Enterprise Product Partners Reports Strong 2Q; Sees Uptick in Ethane Demand
Enterprise Product Partners reported a strong second quarter, and we plan to maintain our $29.50 fair value estimate and wide moat rating. Despite a difficult crude oil marketing environment and lower Eagle Ford production, the company benefited from its Permian, Marcellus, and Rockies exposure. It also noted that ethane demand, which had been flat since 2013, has increased to record levels of 1.2 million barrels per day in 2017, and new ethane cracker construction is expected to increase demand...Enterprise Products Partners is a provider of midstream energy services to producers and consumers of natural gas, natural gas liquids (NGLs), crude oil, petrochemicals and refined products. The company's midstream energy operations include: natural gas gathering, treating, processing, transportation and storage; NGL transportation, fractionation, storage, and export and import terminals; crude oil gathering, transportation, storage, and export and import terminals; petrochemical and refined products transportation, storage, export and import terminals, and related services; and a marine transportation business that operates primarily on the U.S. inland and Intracoastal Waterway systems.
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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