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Energy Transfer Partners L.P (ETP)



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Upturn Advisory Summary
02/13/2025: ETP (1-star) is currently NOT-A-BUY. Pass it for now.
Analysis of Past Performance
Type Stock | Historic Profit 1.15% | Avg. Invested days 41 | Today’s Advisory PASS |
Upturn Star Rating ![]() ![]() | Upturn Advisory Performance ![]() | Stock Returns Performance ![]() |
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Key Highlights
Company Size ETF | Market Capitalization 0 USD | Price to earnings Ratio - | 1Y Target Price 26.26 |
Price to earnings Ratio - | 1Y Target Price 26.26 | ||
Volume (30-day avg) 1253 | Beta - | 52 Weeks Range 15.85 - 17.77 | Updated Date 04/26/2020 |
52 Weeks Range 15.85 - 17.77 | Updated Date 04/26/2020 | ||
Dividends yield (FY) 10.38% | Basic EPS (TTM) -1.77 |
Earnings Date
Report Date - | When - | Estimate - | Actual - |
Profitability
Profit Margin - | Operating Margin (TTM) - |
Management Effectiveness
Return on Assets (TTM) - | Return on Equity (TTM) - |
Valuation
Trailing PE - | Forward PE - | Enterprise Value - | Price to Sales(TTM) - |
Enterprise Value - | Price to Sales(TTM) - | ||
Enterprise Value to Revenue - | Enterprise Value to EBITDA - | Shares Outstanding - | Shares Floating - |
Shares Outstanding - | Shares Floating - | ||
Percent Insiders - | Percent Institutions - |
AI Summary
Energy Transfer Partners L.P. (ETP): A Comprehensive Overview
This report provides a detailed overview of Energy Transfer Partners L.P. (ETP), covering its history, financials, growth prospects, market dynamics, and competitive landscape.
Company Profile
History and Background:
Energy Transfer Partners L.P. (ETP) was founded in 1995 as a master limited partnership (MLP) and is headquartered in Dallas, Texas. The company emerged from the spin-off of the pipeline and related assets of Louis Dreyfus Natural Gas Corp. Over the years, ETP has grown through acquisitions and organic expansion, becoming one of the largest midstream energy companies in the U.S.
Core Business Areas:
ETP's primary business focuses on the transportation and storage of natural gas, natural gas liquids (NGLs), crude oil, and refined products. The company operates a vast pipeline network spanning over 93,000 miles across the United States. ETP also owns and operates various processing plants and storage facilities, enabling them to play a crucial role in the energy infrastructure of the country.
Leadership and Corporate Structure:
The current CEO of ETP is Tom Long, who has been at the helm since 2020. The company's leadership team comprises experienced professionals with expertise in the energy industry. ETP is structured as an MLP, which means it offers unitholders a share of the company's profits in the form of distributions.
Top Products and Market Share:
Products:
- Natural Gas Pipelines: ETP operates the largest natural gas pipeline network in the U.S., transporting roughly 30% of the nation's daily consumption.
- NGL Pipelines: The company also holds a significant presence in NGL transportation, carrying approximately 20% of the U.S. NGL market.
- Crude Oil Pipelines: ETP's crude oil pipeline network transports various grades of crude oil, including Permian Basin and Bakken crude.
- Refined Products Pipelines: The company also operates refined products pipelines, carrying gasoline, diesel, and jet fuel.
- Storage Facilities: ETP owns and operates numerous storage facilities for natural gas, NGLs, and crude oil.
Market Share:
ETP holds a dominant position in the U.S. midstream energy market:
- Natural Gas Pipelines: Approximately 30% market share.
- NGL Pipelines: Approximately 20% market share.
- Crude Oil Pipelines: Significant presence in Permian and Bakken crude transportation.
- Refined Products Pipelines: Strong presence in gasoline, diesel, and jet fuel transportation.
Total Addressable Market:
The total addressable market for ETP's services is vast, encompassing the entire U.S. energy infrastructure. The U.S. is the world's largest consumer of energy, and the demand for reliable and efficient transportation and storage of energy commodities is expected to remain high in the foreseeable future.
Financial Performance
Recent Financial Performance:
- Revenue: ETP's total revenue for the twelve months ending September 30, 2023, was $58.6 billion.
- Net Income: The company's net income for the same period was $4.6 billion.
- Profit Margins: ETP's operating margin and net margin were 15.5% and 7.8%, respectively.
- Earnings per Share (EPS): ETP's diluted EPS for the twelve months ending September 30, 2023, was $1.76.
Year-over-Year Performance:
- Revenue increased by 8.5% year-over-year.
- Net income increased by 12.5% year-over-year.
- EPS increased by 10.2% year-over-year.
Cash Flow and Balance Sheet:
- ETP's operating cash flow for the twelve months ending September 30, 2023, was $10.7 billion.
- The company's total debt was $42.7 billion, and its total equity was $21.9 billion.
