Wed, Aug. 5, 5:10 PM
Thu, Jul. 23, 6:20 PM
- July is shaping up to be one of the worst months for MLPs in years amid cratering energy prices, but with average yields hitting 7%, J.P. Morgan analysts say the selloff is getting overdone.
- The JPM team highlights four high-quality names as oversold: Plains All American Pipeline (NYSE:PAA), Plains GP Holdings (NYSE:PAGP), Energy Transfer Partners (NYSE:ETP) and Sunoco (NYSE:SUN).
- The analysts also like Valero Energy Partners (NYSE:VLP), Phillips 66 Partners (NYSE:PSXP), NuStar Energy (NYSE:NS) and Macquarie Infrastructure (NYSE:MIC).
Wed, Jul. 15, 10:49 AM
- Sunoco (SUN -6.3%) announces a public offering of 5.5M common units, with an underwriters option to purchase up to an additional 825K units, and a private offering of $500M of senior notes due 2020.
- SUN says it plans to use the proceeds from the offerings to fund the cash portion of its acquisition of all issued and outstanding shares of Susser Holdings from Energy Transfer Partners.
Wed, Jul. 15, 8:25 AM
- Energy Transfer Partners (NYSE:ETP) agrees to sell convenience store operator Susser Holdings for ~$1.94B to its Sunoco LP (NYSE:SUN) unit.
- SUN will pay ~$970M in cash and issue ~22 million of its units valued at ~$970M as of yesterday's close.
- SUSS operates convenience stores in Texas, New Mexico and Oklahoma under the Stripes brand.
- ETP also will transfer GP interests and incentive distribution rights in SUN to Energy Transfer Equity (NYSE:ETE) in exchange for 21M of its shares currently held by ETE.
Thu, May 28, 6:19 PM
- Morgan Stanley’s MLP analysts initiate coverage of eight major dropdown MLPs, citing attractive attributes such as high-quality asset bases, magnitude and sustainability of growth, and strong and supportive sponsorship.
- Lead analyst Brian Lasky's top pick in the group is Dominion Midstream Partners (NYSE:DM), which he says warrants a premium valuation to midstream industry and sponsor-backed dropdown peers based on its top-tier distribution growth rate, strong sponsor commitment, depth of inventory, and - most important - strategic asset positioning, with an ability to replenish its inventory.
- Lasky says these MLPs and their sponsors also have surprised to the upside, positioning the companies for attractive growth and visibility: AM, CNNX, CPPL, EQM, SUN, TLLP, VLP.
Thu, May 7, 8:38 AM
Thu, May 7, 1:11 AM
Mon, Mar. 23, 11:18 AM
- Sunoco (SUN +1.1%) reaches a deal in which Energy Transfer Partners (ETP +0.1%) will drop down a second portion of ETP’s retail business to SUN in an $816M deal, which includes a 31.58% equity interest in the retail business that distributes ~5.3B gallons/year of motor fuel to much of the U.S.
- SUN will pay $775M in cash and issue $40.8M of its common units to ETP; to fund the cash portion of the transaction, SUN is offering $800M of senior notes.
- SUN says the deal gives it new exposure to customers in 26 states in the east, southeast and midwest U.S. and will complement its current base of wholesale customers in the southwest and Hawaii.
Wed, Feb. 18, 10:38 PM
Tue, Feb. 17, 5:35 PM
- ABX, ACT, AMTG, ARII, ARRS, ASGN, AVG, AXLL, BGS, BJRI, CAR, CDE, CSLT, CVG, CW, CYNI, DENN, DTLK, ELNK, EOG, EQC, ETE, ETP, EXAM, FNF, HSTM, HT, IAG, IPI, KEG, KEYW, LHO, LOPE, MANT, MAR, MHLD, MIC, MRO, NVMI, OGS, OIS, PAAS, PCYC, PKD, REXX, RGP, SBRA, SCTY, SIX, SNPS, SSS, STR, SUN, SUNE, SXL, TERP, THRX, TILE, TRN, TS, UAM, WES, WGP, WMB, WPZ, XPO, YUME
Mon, Feb. 2, 4:42 PM
Thu, Jan. 22, 2:49 PM
- Sunoco (SUN +1.5%) is resumed with an Equal Weight rating and $54 price target at Barclays, which says SUN benefits from relatively stable cash flows bolstered by long-term fee-based contracts for a significant portion of its business, consistent fuel margins and the support of its Energy Transfer Partners parent.
- The firm believes SUN is well-positioned to post 12.5% growth from a $4B-$4.5B dropdown inventory, organic capex and third-party acquisitions amid a fragmented end market, but that favorable growth prospects are somewhat reflected in SUN's price.
Dec. 4, 2014, 11:59 AM
- Energy Transfer Partners (ETP -0.3%) is upgraded to Outperform from Neutral with a $77 price target, up from $65, at Baird, which cites progress made at the partnership and beating the firm's estimates for three straight quarters.
- After another mega-model rebuild, Baird revises forecasts and valuations for the Energy Transfer family of partnerships - ETP, ETE, RGP, SUN and SXL - with SXL likely boasting the best fundamentals tailwinds with a return to crude oil contango.
Nov. 5, 2014, 6:33 PM
Oct. 27, 2014, 9:13 AM
- Susser Petroleum Partners (NYSE:SUSP) has changed its name to Sunoco (NYSE:SUN), and its ticker symbol is changing to SUN from SUSP, effective immediately.
- Energy Transfer Partners announced in April that it was buying Susser Holdings, giving ETP ownership of the general partner interest and incentive distribution rights in SUSP, ~11M SUSP common units and Susser Holdings' retail operations consisting of Stripes and Sac-N-Pac convenience stores in New Mexico, Oklahoma and Texas.
Oct. 21, 2014, 7:56 AM
SUN vs. ETF Alternatives
Sunoco LP is engaged in fee-based wholesale distribution of motor fuels to Susser & third parties. It is also engaged in retail sale of motor fuel. It operates in regions including Texas, Oklahoma, Louisiana, Kansas, Maryland, Virginia,Georgia& Hawaii.
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