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ETP closed @ 21.47 yesterday.
Today it is ET and at $16.91 trading downward off it's high of 17.45
IMO it will take a bit for all the adjustments inside funds and portfolios to bake in the pricing.
GLTA!
My account at TDA opened with ET occupying the columnar position formerly held by my ETP position. It contains more shares than were formerly held due to the merger-introduced multiplier. I'm not seeing inaccuracies of any sort.
What I'd like to know is the amount ETP closed at yesterday so I can do a comparison.
Thanks for any help with this!
FYI this is not displayed correctly as per name or price.
At the moment ET has traded 3.2 million units and is @ 17.03
-pete
Everybody's brokerage account should reflect the changes wrought by yesterday's vote approving the merger of ETE and ETP. My account now holds a greater number of units than was reflected yesterday by a factor of 1.28%. In other words, a position of 100 units of the former ETP will now be recorded as 100 with 1.28 the multiplier. The stock will now be listed by the ticker "ET."
Hopefully this will please investors here inasmuch as the vote in favor of the merger was overwhelmingly weighted towards merging.
It'd be useful here if shareholders were to share their joys and concerns.
Thanks.
Trump is in etp man this is 28.00 next earnings and get Nice divy to wait
Go for it. I will stay put. I like ETP and ETE better than yours.
With a cost basis of $15.94, I'm sensing the big money has already been taken off the table. I've sold much of my position over that past couple of weeks and am weighing cashing out now due to so much uncertainty in the days and weeks ahead.
It's been a fine ride but I'm not wishing to be blinded by greed. Uncertainty is not the investor's best friend...unless he's into collecting enemies.
lol
32 million units held his entire fortune I hear makes making 18 mil a qtr got to put it somewhere
Heavy Insider Buying here right now:
Here's a look at a few notable insider purchases reported in the past week.
Energy Transfer Partners
Energy Transfer Partners LP (NYSE: ETP) saw CEO Kelcy Warren step up to the buy window again this past week. The more than 1.63 million shares of this natural gas and propane company acquired, at per-share prices ranging from $22.22 to $22.65, cost him more than $36.74 million. Warren also purchased over 360,000 shares the previous week.
The more recent purchase came right around the time of news of a pipeline burst in Beaver County, Pennsylvania. The stock ended the week trading at $22.27, still within the above purchase price range. The stock has changed hands between $15.06 and $24.38 in the past year, and the analyst's mean price target is $26.56.
Energy Transfer Equity
A Energy Transfer Equity LP (NYSE: ETE) director more than double his stake last week. The 100,000 shares acquired of this so-called sister company of Energy Transfer Partners, at per-share prices between $17.40 and $17.77, cost him more than $1.76 million. This director also bought a smaller batch of the shares in the prior week.
Energy Transfer Equity and its sister company expect their merger to be completed in October. Its shares rose more than 2 percent but gave up that gain in the past week. They were last seen trading at $17.47. Here too, that level was within the director's purchase price range. The stock has traded as high as $19.34 in the past year, but the analysts' mean price target is $21.44.
Big cigars and motorcars!
If he's making a half milly or so plus receiving 50,000 cashless warrants per year on a three year schedule...he gets to double or triple dip buying commons now.
These are made-up numbers but I'll bet they're not totally out of the ballpark.
CFO bought 10,000 units @ 22.33
.
These days are proving to be rather difficult for the MLP sector.
My own thinking is that once we get past these sporadic heat wave outbursts seen on the weather channel daily, Winter's harsh reality will begin to sink in and with it comes concerns about heating fuels and pipeline space and the potential for soaring prices on NG and oil.
So for now I figure we need to be patient. It ain't easy but it doesn't have to be.
Paydays are always fun for me. I hope everybody is enjoying today as it's our most recent one. After backing out today's distribution, I'm proud to say my cost basis is just $15.98. This is a winner and I'm leaning towards adding right now.
Enjoy!
UBS Reconfirms $31 Target On Energy Transfer Partners (NYSE:ETP) Shares, Reconfirms Their Original “Buy” Rating
Fresh report out over the weekend.
While I'm with you on this, I've got a whopping gain in NGL and it's now just starting its next leg higher. Breaking out!
