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Checking in with Sunoco Logistics after Its Merger Announcement

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Checking in with Sunoco Logistics after Its Merger Announcement PART 1 OF 12

How Has Sunoco Logistics Stock Performed So Far in 2016?

Market performance

Sunoco Logistics Partners (SXL), which is part of the Energy Transfer Family and involved in crude oil, NGLs (natural gas liquids), and refined products transportation, terminaling, and marketing, has lost 11.0% YTD (year-to-date). In comparison, SXL’s peers, Plains All American Pipeline (PAA) and NuStar Energy (NS) have gained 34.7% and 17.5%, respectively, in 2016.

How Has Sunoco Logistics Stock Performed So Far in 2016?

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Meanwhile, the Alerian MLP ETF (AMLP), which is made up of 26 midstream energy MLPs, has gained 1.5%. SXL’s YTD price returns moved in negative territory due to a 24.2% fall in its stock price over the last three months. This could be attributed to protest along DAPL (Dakota Access Pipeline), one of SXL’s most important crude oil pipeline project and negative investor reaction to its recently announced merger with Energy Transfer Partners (ETP). (We’ll look more on these later during the series.)

Moving averages

SXL is now trading 12.8% below its 50-day moving average and 11.3% below its 200-day moving average. The 50-day moving average also dropped below the 200-day moving average in mid-November 2016, indicating a bearish trend in SXL’s stock.

3Q16 earnings

Sunoco Logistics Partners’ 3Q16 EBITDA (earnings before interest, taxes, depreciation, and amortization) rose to $312 million from $289 million in 3Q15, a YoY (year-over-year) rise of 8.0%.

In this series, we’ll analyze SXL’s balance position and cash flow measures. We’ll also look into SXL’s valuations, commodity price exposure, key performance indicators, merger synergies, and analyst projections.

Let’s start with SXL’s segment-wise operating performance.

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