Energy Transfer Partners LP
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The MLP-Treasury Yield Spread Contracted Marginally in Q3
The yield spread between the Alerian MLP Index yield and the US ten-year Treasury yield contracted to 5.0% at the end of Q3 from 5.1% at the end of Q2.
EPD, MPLX, ETP, PAA: What Do Current Valuations Indicate?
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.
ETP, EEP, DM: MLP Sector Mergers Continue in Third Quarter
There were quite a few MLP merger announcements in the third quarter.
Which MLPs Were the Strongest in the Third Quarter?
Royalty interest owner MLP Viper Energy Partners (VNOM) rose ~32% in the third quarter.
MLPs Ended Positive for the Second Straight Quarter
MLPs outperformed the broader energy sector in the third quarter of 2018.
KYN, TYG, CEM: How MLP Closed-End Funds Have Performed in 2018
The Kayne Anderson MLP/Midstream Investment Company (KYN) has generated YTD returns of -3.5%.
How Top MLP Open-End Funds Have Fared in 2018
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 in the Third Quarter
Fund flows into top MLP ETFs fell significantly in the third quarter.
What to Expect from Energy Transfer Equity Stock
Energy Transfer Equity (ETE) stock rose nearly 4% on October 1 after crude oil futures rose ~3% on the day.
Are Rising Treasury Yields behind the Higher MLP Yields?
The Alerian MLP Index is trading at a yield of ~7.9%, which is ~5% higher than US ten-year Treasury yields.
Natural Gas Demand-Supply Trends Impact Midstream Companies
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.
Analyzing ETE and WMB’s Dividend Profiles
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.
ETE and ETP: Analysts’ Recommendations and Price Targets
According to Wall Street analysts’ consensus estimates, Energy Transfer Equity (ETE) has a median price target of $21.44.
What Energy Transfer Equity’s Chart Indicators Suggest
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.
ETE and AM: Key Midstream Price Target Updates Last Week
On August 28, JPMorgan Chase raised its price target for Energy Transfer Equity (ETE) from $24 to $25.
MLPs’ Strong Earnings Growth Continued in Q2 2018
Of the top 15 MLPs by market cap, 13 reported YoY (year-over-year) rises in their quarterly revenues and earnings.
A Quick Update on Energy Transfer Partners’ Major Projects
Energy Transfer Partners remains optimistic about its recently announced projects despite the rise in global trade tensions.
Energy Transfer Partners Is Firing on All Cylinders
Energy Transfer Partners (ETP) posted strong earnings growth in the second quarter of 2018 and beat earnings estimates.
Trends in Enterprise Products Partners’ Volumes
Enterprise Products Partners (EPD) reported its second-quarter results on August 1. All four of the company’s segments reported higher earnings.
What Could Drive Energy Transfer Partners’ Earnings?
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 to Merge with ETE: Stock Up 9% Today
Energy Transfer Partners (ETP) has agreed to merge with the wholly owned subsidiary of Energy Transfer Equity in an all-stock deal.
A Closer Look at Permian Basin Takeaway Capacity Constraints
Permian Basin crude oil production has seen a dramatic rise in recent years.
MLP Rally Continues: Alerian MLP Index in Green for Fourth Week
The strong positive momentum for MLPs continues. The Alerian MLP Index with 44 energy MLPs ended in the green last week.
Which Top Midstream Companies Have an Attractive Upside
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.
WTI Cushing-WTI Midland Spread Continued to Widen
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.
EPD, MPLX, ETP, and PAA: Analysts’ Recommendations
Of the four MLPs that we’re discussing in this series, Enterprise Products Partners (EPD) received the most “buy” recommendations.
ETP, MPLX, and EPD: Top MLPs Are Trading at Attractive Yields
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%.
EPD, ETP, and MPLX: Are the Top MLPs Undervalued?
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.
Plains All American Pipeline Has Outperformed Its Peers in 2018
So far in 2018, Plains All American Pipeline (PAA) stock has risen nearly 10% and outperformed its peers.
Top MLP Funds Have Generated Negative Returns in 2018
The Kayne Anderson MLP Investment Company is the largest closed-end MLP fund with assets under management of more than $3 billion.