I bought ETP when I saw the light and realized the Bakken pipeline was going to see completion despite all the protestors. I never looked back from there. $ETP has proven to be a big winning choice with a monster dividend.
OH! So that explains why my nose is running!
Dang!
$ETP I am crying all the way to the bank.
UBS just came out with revised guidance:
Valuation raised to $31.
Can you handle it?
lol
Management on Q2 2018 Results - Earnings Call Transcript
https://seekingalpha.com/article/4197329-energy-transfer-equitys-ete-management-q2-2018-results-earnings-call-transcript?page=13
Aug 8, 2018, Energy Transfer Partners Reports Second Quarter Results
https://www.bizjournals.com/houston/businesswire/press_releases/Texas/2018/08/08/20180808005797
It's good of you to ponder such things. I would except for the fact that I really don't have any way of knowing how the combined entity will handle things. And they probably don't know yet, either.
But in the end, the fact is that whether I know or don't? Nothing changes as a direct result of it. So, then, as one who was blind twenty years ago, let me offer this:
There will be times when we are unable to project into the future because we lack the ability to do so. There will always be differing ways of establishing qualifiers but ultimately it's accuracy that spells relief. So that tells me I've got no choice but to wait and see what happens being as I can't alter the scheme of things.
There are things we cannot know. There are also innumerable things we don't have to know. Very conspicuous for my pondering is that nobody is explaining how it is that a month ago ETP holders were deathly afraid of the rollup yet here we are---$5-$6 ahead.
Nobody knew because nobody saw it! In my case, I sold a bunch of ETP to enable additional NGL buys. Then, a couple of weeks ago I realized I might have made a mistake and I went back and added ETP.
Smart? I don't think so. Lucky? You'd better believe it! And my hunch is that I belong in the same pile of know-too-littles that financed the run up from $18.
I'll take it! lol
I really think they have all of this figured out already. No doubt in my mind they intend to make the share price grow much higher as a result of the merger.
If the deal doesn't close until Q4, will they adjust the Q3 distribution to reflect the new combined entity? Will they close the deal before they announce any thing in November and pay the reduced yield on more units... as i suspect? It would make sense to save $ and pay the pro-rated amount factoring in the 1.28 x formula, but what do I know. It is not news the 1000 shares will become 1280. They could raise the D a little on ETE and pay the same to ETP, close the deal by Nov 1, and both sets of investors will be happy.
Maybe they will wait for performance and price appreciation to do anything with the current ETE distribution.
My understanding was that that the two were split apart originally to mitigate the risk incurred by ETP for projects like the Bakken pipeline. Failure to complete a huge project like the "Bakken" could have spelled disaster for the company if the project was not completed to fruition. Knowing the companies are being made "whole" is certainly a sign of a more prosperous future as the profits from these huge projects become a huge recurring annual annuity.
I had read that ETE would buy out ETP a month or so ago. The announcement was not expected to happen for another 5 months though. I will take it, but intended to add more shares before it happened. ETE/ETP should be off to the races not. The combination makes for a very strong company.
Always liked the company and the dividend... It was a little rough when I was underwater for a spell.
Agree and glad I did not sell a couple weeks ago when I was thinking it was time....
Not feeling so bad now about being long on $ETP. Getting a real nice dividend along the way sure lessened the blow.
Trading at the moment about 27 cents below the deal announced.
ETE @ 18.82 X 1.28 + 24.09
There will be lots of big funds adjusting their positions....
Very good news for us as we stay an MLP and increase the DCF.
The discussion will continue at the ETE board.
ETP (Sunoco Logistics Partners) will likely and logically become Energy Transfer Equity.
Congrats ETP longs!
This deal will be a huge positive for ETP holders long term, IMO. Key point is that, even if the quarterly distribution goes down, ETP holders will be getting 28% more units in the transaction, and the ETP divi% is down today due to the sharp increase in unit price. I will take that any day.
ETP share price rocking this morning. Somebody approves the merger.
Distribution increase?
The Math
The Math is in the link below
Using the outstanding units of both companies and the conversion ratio, along with the distributable cash flow of each company we can come up with the adjusted DCF of the combined company on a quarterly basis.
