25 per Series C unit), which amount is attributable to the partial period from and including the date of original issue. Energy Transfer Partners, L.P. (ETP) is a master limited partnership that owns and operates one of the largest and most diversified portfolios of energy assets in the United States. ETP’s general partner is owned by Energy Transfer Equity, L.P. (ETE).
Of the 21 analysts covering Energy Transfer Partners (ETP), nine recommend “strong buy,” seven recommend “buy,” and five recommend “hold.” In comparison, of the 18 analysts covering Energy Transfer Equity (ETE), seven recommend “strong buy,” seven recommend “buy,” and four recommend “hold.”
Pennsylvania environmental regulators this week issued another notice of violation to Energy Transfer Partners LP's Sunoco Mariner East 2 natural gas liquids pipeline for spilling drilling fluid in a wetland. It was the 65th notice of violation the Pennsylvania Department of Environmental Protection (DEP) issued the project since construction began in February 2017. Pipeline companies use horizontal drilling to cross under obstacles like highways and rivers.
Energy Transfer Partners, L.P. today announced it has priced an underwritten public offering of 16,000,000 of its 7.625% Series D Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units at a price of $25.00 per unit, resulting in total proceeds of $400 million.
Energy Transfer Partners LP's West Texas Gulf and Mid-Valley pipelines are scheduled for planned maintenance activities in October, a spokeswoman said on Monday: * Shippers have been notified that the ...
Moody's Investors Service ("Moody's") assigned a Ba2 rating to Energy Transfer Partners, L.P.'s (ETP) proposed Series D Fixed-to-Floating Cumulative Redeemable Perpetual Preferred Units. Its Baa3 senior unsecured rating, its Ba1 junior subordinated notes rating and its P-3 commercial paper rating are not affected by this action. The proposed preferred units are rated Ba2, two notches below ETP's Baa3 senior unsecured rating, reflecting their subordination to all of the company's existing senior unsecured notes, its unsecured revolving credit facility and its subordinated notes.
Energy Transfer Equity (ETE) was trading at a distribution yield of 6.9% as of July 11. The recent increase in Energy Transfer Equity’s stock price caused a slight decline in its distribution yield. However, Energy Transfer Equity’s current yield is still above the five-year historical average. Energy Transfer Equity has increased its distribution 25% over the past five years. Energy Transfer Equity kept its distribution flat at $0.3050 per unit during the first quarter after two consecutive quarters of distribution growth.
US crude oil fell 5.0% on July 11 to end at $70.4 per barrel. The sharp cut came following resumed crude oil supplies from Libya. The decline in crude oil could weigh on Energy Transfer Equity’s (ETE) stock performance. Energy Transfer Equity, the MLP GP of Energy Transfer Partners (ETP), usually has a strong correlation with crude oil. The one-year correlation coefficient between Energy Transfer Equity and crude oil was 0.49 as of July 11.
Analysts believe that the WTI Midland discount and the Waha natural gas discount to Henry Hub prices will become worse before they become better, but additional pipeline capacity is poised to make a difference in 2019
Of the four MLPs that we’re discussing in this series, Enterprise Products Partners (EPD) received the most “buy” recommendations from the analysts surveyed by Reuters. All of the analysts surveyed by Reuters rated Enterprise Products Partners as a “buy.” In comparison, 94% of the analysts covering MPLX (MPLX) rated it as a “buy.” Nearly 76% of the analysts covering Energy Transfer Partners (ETP) rated it as a “buy.”
The short interest in Plains All American Pipeline (PAA) rose to 12.6 million shares on June 15 from 10.0 million shares on May 31. A rise in the short interest indicates that more investors expect the stock price to fall in the near future. Notably, investors’ expectations could be wrong. The short interest in Plains All American Pipeline as a percentage of its float is 3.0%—higher than its five-year average of ~1.6%.
Currently, Energy Transfer Partners’ (ETP) net debt-to-adjusted EBITDA stands at ~5.1x—the highest among the four MLPs that we’re discussing in this series. We’re also analyzing Enterprise Products Partners (EPD), MPLX (MPLX), and Plains All American Pipeline (PAA). MPLX’s ratio is the lowest at 3.5x. Enterprise Products Partners’ ratio stands at ~4.2x.
