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...
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