Source: Q1-2018 results ETP & ETE
At first glance it appears that the adjusted DCF per unit will be lower than the ETP distributions in Q1-2018. But remember, each ETP shareholder is being issued 28% more units. So a current ETP shareholder will be paid distributions on 28% more units.
Shockingly, the amount of DCF (adjusted for 28% increase in units) available for each ETP unit appears to be higher than the distribution previously declared.
https://seekingalpha.com/article/4193548-energy-transfer-partners-will-distribution-cut-post-merger?page=2
Thanks for the helpful roundup!
I have been expecting (and looking forward to)this. Sure the Divi is a little lower, but still not shabby and the company will be much stronger and deserving of a greater capital growth. ETE can also increase dividends and likely do so.
Quite the haircut we will get in future distributions after our last one upcoming, but the premium is giving us a 5% bump overnight in value, nice! But that value is shifting fast to balance with the deal... which will close soon I presume.
What to do?
ETE pays 26 cents less per quarter.. .565 for ETP, .305 for ETE
with the extra shares ETP unit holders will get $174.60 less per quarter for each 1000 units held with future
distributions at the current rate. Those units will become 1280 units. Yields will move closer than the current 4% difference as the prices adjust to the deal.
After hours ETP...+5.1%, ETE -2.3%
both go ex on the 6th and pay the 14th.
Energy Transfer Equity to Acquire Energy Transfer Partners in Simplification Transaction
https://www.marketwatch.com/press-release/energy-transfer-equity-to-acquire-energy-transfer-partners-in-simplification-transaction-2018-08-01
ETP is now on the receiving end of the huge projects they have undertook over the last several years like the Bakken pipeline. It's time to reap the rewards.
+4%! You and Mr. Akin in the SA article called it, and ETP is now surging strongly upward.
I wouldn't want to be short ETP right now with the strong upward price momentum, and am wondering if any of this surge today is driven by shorts covering.
Nice upward price action here this am. Can't find an news to account for it yet, but we haven't traded above $20 for quite some time.
This is a partial...on ETP
ETP, MPLX, and EPD: Top MLPs Are Trading at Attractive Yields
By Ruth King
Jul 6, 2018 | 10:22 AM
Attractive yields
Energy Transfer Partners (ETP) is trading at a high yield of ~11.8%. MPLX (MPLX) and Enterprise Products Partners (EPD) are trading at attractive yields of 7.3% and 6.2%, respectively. Plains All American Pipeline (PAA) is trading at a yield of ~5.1%. In comparison, the Alerian MLP Index’s yield stands at ~7.9%. Currently, MLPs offer an attractive spread over the US ten-year Treasury yield, which stood at 2.84% on July 5.
distribution coverage and growth
Energy Products Partners’ distributions
Enterprise Products Partners has been raising its quarterly distributions ~0.6% for the last three quarters. Enterprise Products Partners lowered its distribution growth rate in the third quarter of 2017. The company had an objective of being able to self-fund the equity portion of its growth capital.
Enterprise Products Partners has a strong track record of distribution growth, even throughout the energy price turmoil. The company’s coverage ratio was 1.5x at the end of the first quarter. Enterprise Products Partners’ strong history of distribution growth, consistent performance, financial discipline, and a healthy coverage makes its 6.2% yield attractive.
Energy Transfer Partners’ distributions
Energy Transfer Partners hasn’t increased its distributions for the last two quarters. The company expects to use the distribution savings to partially fund its growth capital. To learn more, read ETE and ETP Keep Distribution Unchanged in 1Q18: Here’s Why. Energy Transfer Partners is evaluating changes to its structure, including becoming a C corporation, to reduce its cost of equity. Energy Transfer Partners’ coverage ratio for the first quarter was 1.15x.
Energy Transfer Partners’ high leverage, uncertainties related to its structure, and project delays are likely.
Sunoco wants to use older pipeline to pump NGLs over unfinished sections of ME2
Local officials say Sunoco has told them it has customers waiting
Jon Hurdle
Sunoco said Tuesday it plans to pump natural gas liquids through an existing 12-inch pipeline in some sections of Delaware and Chester counties where the new Mariner East pipelines are still under construction.