Top MLP Funds Are in the Red in 2018
The Tortoise MLP and Pipeline (TORTX) invests in MLPs and pipeline companies. TORTX has ~$4.1 billion of assets under management.
AMLP and MLPA: Fund Flows Rose in Q2 2018
AMLP had a net inflow of $912 million in the second quarter—compared to a net outflow of -$558 million in the first quarter.
These Midstream Players Have Created Maximum Wealth for Investors
In this series, we’ll look at the historical outliers in midstream energy, which have generated massive wealth amid turbulent times.
Energy Transfer Partners’ Implied Volatility and Price Forecast
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%.
ETE versus WMB: What Are Their Capital Spending Plans?
Energy Transfer Equity’s midstream MLP subsidiary, Energy Transfer Partners, expects its 2018 capex to be between $4.8 billion and $5.2 billion.
ETE Is Outperforming WMB Year-to-Date: Will the Trend Continue?
The entire midstream energy sector, including Energy Transfer Equity and Williams Companies, has bounced back significantly from its March lows.
ETE versus WMB: Comparing Two Midstream Heavyweights
In this series, we’ll perform a comparative analysis of two midstream heavyweights, Energy Transfer Equity and Williams Companies.
Midstream Operaters Are Scrambling to Build a Permian Takeaway
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 Up 27% from Year-to-Date Low
Energy Transfer Equity (ETE) has risen 1% since the start of June. It has risen an impressive 27% from its year-to-date low.
AMZ and the Treasury Yield Spread Narrowed
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.
MLPs Rallied despite Crude Oil’s Weakness Last Week
MLPs rallied despite crude oil’s weakness last week. The Alerian MLP Index (^AMZ) rose 2.7% during the week and ended at 269.1.
Existing and Planned Natural Gas Pipeline Projects
Pipeline projects under construction that cater to Northeastern US natural gas producers include Energy Transfer Partners’ (ETP) Rover Pipeline Project.
Does ETE’s Recent Correction Suggest a New Downtrend?
Energy Transfer Equity (ETE), the MLP GP of Energy Transfer Partners (ETP), is off from its May highs.
MLPs Rose Due to Strong Crude Oil and Higher Drilling Activity
The Alerian MLP Index (^AMZ), which includes 50 energy MLPs, rose 3.1% last week and ended at 267.6.
Harvest Fund Advisors Added Major Positions in PAA in Q1 2018
In this article, we’ll look into the institutional activity in Plains All American Pipeline (PAA) during the first quarter.
Is Energy Transfer Partners Exploring a C Corporation Structure?
High leverage and a complex capital structure have been a drag on Energy Transfer Partners’ market performance.
MLPs’ Strong Earnings Growth Continued in 1Q18
Master limited partnerships or MLPs saw continued strong earnings growth in 1Q18 after a solid fourth quarter of 2017.
Energy Transfer Partners Beats Analyst Estimates Yet Again
Energy Transfer Partners posted adjusted EBITDA of $1,881 million in 1Q18, which was 1.4% above expectations.
Race for Permian Continues, EPD and ETP Form New Joint Venture
The race for the Permian region continues as the country’s largest midstream companies, Enterprise Products Partners (EPD) and Energy Transfer Partners (ETP), come together.
What Analysts Recommend for ETP and ETE before 1Q18 Earnings
About 72% of the analysts surveyed by Reuters rate Energy Transfer Equity (ETE) a “buy” as of May 1, and 28% rate it a “hold.”
What ETE’s and ETP’s Valuations Indicate before 1Q18 Earnings
Energy Transfer Equity was trading at a price-to-distributable-cash-flow (or DCF) ratio of 17.3x as of May 1.
Energy Transfer Partners: Possible Earnings Drivers in 1Q18
Energy Transfer Equity (ETE), Energy Transfer Partners (ETP), and Sunoco (SUN) are scheduled to report their 1Q18 earnings on May 9.
MLPs Cooled Off after Rallying for 2 Consecutive Weeks
MLPs cooled off in the week ending April 27. Out of the total 92 MLPs, 45 ended in the red, three remained unchanged, and 44 ended in the green.
Are Wall Street Analysts Bullish on Energy Transfer Equity?
About 72.0% of analysts surveyed by Reuters rated Energy Transfer Equity (ETE) as a “buy” on April 20, while the remaining 28.0% rated it as a “hold.”
