Energy Transfer's Major Projects and Balance Sheet Improvement on Track
We are reaffirming our $22 per unit fair value estimates for Energy Transfer Partners and Energy Transfer Equity after both reported first-quarter earnings. We are reaffirming our no-moat and stable moat trend ratings.Results through the first quarter suggest both Energy Transfer entities are on track to meet our full-year expectations. ETP earnings and cash flow were up markedly, with adjusted EBITDA climbing 30% to $1.88 billion and distributable cash flow climbing 29% to $1.22 billion. The j...
Energy Transfer Partners, through its subsidiaries, conduct activities such as natural gas operations; and interstate natural gas transportation and storage; and crude oil, natural gas liquid and refined product. The company's segment includes: Intrastate Transportation and Storage, which owns and operates a natural gas open-access interstate pipeline network; Midstream, which consists of natural gas gathering, compression, treating, processing, storage, and transportation; NGL and Refined Products Transportation and Services, which transport, store and execute acquisition and marketing activities utilizing a network of pipelines, storage and blending facilities.
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.
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