Revising Energy Transfer's Economic Moat to None From Narrow
We are cutting our fair value estimates for Energy Transfer Partners and Energy Transfer Equity to $22 per unit from $23 after changing our economic moat rating to none from narrow. We are reaffirming our stable moat trend rating. Our new fair value estimates imply a 6% yield for ETE and an 11% yield for ETP based on our 2018 projected distributions.We think Energy Transfer's recent moves to merge with Sunoco, acquire PennTex shares, and reduce its ownership in the Bakken and Rover pipelines, i...
Energy Transfer is a holding company. Through its subsidiaries, the company is engaged in natural gas operations, including natural gas midstream and intrastate transportation and storage and interstate natural gas transportation and storage, and crude oil, natural gas liquid (NGL) and refined products transportation, terminalling services and acquisition and marketing activities. In addition, the company owns investments in other businesses. The company's segments include: intrastate transportation and storage; interstate transportation and storage; midstream; NGL and refined products transportation and services; crude oil transportation and services; investment in Sunoco LP; investment in USAC; and all other.
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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.
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