Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Summary Energy Transfer Partners LP (ETP) is a master limited partnership. It owns and operates diversified portfolio of energy assets in the US. The partnership carries out the gathering, processing, storage, intra- and interstate transportation of natural gas and natural gas liquids. ETP also conducts crude oil and refined products transportation, terminalling, and marketing of gasoline and middle distillates. In addition, the partnership owns interest in a natural gas compression equipment b...
Energy Transfer will begin trading as one entity on Oct. 19 after 98.2% of Energy Transfer Partners' common unitholders approved the proposed $27 billion merger. We are reaffirming our $22 per unit value for Energy Transfer Equity, which will be the surviving entity. We think this is an attractive price for a partnership yielding 5.5% as of mid-October. The long-anticipated transaction relieves burdens on both entities, creating what we consider a win-win. ETP unitholders received a 28% premium...
Energy Transfer will begin trading as one entity on Oct. 19 after 98.2% of Energy Transfer Partners' common unitholders approved the proposed $27 billion merger. We are reaffirming our $22 per unit value for Energy Transfer Equity, which will be the surviving entity. We think this is an attractive price for a partnership yielding 5.5% as of mid-October. The long-anticipated transaction relieves burdens on both entities, creating what we consider a win-win. ETP unitholders received a 28% premium ...
We are reaffirming our $28 per unit fair value estimates for Energy Transfer Partners and $22 per share fair value estimate for Energy Transfer Equity based on the proposed $27 billion equity consolidation terms detailed in the Form S-4 that ETE filed Aug. 14. We continue to believe that ETP common unitholders should vote in favor of the deal at the 1.28 unit exchange ratio. The deal represents a 28% premium to what we considered a fair exchange ratio. A majority of unaffiliated ETP common uni...
We are reaffirming our $28 per unit fair value estimates for Energy Transfer Partners and $22 per share fair value estimate for Energy Transfer Equity based on the proposed $27 billion equity consolidation terms detailed in the Form S-4 that ETE filed Aug. 14. We continue to believe that ETP common unitholders should vote in favor of the deal at the 1.28 unit exchange ratio. The deal represents a 28% premium to what we considered a fair exchange ratio. A majority of unaffiliated ETP common unith...
We are reaffirming our $28 per unit fair value estimates for Energy Transfer Partners and $22 per share fair value estimate for Energy Transfer Equity after both reported second-quarter earnings. We are reaffirming our no-moat and stable moat trend ratings. Results in the first half of 2018 suggest both Energy Transfer entities are on track to meet our full-year expectations. ETP earnings and cash flow were up markedly, as we expected, with adjusted EBITDA climbing 32% to $3.9 billion and distr...
We are reaffirming our $28 per unit fair value estimates for Energy Transfer Partners and $22 per share fair value estimate for Energy Transfer Equity after both reported second-quarter earnings. We are reaffirming our no-moat and stable moat trend ratings. Results in the first half of 2018 suggest both Energy Transfer entities are on track to meet our full-year expectations. ETP earnings and cash flow were up markedly, as we expected, with adjusted EBITDA climbing 32% to $3.9 billion and distri...
We are raising our fair value estimate for Energy Transfer Partners to $28 per unit from $22 and reaffirming our $22 fair value estimate for Energy Transfer Equity after the family announced a long-anticipated consolidation plan. ETP unitholders will receive 1.28 ETE units, valuing the deal at $28 billion, and ETE will assume ETP's $33 billion of debt. We are reaffirming our no-moat and stable moat trend ratings for the family. We expect the deal to close as proposed. We continue to consider E...
We are raising our fair value estimate for Energy Transfer Partners to $28 per unit from $22 and reaffirming our $22 fair value estimate for Energy Transfer Equity after the family announced a long-anticipated consolidation plan. ETP unitholders will receive 1.28 ETE units, valuing the deal at $28 billion, and ETE will assume ETP's $33 billion of debt. We are reaffirming our no-moat and stable moat trend ratings for the family. We expect the deal to close as proposed. We continue to consider E...
