Stephen Simpson, CFA
Long only, growth at reasonable price, value, research analyst

Energy Transfer Partners And Equity Offer Complicated Value

If you like complex, convoluted investing stories, Energy Transfer Partners, LP (NYSE:ETP) and Energy Transfer Equity, LP (NYSE:ETE) could be right up your alley. Energy Transfer Partners is one of the largest energy MLPs in the country, and a major player in natural gas transportation/storage, along with significant assets in midstream, natural gas liquids, and fuel distribution. Energy Transfer Equity is not only the owner of the general partner interest in ETP, but also the incentive distribution rights and about 52.5 million units, as well as the owner of additional GP/IDR interests in other partnerships.

MLPs are not for every investor, as they are subject to meaningfully different tax treatment. Nevertheless, both ETP and ETE look...

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