Energy Transfer Equity (ETE), which directly and indirectly owns the general partner of Energy Transfer Partners (ETP) and Sunoco Logistics Partners (SXL), rose 2.4% last week. At the same time, the Alerian MLP ETF (AMLP), which comprises 25 energy MLPs, was down 1.3%.
ETE’s gain last week could be due to the rise in its stock price after a federal judge denied tribes’ appeal to block the Dakota Access Pipeline. The pipeline is near completion.
Receive e-mail alerts for new research on ETP:
Interested in ETP?
Don’t miss the next report.
ETE had a weak start to 2017. It has fallen 1.8% since the beginning of 2017 while it gained 40.5% in 2016. In comparison, ETE’s peers Western Gas Equity Partners (WGP) and EQT GP Holdings (EQGP) have risen 8.0%, and 7.4%, respectively, in 2017 while its c-corp peer, Williams Companies (WMB), has lost 8.3%. Moreover, ETE and most of its peers are still trading below their levels before the energy price rout.
In this series, we’ll try to find out whether ETE can gain upward momentum from here. We’ll look into ETE’s price outlook using a few technical indicators, including moving averages and the relative strength index. Next, we’ll look into ETE’s valuation and analyst projections.