We are raising our fair value estimate for Energy Transfer Partners to $28 per unit from $22 and reaffirming our $22 fair value estimate for Energy Transfer Equity after the family announced a long-anticipated consolidation plan. ETP unitholders will receive 1.28 ETE units, valuing the deal at $28 billion, and ETE will assume ETP's $33 billion of debt. We are reaffirming our no-moat and stable moat trend ratings for the family. We expect the deal to close as proposed. We continue to consider E...
The Federal Energy Regulatory Commission, or FERC, has now finalized its March proposal to incorporate the recent tax cuts enacted as well as the disallowance of a recovery of income taxes under a cost-of-service rate methodology for interstate natural gas pipelines. In response to substantial industry objections, FERC has softened the rulemaking effort considerably, in our view, while also providing the industry and investors with substantial clarity around the regulatory path forward, reducing...
The Federal Energy Regulatory Commission, or FERC, has now finalized its March proposal to incorporate the recent tax cuts enacted as well as the disallowance of a recovery of income taxes under a cost-of-service rate methodology for interstate natural gas pipelines. In response to substantial industry objections, FERC has softened the rulemaking effort considerably, in our view, while also providing the industry and investors with substantial clarity around the regulatory path forward, reducing...
The Federal Energy Regulatory Commission, or FERC, has now finalized its March proposal to incorporate the recent tax cuts enacted as well as the disallowance of a recovery of income taxes under a cost-of-service rate methodology for interstate natural gas pipelines. In response to substantial industry objections, FERC has softened the rulemaking effort considerably, in our view, while also providing the industry and investors with substantial clarity around the regulatory path forward, reducing...
In our new natural gas liquids forecast, we expect NGL production and exports of 6.7 million and 3 million barrels per day by 2022, respectively, above the consensus forecast. U.S. NGL supply will increase about 2.2 million bpd over the next five years compared with our forecast of 2.3 million bpd for oil, making it critical to continued U.S. liquids supply growth. Consensus U.S. NGL production estimates are as low as 4.5 million bpd, which implies that the U.S. cannot supply enough ethane to m...
In our new natural gas liquids forecast, we expect NGL production and exports of 6.7 million and 3 million barrels per day by 2022, respectively, above the consensus forecast. U.S. NGL supply will increase about 2.2 million bpd over the next five years compared with our forecast of 2.3 million bpd for oil, making it critical to continued U.S. liquids supply growth. Consensus U.S. NGL production estimates are as low as 4.5 million bpd, which implies that the U.S. cannot supply enough ethane to me...
We are reaffirming our $22 per unit fair value estimates for Energy Transfer Partners and Energy Transfer Equity after both reported first-quarter earnings. We are reaffirming our no-moat and stable moat trend ratings. Results through the first quarter suggest both Energy Transfer entities are on track to meet our full-year expectations. ETP earnings and cash flow were up markedly, with adjusted EBITDA climbing 30% to $1.88 billion and distributable cash flow climbing 29% to $1.22 billion. The j...
DALLAS--(BUSINESS WIRE)-- Energy Transfer Partners, L.P. (NYSE: ETP) (“ETP” or the “Partnership”) today reported its financial results for the quarter ended March 31, 2018. For the three months ended March 31, 2018, net income was $879 million and Adjusted EBITDA was $1.88 billion. Adjusted EBITDA increased $436 million compared to the three months ended March 31, 2017, reflecting an increase of $277 million in Adjusted EBITDA from the crude oil transportation and services segment, as well as higher results from several of the other s...
HOUSTON--(BUSINESS WIRE)-- Enterprise Products Partners L.P. (NYSE: EPD) and Energy Transfer Partners, L.P. (NYSE: ETP) today announced the formation of a 50/50 joint venture to resume service on the Old Ocean natural gas pipeline, which has been essentially idled since 2012. The 24-inch diameter pipeline, which originates at Maypearl, Texas in Ellis County and extends south approximately 240 miles to Sweeny, in Brazoria County, Texas, is expected to resume service in the second quarter of 2018. ETP will operate the pipeline. Addition...
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