Spectra Energy Partners investing heavily in gas pipeline expansion to drive growth.
We are reaffirming our $50 fair value estimate and wide moat and stable moat trend ratings for Spectra Energy Partners after the company reported $398 million of ongoing distributable cash flow in the third quarter. SEP is on track to meet management's $1.4 billion-$1.48 billion full-year ongoing distributable cash flow target, in line with our expectations.Distributable cash flow in the third quarter was up 27% from the year-ago quarter, supporting a 7.4% year-over-year increase in the annuali...
Spectra Energy Partners is a partnership holding company. Through its subsidiaries and equity affiliates, the company is engaged in the transmission, storage and gathering of natural gas, and the transportation and storage of crude oil, through interstate pipeline systems in the U.S. and Canada. The company's operations and activities are managed by its general partner, Spectra Energy Partners (DE) GP, LP. The company manages its business in two reportable segments: U.S. Transmission, which provides transmission, storage, and gathering of natural gas in northeastern and southeastern U.S.; and Liquids, which provides transportation and storage of crude oil in central U.S. and Canada.
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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