Energy Transfer Partners LP (ETP)

[Timothy Smith]

Energy analyst Phil Adams is still rating the bonds Underperform, calling the MLP a "hostage" to commodity prices that he expects will stay low.

"ETP is the anchor of ETE’s midstream empire," Adams writes. "But with ETP’s unit price down a net 42% so far in 2015, issuing equity in balance with debt to finance growth capex is unattractive.

ETP’s units probably won’t recover until energy commodity prices trend higher, and ETP’s bond spreads won’t likely recover significantly before ETP’s equity."