|Bid||16.41 x 700|
|Ask||16.42 x 1300|
|Day's Range||16.05 - 16.59|
|52 Week Range||15.06 - 24.71|
|PE Ratio (TTM)||17.68|
|Earnings Date||May 2, 2017 - May 8, 2017|
|Forward Dividend & Yield||2.26 (13.32%)|
|1y Target Est||24.50|
Master limited partnerships took a hit last week following news that they would no longer be able to "recover an income tax allowance in cost of service rate." As a result, Williams (WMB) fell to the bottom of the S&P 500 on Thursday, and the Alerian MLP ETF (AMLP) sold off more than 5%. Analysts have been arguing that investor worries are overblown, and Mizuho’s Brian Zarahn echoed that today. Yes, the decision raised concerns about the impact on MLP cash flows, but companies have also come out saying that the impact wont’ be as bad as feared, Zaharan says. As such, he called the weakness a buying opportunity, especially for some of his favorite names, Energy Transfer Partners (ETP), Enterprise Product Partners (EPD), Plains All American Pipeline (PAA), and Valero Energy Partners (VLP).
Looking ahead, the FERC policy revision signals significant future changes on how the pipeline partnerships will go about treating income taxes in their books of accounts.
A U.S. appeals court overturned a District Court's preliminary injunction that prevented construction on part of Energy Transfer Partners LP's Bayou Bridge crude oil pipeline in the Atchafalaya Basin of Louisiana. In February U.S. district judge Shelly Dick issued a temporary injunction preventing work on an extension to the Bayou Bridge system, revoking a permit and siding with environmentalists and fishermen who expressed concerns about its potential effect on the local economy and wildlife.
Fortunately, the Fifth Circuit heard the case on an expedited basis on March 13, 2018, and issued its decision staying the preliminary injunction two days later. That prompt action did not allow Judge Dick’s preliminary injunction to stand a second longer than necessary.
Pennsylvania environmental regulators on Friday issued another notice of violation to Energy Transfer Partners LP's Sunoco Mariner East 2 natural gas liquids pipeline for releasing drilling fluids into a stream. The company told the Pennsylvania Department of Environmental Protection (DEP) it released about 50 gallons of fluid into the Snitz Creek on Thursday while drilling under the steam in West Cornwall Township in Lebanon County, about 30 miles east of the state capital Harrisburg. It was ETP's third inadvertent release into the Snitz Creek, following spills in August and September 2017.
Energy Transfer Partners, L.P. is aware of revisions the Federal Energy Regulatory Commission is proposing to its 2005 Policy Statement for Recovery of Income Tax Costs, which if adopted after a public comment period, would no longer allow interstate pipelines owned by master limited partnerships to recover an income tax allowance in the cost of service.
Energy Transfer Partners, L.P. and Satellite Petrochemical USA Corp. have entered into definitive agreements to form a joint venture, Orbit Gulf Coast NGL Exports, LLC , with the purpose of constructing a new export terminal on the U.S.
Environmental regulators in West Virginia ordered Energy Transfer Partners LP to again halt work on its Rover natural gas pipeline in the state due to permit violations. Rover is the biggest gas pipe under construction in the United States. It is designed to carry up to 3.25 billion cubic feet per day (bcfd) of gas from the Marcellus and Utica shale fields in Pennsylvania, Ohio and West Virginia to the U.S. Midwest and Canada's Ontario province.
In its 2018 Analyst Conference presentation, Enterprise Products Partners (EPD) discussed the correlation of its stock price with distribution growth. According to the company, the correlation coefficient between EPD’s stock price and distribution growth was 0.93 from January 2010 to August 2014. It fell to just 0.32 in the TTM (trailing-12-month) period. The correlations of Enterprise Products’ stock price with its distribution growth over the 2010–2014 and TTM periods are shown in the graphs above.
Environmental regulators in West Virginia ordered Energy Transfer Partners LP to again halt work on its Rover natural gas pipeline.
The distribution growth prospects for the four selected general partners—Energy Transfer Equity (ETE), Williams Companies (WMB), Plains GP Holdings (PAGP), and Western Gas Equity Partners (WGP)—depend on their distributable cash flow and the distribution growth at their subsidiaries. The distributable cash flow growth depends on expansion opportunities. Energy Transfer Partners (ETP) expects its capital expenditure to decline in 2018 compared to 2017.