Spectra Partners' Impressive Earnings and Distribution Growth Should Continue
We are reaffirming our $50 fair value estimate and wide moat and stable moat trend ratings for Spectra Energy Partners after the company reported $371 million of ongoing distributable cash flow in its first full quarter as a part of Enbridge. Distributable cash flow in the second quarter was up from $281 million in the year-ago quarter, supporting a 7.5% year-over-year increase in the annualized quarterly distribution to $0.71 per unit. We think SEP can keep up this type of distribution growth f...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.
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