A Look at Energy Transfer Equity’s Technical Indicators
ETE was trading 3.0% above its 50-day SMA and 6.0% below its 200-day SMA, respectively, on April 20.
ETE Is Up ~12% in April: Can the Momentum Continue?
Energy Transfer Equity (ETE) is up ~12% month-to-date, supported by gains in crude oil prices and recovery in the midstream energy sector.
Genesis Energy Is Trading at a Discount despite Strong Earnings
Genesis Energy is expected to post 27.4% YoY EBITDA growth in the first quarter of 2018 compared to 1Q17.
Top Earnings Growth Expected from Midstream Companies in 1Q18
In this series, we’ll look at the top ten midstream companies based on earnings growth expectations for 1Q18.
Recent Institutional Activity in CCLP and APLP
Archrock (AROC) is the biggest investor in Archrock Partners (APLP), and it holds 41.4% of its outstanding shares.
MLPs Recovered Slightly amid Strong Crude Oil Gains
US crude oil rose 8.6% last week and ended at $67.4 per barrel. Geopolitical tension increased due to the crisis in Syria.
Energy Transfer Partners Outperforming Alerian MLP ETF in April
In this series, we’ll try to find out whether ETP can gain upward momentum following its recent recovery.
Energy Transfer Duo Offers High Upside Potential
Energy Transfer Partners and Energy Transfer Equity are among the top midstream companies that offer high upside potentials.
These Top Midstream Companies Offer Maximum Upside Potential
In this series, we’ll look into ten midstream players’ market performances, upside potentials, valuations, and analyst recommendations.
Are Analysts Bullish on USA Compression Partners?
USA Compression Partners rose in January 2018 following the news that it acquired Energy Transfer Partners’ compression business.
Analyzing the Top MLP Closed-End Funds in 1Q18
NTG invests primarily in MLPs and their affiliates. The fund has ~$1 billion of assets under management. NTG focuses on natural gas infrastructure MLPs.
Top MLP Funds in 1Q18 Based on Total Returns
The top five MLP funds by assets under management are TORTX, MLPDX, MLPFX, CCCAX, and MLPAX.
Top MLP ETFs: Analyzing Fund Flows in 1Q18
The top five MLP ETFs recorded a net outflow of $285 million in 1Q18. The Alerian MLP ETF (AMLP) had a net outflow of $558 million.
AMZ Is near 5-Year Lows after Last Week’s Turmoil
The Alerian MLP Index (^AMZ), which includes 50 energy MLPs, was near its five-year low following turmoil in the week ending March 23, 2018.
What MLPs’ Current Valuations Indicate
MLPs on average are currently trading at an EV-to-EBITDA multiple of 9.0x.
How Flows into Top MLP ETFs Are Trending
The total net fund flow into the top five MLP ETFs by asset under management in February 2018 was -$466 million.
Where Energy Transfer Partners Could Trade in the Next 7 Days
Energy Transfer Partners’ (ETP) 30-day implied volatility was 29.2% as of March 19, 2018—higher than the 15-day average of 26.8%.
What Could Drive Energy Transfer Partners Upward?
Currently, Energy Transfer Partners is trading close to its 52-week low of $15.1. However, the partnership could rise due to a few recent events.
Why MLPs Underperformed the Energy Sector Last Week
MLPs underperformed the energy sector and the broader US markets last week. Let’s take a look.
Analysts’ Views on High-Yield MLP Stocks
Of analysts surveyed by Reuters, 75% rated Energy Transfer Partners (ETP) as a “buy” and the remaining 25% rated it as a “hold.”
Analyzing Institutional Investor Activity in ETP, EEP, BPL, SUN
The top ten institutional investors in Energy Transfer Partners (ETP) added 66.8 million ETP shares to their positions, according to the latest filings.
Comparing Short Interest in ETP, EEP, BPL, and SUN
Short interest represents the number of shares of a particular stock that have been shorted but haven’t yet been closed out.
ETP, EEP, BPL, and SUN: A Leverage Analysis
Energy Transfer Partners (ETP) had a huge debt, of more than $32 billion, at the end of 2017.
