FERC Revises Tax Policies for MLPs But Details Suggest Market Overreaction
A D.C. Circuit Court decision prompted the Federal Energy Regulation Commission, or FERC, to propose policy changes on Thursday that could have a negative impact on our midstream coverage. The policy changes could eliminate MLPs' ability to recover a tax allowance, potentially leading to lower tariffs, revenue, and earnings.We are reviewing Williams Partners, Enbridge, Enbridge Partners, Energy Transfer, and Spectra Energy Partners for potential modest fair value estimate cuts. The relative win...
Magellan Midstream Partners is engaged in the transportation, storage and distribution of refined petroleum products and crude oil. The company's segments are: refined products, which consists of its refined products pipeline system, independent terminals and ammonia pipeline system; crude oil, which comprises crude oil pipelines, condensate splitter and storage facilities and ships crude oil as a common carrier for customers including crude oil producers, end users such as refiners, and marketing and trading companies; and marine storage, which owns and operates marine storage terminals located along coastal waterways.
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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