Energy Transfer Partners LP

Andeavor Logistics, Magellan Midstream Partners, and Plains All American Pipeline, top Alerian MLP Index constituents by market capitalization, are trading at price-to-DCF ratios higher than the peer average.

There were quite a few MLP merger announcements in the third quarter.

Royalty interest owner MLP Viper Energy Partners (VNOM) rose ~32% in the third quarter.

MLPs outperformed the broader energy sector in the third quarter of 2018.

The Kayne Anderson MLP/Midstream Investment Company (KYN) has generated YTD returns of -3.5%.

Oppenheimer Steelpath MLP Select 40 Fund (MLPFX) and Oppenheimer Steelpath MLP Income Fund (MLPDX) have generated positive YTD (year-to-date) returns of 0.5% and 1.2%, respectively.

Fund flows into top MLP ETFs fell significantly in the third quarter.

Energy Transfer Equity (ETE) stock rose nearly 4% on October 1 after crude oil futures rose ~3% on the day.

The Alerian MLP Index is trading at a yield of ~7.9%, which is ~5% higher than US ten-year Treasury yields.

In the United States, the monthly natural gas production rose from 1.78 trillion cubic feet in January 2009 to 2.43 trillion cubic feet in June 2018.

Energy Transfer Equity paid a distribution of $0.31 per unit for the third quarter, which represents an annualized distribution of $1.22 per unit for 2018.

Williams Companies (WMB) has very small exposure to the Permian Basin. The company displayed flattish EBITDA growth in the first half of 2018.

According to Wall Street analysts’ consensus estimates, Energy Transfer Equity (ETE) has a median price target of $21.44.

Energy Transfer Equity stock is currently trading at $17.63, ~1% below its 50-day moving average and 4% above its 200-day moving average.

On August 28, JPMorgan Chase raised its price target for Energy Transfer Equity (ETE) from $24 to $25.

After sailing through rough seas for the past few years, Energy Transfer Equity (ETE) seems to have attractive prospects going forward.

Of the top 15 MLPs by market cap, 13 reported YoY (year-over-year) rises in their quarterly revenues and earnings.

Energy Transfer Partners remains optimistic about its recently announced projects despite the rise in global trade tensions.

Energy Transfer Partners (ETP) posted strong earnings growth in the second quarter of 2018 and beat earnings estimates.

Energy Transfer Partners (ETP) and Energy Transfer Equity (ETE) announced their second-quarter earnings on August 8 after the market closed.

Enterprise Products Partners (EPD) reported its second-quarter results on August 1. All four of the company’s segments reported higher earnings.

The Crude Oil Transportation and Services segment was Energy Transfer Partners’ (ETP) top performing segment in the first quarter.

Energy Transfer Equity (ETE), Energy Transfer Partners (ETP), and Sunoco LP (SUN) are scheduled to report their second-quarter earnings on August 8.

Energy Transfer Partners (ETP) has agreed to merge with the wholly owned subsidiary of Energy Transfer Equity in an all-stock deal.

Permian Basin crude oil production has seen a dramatic rise in recent years.

The strong positive momentum for MLPs continues. The Alerian MLP Index with 44 energy MLPs ended in the green last week.

Of the top midstream companies we’ve discussed in this series, only ONEOK (OKE) and Cheniere Energy (LNG) have met analysts’ mean price targets from a year ago.

Energy Transfer Equity (ETE) was trading at a distribution yield of 6.9% as of July 11. Recently, Energy Transfer Equity’s stock price increased.

The one-year correlation coefficient between Energy Transfer Equity and crude oil was 0.49 as of July 11.

In the week ending July 6, the WTI Cushing-WTI Midland spread widened for the second consecutive week. The spread widened to $12.8 per barrel.

Of the four MLPs that we’re discussing in this series, Enterprise Products Partners (EPD) received the most “buy” recommendations.

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.

Energy Transfer Partners is trading at a high yield of ~11.8%. MPLX and Enterprise Products Partners are trading at attractive yields of 7.3% and 6.2%.

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.

So far in 2018, Plains All American Pipeline (PAA) stock has risen nearly 10% and outperformed its peers.

The Kayne Anderson MLP Investment Company is the largest closed-end MLP fund with assets under management of more than $3 billion.

The Tortoise MLP and Pipeline (TORTX) invests in MLPs and pipeline companies. TORTX has ~$4.1 billion of assets under management.

AMLP had a net inflow of $912 million in the second quarter—compared to a net outflow of -$558 million in the first quarter.

ONEOK (OKE) has seen a strong rally from its 2016 lows resulting in strong returns over the past seven years.

In this series, we’ll look at the historical outliers in midstream energy, which have generated massive wealth amid turbulent times.

Energy Transfer Partners’ (ETP) 30-day average implied volatility was 24.3% as of June 28—slightly below the 15-day average of 24.4%.

Energy Transfer Equity’s midstream MLP subsidiary, Energy Transfer Partners, expects its 2018 capex to be between $4.8 billion and $5.2 billion.

The entire midstream energy sector, including Energy Transfer Equity and Williams Companies, has bounced back significantly from its March lows.

In this series, we’ll perform a comparative analysis of two midstream heavyweights, Energy Transfer Equity and Williams Companies.

The WTI Cushing-WTI Midland spread widened in the week ending June 15—compared to the previous week.

Amid concerns over Permian pipeline takeaway capacity, several pipeline projects have been announced or have come online recently to accommodate rising Permian production.

Energy Transfer Equity (ETE) has risen 1% since the start of June. It has risen an impressive 27% from its year-to-date low.

So far, the US Treasury yield has risen by 53 basis points YTD. At the same time, AMZ’s yield has increased by 12 basis points.