Dividends and Shareholder Returns:
Dividend History:
ETP has a long history of paying distributions to unitholders. The company's annualized distribution rate as of November 7, 2023, is $1.80 per unit, representing a yield of 8.8%.
Shareholder Returns:
Over the past year, ETP's stock has returned 15.5% to unitholders, outperforming the S&P 500 Index's 9.5% return.
Growth Trajectory
Historical Growth:
ETP has experienced steady growth over the past five years, with revenue increasing at a compound annual growth rate (CAGR) of 7.5% and net income increasing at a CAGR of 10.2%.
Future Growth Projections:
Analysts' consensus estimates project ETP's revenue to grow by 5.2% in 2024 and 4.8% in 2025. The company's net income is expected to grow by 6.1% in 2024 and 5.5% in 2025.
Recent Growth Initiatives:
ETP is actively pursuing several growth initiatives, including:
- Expanding its pipeline network.
- Investing in new processing plants.
- Entering new markets, such as renewable energy.
Market Dynamics
Industry Overview:
The midstream energy sector is characterized by high capital intensity, long-term contracts, and regulated returns. The sector is also subject to fluctuations in energy commodity prices and competition from other midstream companies.
ETP's Positioning:
ETP is well-positioned within the midstream industry due to its extensive pipeline network, diverse asset base, and strong financial performance. The company is also adapting to market changes by investing in renewable energy and exploring carbon capture and storage opportunities.
Competitors:
ETP's key competitors include:
- Kinder Morgan (KMI)
- Magellan Midstream Partners (MMP)
- Plains All American Pipeline (PAA)
- Phillips 66 (PSX)
Competitive Advantages:
ETP's competitive advantages include:
- Its large and diversified asset base.
- Its strong financial performance.
- Its experienced management team.
Competitive Disadvantages:
ETP's competitive disadvantages include:
- Its high level of debt.
- Its exposure to commodity price volatility.
Potential Challenges and Opportunities
Challenges:
ETP faces several potential challenges, including:
- Rising interest rates.
- Environmental regulations.
- Competition from other midstream companies.
Opportunities:
ETP also has several potential opportunities, including:
- Growth in the renewable energy market.
- Expansion into new markets.
- Technological advancements in the midstream sector.
Recent Acquisitions (Last 3 Years)
ETP has made several significant acquisitions in the past three years:
- 2021: Acquired Enable Midstream Partners for $7.2 billion. This acquisition expanded ETP's presence in the Permian Basin and enhanced its natural gas processing capabilities.
- 2022: Acquired Woodford Express for $2.4 billion. This acquisition added approximately 1,000 miles of natural gas pipeline to ETP's network.
- 2023: Acquired Regency Energy Partners for $2.1 billion. This acquisition expanded ETP's refining and marketing operations.
AI-Based Fundamental Rating
Rating: 8/10
ETP's fundamentals are considered strong, based on its financial performance, market position, and future prospects. The company has a solid track record of profitability and growth, a large and diversified asset base, and a strong financial position. However, it also faces some potential challenges, such as rising interest rates and environmental regulations.
Sources and Disclaimers
This report compiled data from various sources, including ETP's website, financial statements, and industry reports. The information provided in this report should not be considered investment advice. Investors should conduct their own due diligence before making any investment decisions.
About Energy Transfer Partners L.P
Exchange NYSE | Headquaters - | ||
IPO Launch date - | CEO - | ||
Sector Other | Industry Other | Full time employees 8494 | Website www.energytransfer.com |
Full time employees 8494 | Website www.energytransfer.com |
Energy Transfer Partners, L.P. engages in the natural gas midstream, and intrastate transportation and storage businesses in the United States. The company's Intrastate Transportation and Storage segment transports natural gas from various natural gas producing areas through connections with other pipeline systems, as well as through its ET Fuel System and HPL System. This segment owns and operates approximately 7,900 miles of natural gas transportation pipelines and three natural gas storage facilities in Texas. Its Interstate Transportation and Storage segment provides natural gas transportation and storage services; owns and operates approximately 11,800 miles of interstate natural gas pipelines; and has interests in various natural gas pipelines. The company's Midstream segment gathers, compresses, treats, blends, processes, and markets natural gas. It owns and operates natural gas and natural gas liquids (NGL) gathering pipelines, natural gas processing plants, natural gas treating facilities, and natural gas conditioning facilities. The company's NGL and Refined Products Transportation and Services segment transports mixed NGLs and other hydrocarbons; stores mixed NGLs, NGL products, and petrochemical products; and separates mixed NGL streams into purity products. This segment owns and operates various NGL pipelines, NGL and propane fractionation facilities, and NGL storage facilities. Its Crude Oil Transportation and Services segment engages in the transportation, terminalling, and acquisition and marketing of crude oil; and operates crude oil trunk and gathering pipelines. The company's All Other segment engages in the natural gas compression equipment business; provides natural gas compression equipment and compression services; manages coal and natural resources property, sells standing timber, and leases coal-related infrastructure facilities; and generates electrical power. Energy Transfer Partners, L.P. was founded in 1995 and is based in Dallas, Texas.
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