Andeavor Logistics operates gas and oil logistics assets to support its refining sponsor.
Andeavor Logistics reported a good fourth quarter and we do not plan to materially change our $43 fair value estimate or narrow moat rating. The fourth quarter was significant as the partnership completed the acquisition of Western Refining Logistics and eliminated its IDRs, and we view both moves favorably. Fourth-quarter EBITDA increased to $277 million from $177 million last year, mainly due to the completed acquisitions, and 2018 guidance of $1.2 billion to $1.3 billion in EBITDA matches our...
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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