Enterprise Products Partners (EPD) spent $3.4 billion on capital projects in 2017. For 2018, the company expects to invest nearly $3.3 billion in growth capital projects. The projects should contribute to Enterprise Products Partners’ future earnings. In May, the company started construction on its ethylene export terminal. Read Enterprise Products Partners Is Up 6% This Year: What’s Ahead? to learn more.
MPLX’s (MPLX) DCF (distributable cash flow) grew 43% in 2017 over 2016—the highest growth among the four MLPs that we’re discussing in this series. The growth was driven by contributions from logistics and storage assets acquired from Marathon Petroleum (MPC). MPLX acquired assets from Marathon Petroleum in February. The acquired assets and growth projects should continue to drive the company’s future earnings growth.
Energy Transfer Partners (ETP) is trading at a high yield of ~11.8%. MPLX (MPLX) and Enterprise Products Partners (EPD) are trading at attractive yields of 7.3% and 6.2%, respectively. Plains All American Pipeline (PAA) is trading at a yield of ~5.1%. In comparison, the Alerian MLP Index’s yield stands at ~7.9%. Currently, MLPs offer an attractive spread over the US ten-year Treasury yield, which stood at 2.84% on July 5.
Enterprise Products Partners (EPD) is trading at a forward EV-to-EBITDA multiple of ~13x—lower than its five-year average multiple of 14.4x, which indicates possible undervaluation. Similarly, Energy Transfer Partners (ETP) is trading at a forward EV-to-EBITDA multiple that’s lower compared to its five-year average.
So far in 2018, Plains All American Pipeline (PAA) stock has risen nearly 10% and outperformed its peers. Enterprise Products Partners (EPD) and Energy Transfer Partners (ETP) have risen nearly 2% year-to-date. MPLX (MPLX) has fallen nearly 6%. The Alerian MLP ETF (AMLP) has fallen nearly 8% during the same period.
The Kayne Anderson MLP Investment Company (KYN), Tortoise Energy Infrastructure (TYG), and ClearBridge Energy MLP Fund (CEM) have all generated negative total returns YTD (year-to-date). They’re the top MLP closed-end funds by assets under management. The Tortoise MLP Fund (NTG) and the First Trust MLP and Energy Income Fund (FEI) have also generated negative total returns YTD.
The Tortoise MLP and Pipeline (TORTX), the Oppenheimer Steelpath MLP Select 40 Fund (MLPFX), and the Oppenheimer Steelpath MLP Income Fund (MLPDX) all generated negative total returns in the first half of 2018. They’re among the largest MLP funds by assets under management. The Center Coast Brookfield MLP Focus Fund (CCCAX) and the Oppenheimer Steelpath MLP Alpha Fund (MLPAX) also generated negative returns in the first half of 2018.
Energy Transfer Partners LP has found that its 12-inch, Philadelphia-area pipeline was the source of a gasoline leak discovered last month in a nearby creek, the company told Reuters on Tuesday. ETP on June 22 shut the 12-inch pipeline, in addition to an eight-inch pipeline in the area, as a precaution.
Energy Transfer Equity (ETE), the MLP GP of Energy Transfer Partners (ETP) and Sunoco LP (SUN), ranks seventh among midstream companies in terms of seven-year total returns. ETP is also among the top ten.
ONEOK (OKE), a midstream C corporation involved in natural gas gathering and processing, natural gas transportation, NGLs (natural gas liquids) fractionation, and NGLs logistics, has seen a strong rally from its 2016 lows resulting in strong returns over the past seven years. The C corporation has generated a return of 194.7% over the past seven years, of which 115.6% has come by way of price appreciation. OKE has seen a 30.5% rally in 2018 so far, outperforming both the Alerian MLP ETF (AMLP) and the Energy Select Sector SPDR ETF (XLE).
Among the analysts surveyed by Reuters, 76.0% rate Energy Transfer Partners (ETP) as a “buy” as of June 27, while 24% rate it as a “hold.” Energy Transfer Partners’ GP, Energy Transfer Equity has a “buy” rating from 78.0% of the analysts.
Energy Transfer Partners (ETP) was trading at a PDCF (price-to-distributable cash flow) ratio of 4.8x as of June 27—significantly below its peers including ONEOK (OKE) and Enterprise Products Partners (EPD).