The company said it will use a portion of the older line from Wallace Township to Middletown Township so that it can supply NGLs to its customers while construction proceeds.
“We have identified an existing pipeline that will allow us to meet our customer obligations to get natural gas liquids to the Marcus Hook Industrial Complex while work on the Mariner East system continues,” said Vicki Granado, a spokeswoman for Sunoco’s parent, Energy Transfer Partners.
“A minimum amount of work will be required to change this line from a refined products line to a NGL pipeline – e.g., connection pipeline and five new mainline valves, which can be done quickly and safely,” she said.
She said that section of the pipeline underwent a $30 million upgrade in 2016.
Local officials and a legislative aide said the company has applied to the Pipeline and Hazardous Materials Safety Administration to repurpose a 12-inch pipeline that previously carried petroleum products and which would now temporarily transmit propane, ethane and butane.
The company recently informed townships including West Whiteland and East Goshen that it plans to reuse the old line because it’s under pressure from clients to deliver promised natural gas liquids, which are now at least 18 months behind the original schedule because of repeated regulatory and technical delays during construction.
“What Sunoco has told us that there is an existing 12-inch line that’s in service today, and that they have filed an application to PHMSA with the intention to utilize that line to transport NGLs,” said Rick Smith, manager of East Goshen Township in Chester County.
He said Sunoco is looking to use the existing pipeline because the multibillion-dollar Mariner East 2 and 2X lines are held up in some places, and the company is anxious to fulfill orders.
“They have people who are looking for these NGLs and they have this pipeline that’s in service, it’s tested and permitted, and apparently all they have to do is notify PHMSA,” Smith said.
In West Whiteland Township, also in Chester County, construction is on hold pending a safety inspection ordered by the Public Utility Commission on June 14.
West Whiteland Township manager Mimi Gleason said Sunoco told her that using the 12-inch line would “take a little bit of the timing pressure off for getting Mariner 2 and 2X online.”
Gleason said the 12-inch line runs parallel to the existing Mariner East 1, which is already pumping NGLs across the state, and to the ME2 route, which runs for about 3 1/2 miles through the township. She said the older line has been shut down for “quite a while” in West Whiteland.
She said she didn’t know the exact age of the older line but estimated that it was about the same age as Mariner East 1, which was built in the 1930s.
Gleason said township officials have not formed any opinion about whether use of the 12-inch line threatens public safety, and that they are seeking more information from PHMSA about the specifics of Sunoco’s plan, which it outlined in a phone conversation.
The officials in both townships said they have no control over the proposed change in the pipeline project.
The diversion of NGLs into an older pipeline, even for minor portions of the Mariner East route, prompted fresh warnings from pipeline opponents that pumping highly volatile NGLs through densely populated areas like Chester and Delaware represents a risk to public safety.
Eric Friedman, a member of Del-Chesco United for Public Safety, a campaign group in Delaware and Chester counties, said reuse of the old pipeline raises new questions about the project’s safety, and he accused Sunoco of cutting corners to appease its clients.
“I do believe that Sunoco is very much feeling the heat from its investors as a result of its inability to execute and continued accidents,” he said.
Sunoco insists that its pipelines meet or exceed state and federal safety regulations.
Don Vymazal, head of government relations for state Senator Andy Dinniman (D-Chester County), said his office heard from several townships that they had been approached by Sunoco about reuse of the old pipeline, after Dinniman’s outspoken opposition to the project.
Sunoco’s new plan raises questions about whether the 12-inch line is the same as the 12-inch line that Sunoco said leaked gasoline into Darby Creek near Philadelphia about two weeks ago.
“If it’s the same line, it’s concerning, to say the least, to put a product in there that’s very volatile,” Vymazal said.
On June 14, the PUC upheld part of a complaint by Dinniman, calling for a shutdown of Mariner East in West Whiteland on the grounds that the project was a threat to public safety.
The PUC said Sunoco had informed it of its plans for the 12-inch line but declined to provide further details. “PUC was already notified by Sunoco because it is a public utility,” said PUC spokesman David Hixson.
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