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Energy Transfer Partners Has Lost 2.1% in May: Can It Recover?

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Nov. 20 2020, Updated 1:56 p.m. ET

Merger completion

Recently, Energy Transfer Partners (ETP) merged with Sunoco Logistics Partners. It became a wholly-owned subsidiary of Sunoco Logistics as Energy Transfer LP. Sunoco Logistics Partners was renamed Energy Transfer Partners with the ticker “ETP.” Since the merger, Energy Transfer Partners has become the US third-largest MLP in terms of market capitalization after Enterprise Product Partners (EPD) and Williams Partners (WPZ). Energy Transfer Equity (ETE) continues to hold limited partner interest, general partner interest, and IDRs (incentive distribution rights) in the combined entity.

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Market performance

Energy Transfer Partners has lost 2.1% since the beginning of May. In comparison, Energy Transfer Partners’ peers Kinder Morgan (KMI) and Enbridge Energy Partners (EEP) have fallen 5.3% and 11.9%, respectively. At the same time, the Alerian MLP ETF (AMLP), which includes 25 energy MLPs, fell 4.0%. For details on Kinder Morgan’s performance drivers in the past week, read Kinder Morgan Plans Canadian IPO, Stock Continued to Fall.

Series overview

In this series, we’ll try to find out whether Energy Transfer Partners can gain upward momentum. We’ll analyze the company’s recent earnings, cash flow measures, and balance position. Following an analysis of Energy Transfer Partners’ operating results, we’ll look into its valuations, commodity price exposure, and analysts’ projections.

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