Report
Joe Gemino
EUR 101.80 For Business Accounts Only

The Lakehead system is poised to generate stable cash flows, resulting in strong yields.

We are initiating coverage of Enbridge Energy Partners with a fair value estimate of $19.  We are assigning the company a narrow economic moat with a stable moat trend. Net income distributions currently yield 4%, which approximates the average of Canadian midstream sector. 
Enbridge Energy Partners is a master limited partnership, formed by its general partner, Enbridge Inc. The company operates crude oil and natural gas transportation systems in the United States. It’s crude oil infrastructur...
Underlying
Enbridge Energy Partners L.P. Class A

Enbridge Energy Partners owns and operates crude oil and liquid petroleum transportation and storage assets, and natural gas gathering, treating, processing, transportation and marketing assets in the U.S. The company's Liquids segment includes the Lakehead, North Dakota and the Mid-Continent crude oil systems. The company's Lakehead system consists of a series of interstate common carrier crude oil and liquid petroleum pipelines, and storage assets. The company's Natural Gas segment consists of natural gas and natural gas liquids (NGL), rail and liquid marketing services, gathering and transportation pipeline systems, natural gas processing and treating facilities and NGL fractionation facilities.

Provider
Morningstar
Morningstar

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.

Analysts
Joe Gemino

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