Behind ETP’s, EEP’s, BPL’s, and SUN’s High Yields
After a 6.3% fall on March 15, 2018, Energy Transfer Partners (ETP) is trading at a distribution yield of ~13.6%.
Why Energy Transfer Partners’ Earnings Are on the Rise
Energy Transfer Partners (ETP) reported adjusted EBITDA (earnings before interest, tax, depreciation, and amortization) of $1.9 billion in 4Q17.
Why TCP, EEP, and SEP Fell after FERC Tax Ruling
MLPs had a bad Thursday after the FERC (Federal Energy Regulatory Commission) revised its income tax policy for MLPs.
Could Energy Transfer Equity Stock Regain Upward Momentum?
In this series, we’ll discuss whether ETE could regain upward momentum.
MLPs Recover Marginally after 2 Weeks of Hammering
MLPs recovered marginally last week after two weeks of hammering. Here’s what you need to know.
Analyzing Sunoco’s High Distribution Yield
Sunoco (SUN) is trading at a high distribution yield of ~11.7%. It paid a distribution of ~$0.83 per share in 4Q17.
MLPs Are Yielding More Than 11%: What That Means
NuStar Energy, which has announced a distribution cut effective in 1Q18, would yield ~11.7% at the current price.
Can WPZ Meet Its Distribution Growth Targets for 2018?
Based on its recent quarter distribution, Williams Partners is trading at a distribution yield of 6.5%.
A Look at ETP’s 2018 Distribution Growth Plans
Of the analysts surveyed by Reuters, 75.0% rate Energy Transfer Partners as a “buy,” and the remaining 25% rate it as a “hold.”
MLPs’ Sluggishness Continued in the Week Ending March 2
MLPs’ sluggishness continued in the week ending March 2, 2018. The Alerian MLP Index (^AMZ) fell 2.7% last week and ended at 258.3.
What Are Institutional Investors Doing with Positions in PAA?
Harvest Fund Advisors and CIBC Atlantic Trust Private Wealth Management added major positions in Plains All American Pipeline during the fourth quarter.
Tortoise Capital Advisors Bought ~40 Million Shares of ETP
Energy Transfer Partners (ETP), the MLP subsidiary of Energy Transfer Equity (ETE), saw massive buying from institutional investors for the second consecutive quarter.
Tortoise Capital Advisors Became Top Institutional Holder in MPLX
Bank of America Merrill Lynch and Citi Investment Research were the biggest sellers in MLPX LP (MPLX) during the fourth quarter.
MLPs’ Strong Earnings Growth Continued in 4Q17
After a solid 3Q17, master limited partnerships’ strong earnings performances continued in 4Q17.
Why ETP Might Not See Rating Updates despite Strong 4Q Earnings
75.0% of analysts surveyed by Reuters rate Energy Transfer Partners (ETP) a “buy” as of February 21, 2018, and the remaining 25.0% rate it a “hold.”
What’s ETE’s and ETP’s Price Forecast after 4Q17 Earnings?
Energy Transfer Equity (ETE) and Energy Transfer Partners (ETP) have been very volatile since the start of this year.
How ETE’s Distribution Coverage Trended in 2018
Energy Transfer Equity (ETE) reported distributable cash flows of $263 million in 4Q17 compared to $299 million in 4Q16.
ETP Continued to Beat Analyst Estimates in 4Q17
Energy Transfer Equity and its subsidiary, Energy Transfer Partners, reported 4Q17 earnings on February 21, 2018.
Kinder Morgan: Analysts Cut the Target Price Last Week
Kinder Morgan (KMI) stock is trading 7% and 9% below its 50-day and 200-day moving averages, respectively.
What ETE’s and ETP’s Valuations Indicate before the 4Q17 Earnings
Energy Transfer Partners was trading at a forward EV-to-EBITDA multiple of 8.0x on February 14, which is below the one-year average of 10.3x.
60% of Top Midstream Companies Have Lower Mean Price Targets Now
Six out of the top ten midstream companies currently have a lower mean price target than they had a year ago.
Analyzing Trends in Top Midstream Companies’ Price Targets
Six out of the top ten midstream companies currently have a lower mean price target than they had a year ago.
The MLP-Treasury Yield Spread Widens
The yield spread between the Alerian MLP Index (^AMZ) and the ten-year Treasury has widened due to the recent correction.