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  • A Closer Look At Energy Transfer Partners' 3Q15 Distributable Cash Flow  [View article]
    I don't believe differentiating between ETE and ETP as an investment based on security of distribution has much weight as these are closely interlinked members of the Energy Transport family and management of ETE has plainly stated they would do whatever it takes to securitize ETP's distribution. I suspect a better way to differentiate between ETE and ETP is that ETE will likely grow their dividend at a faster rate than ETP while ETP is paying more now. I hold both but have been adding more to ETP as a result of it's recent marked undervaluation.
    Nov 21, 2015. 10:06 AM | 9 Likes Like |Link to Comment
  • Energy Transfer to sell stake in Sunoco LLC to Sunoco LP  [View news story]
    Not unreasonable.
    Nov 16, 2015. 04:23 PM | Likes Like |Link to Comment
  • Energy Transfer to sell stake in Sunoco LLC to Sunoco LP  [View news story]
    Difficult to time the market. I added to my position last week <$40.
    I suspect that oil may yet have another downward price fall in the near term or in the Spring with building reserves (lower demand season - less heat required) so we may see a lower ETP price, but I am quite happy with current pricing/yield. $40 or below for ETP is an excellent long term purchase in my view.
    Nov 16, 2015. 01:05 PM | 2 Likes Like |Link to Comment
  • Energy Transfer to sell stake in Sunoco LLC to Sunoco LP  [View news story]
    If you are a short term trader and rely on reading tea leaves (technicals) then this opinion may have some merit. If you are an investor who is familiar with the underlying businesses and with a longer time frame, then you would consider their opinion myopic and bad advice.
    Nov 16, 2015. 11:58 AM | 4 Likes Like |Link to Comment
  • Energy Transfer to sell stake in Sunoco LLC to Sunoco LP  [View news story]
    1. DCF neutral for ETP initially - growth of ETP DCF as DCF ownership interest in SUN grows (ETP has 46% of SUN).

    2. Cash received by ETP will fund the majority of ETP's capital program for 2016 - no significant equity sales necessary to raise funds for capital plans for 2016, no increase in balance sheet debt through borrowing.

    A nice lever pulled in this complex entity with multiple avenues to adapt to market conditions. Seems a win - win.
    Nov 16, 2015. 10:19 AM | 7 Likes Like |Link to Comment
  • Energy Transfer Hammered: What Are My Units Really Worth?  [View article]
    Lemming selling of good companies may be pain for some and opportunity for others...
    Nov 12, 2015. 02:28 PM | 2 Likes Like |Link to Comment
  • Magellan Midstream Partners' Great Q3 That No One Seems To Care About  [View article]
    There is forced selling by managers of the many MLP funds/ETFs as a result of the time concentrated exodus from these funds of the itinerant momentum investors, the tax loss sellers and the weak hands frightened by the consequent red ink. As these MLP funds/ETFs hold both the good and bad MLP business models they are sold en masse thus selling both the good and bad. This forced selling of the good MLPs and the consequent depressed prices leads to excellent opportunity for the patient discriminating investor. MMP, EPD, ETP, SEP babies are thrown out with the LINE, VNR, MMP bath water.
    Nov 12, 2015. 02:16 PM | 3 Likes Like |Link to Comment
  • Energy Transfer Hammered: What Are My Units Really Worth?  [View article]
    Multiple MLP investment vehicles (ETFs, etc.) which increased in number and size in the "good times", and all of which hold Energy Transport units, are now seeing focused tax loss selling and momentum holder exodus leading managers to dump the good with the bad - a truly rare and valuable time for the discerning long term MLP investor.
    Nov 12, 2015. 10:22 AM | 4 Likes Like |Link to Comment
  • Equity CEFs: Enough Is Enough, Consider The Cohen & Steers Infrastructure Fund  [View article]
    Agree entirely. I have added to my position. It is difficult to be successful chasing the "haves" - orphans are often lovable and appreciative...
    Nov 12, 2015. 10:13 AM | 1 Like Like |Link to Comment
  • Energy Transfer Hammered: What Are My Units Really Worth?  [View article]
    On the conference call (in the Q & A) there was some discussion of whether the Energy Transfer segments were seeing requests for rate renegotiation and the management answer acknowledged there was some discussion with some patrons but that they would only renegotiate if they created a "win-win" such as lessening a burden for the customer in one area if that customer filled more ETP pipes in another area via new contracts.
    Nov 11, 2015. 04:55 PM | 1 Like Like |Link to Comment
  • Energy Transfer Hammered: What Are My Units Really Worth?  [View article]
    This family of companies has lots of options to preserve (and hopefully grow) their distributions. Always unpleasant to see short term devaluations (unless you have investable cash) which is why myopia often is coupled with emotionally driven poor sales decisions.
    Nov 10, 2015. 10:19 AM | 3 Likes Like |Link to Comment
  • Equity CEFs: The Chasm Between What Works And What Doesn't  [View article]
    Thanks once again for your efforts. I have decided to stick with the "haves" as I find it hard to accept that .25% rate rise and a slow pace thereafter will sufficiently invigorate the financials (except for a short term trade) to overcome the vitiating regulation malaise that has put them in their sick beds.
    Nov 9, 2015. 05:11 PM | Likes Like |Link to Comment
  • Linn Energy EPS of -$4.47  [View news story]
    If one wishes to roll the dice I think their bonds are the way to go.
    Nov 5, 2015. 10:47 AM | 2 Likes Like |Link to Comment
  • Energy Transfer Equity beats by $0.02, misses on revenue  [View news story]
    And now for the real story...

    "Distributable Cash Flow, as adjusted, for the three months ended September 30, 2015 was $325 million compared to $234 million for the three months ended September 30, 2014, an increase of $91 million.
    For the quarter ended September 30, 2015, ETEs distribution coverage ratio is 1.09x, which was lower than the second quarter due to the cash flow impact from the SUN GP/IDR Exchange.
    During 2015, ETE has repurchased approximately $1.06 billion of ETE common units under its current $2.00 billion buyback program."
    Nov 4, 2015. 05:56 PM | 8 Likes Like |Link to Comment
  • Energy Transfer Partners misses by $0.10, misses on revenue  [View news story]
    From the release:
    " Distributable Cash Flow for the third quarter of 2015 was affected by a partial reversal from the second quarter 2015 tax benefit, with $79 million of current income tax expense for the third quarter of 2015. Distributable Cash Flow was also affected this quarter by a lower overall pricing environment for percent-of-proceeds volumes, continued shut-in volumes in the Northeast and unscheduled plant outages in the Permian Basin."

    Raising the distribution signals management's sense that this reduced coverage is transient. More color I am sure on their conference tomorrow. Holding/purchasing MLPs in this stressed energy time requires attention to detail - it is a time where the intelligent investor can significantly differentiate his investing success from the less attentive investor.
    Nov 4, 2015. 05:47 PM | 14 Likes Like |Link to Comment
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