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Energy Transfer Partners cut to Hold at Stifel, citing "looming challenges"

Apr. 04, 2016 10:49 AM ETEnergy Transfer LP Common Units (ET) StockWMB, WPZ, ETBy: Carl Surran, SA News Editor28 Comments
  • Energy Transfer Partners (ETP -2.6%) is downgraded to Hold from Buy at Stifel, which says ETP's valuation seems high given the looming challenges associated with the merger of Energy Transfer Equity (ETE -2%) and Williams (WMB, WPZ).
  • Stifel also continues to assume ETP will require $500M of equity capital to complete its 2016 budget, which it believes is another reason to be cautious.
  • Current multiples do not appear excessive, given ETP's diversified largely fee-based assets, but the firm expects near-term challenges that may limit further expansion.
  • Stifel also believes ETP's distribution is secure and the 13.4% yield is attractive, but near-term challenges may limit price appreciation.
  • Now read Energy Transfer Partners can sail through this storm without cutting dividends

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