UBS on Energy Transfer (ETP)(ETE): Near-Term Concerns Cloudy Bullish Long-Term Outlook

UBS on Energy Transfer (NYSE: ETP) (NYSE: ETE): Near-Term Concerns Cloudy Bullish Long-Term Outlook

UBS analyst, Ronald J. Barone, said, "ETE: A Major Natural Gas Player - Energy Transfer Equity (ETE) owns the general partner (GP) and 100% of the incentive distribution rights (IDRs) of Energy Transfer Partners (ETP), ~50.2MM ETP limited partner (LP) units, the GP and 100% of the IDRs of Regency Energy Partner (NYSE: RGP) and ~26.3MM RGP LP units. ETE has also proposed acquiring Southern Union (NYSE: SUG). ETP is by far the dominant asset in ETE’s huge portfolio."

"ETP: Big and Getting Bigger - ETP owns and operates a diversified portfolio of assets--over 17,500 miles of natural gas gathering and transportation pipelines, treating and processing plants and 3 Texas storage facilities. ETP also holds a 70% interest in Lone Star NGL, a JV with RGP that owns and operates NGL storage, fractionation and transportation assets. ETP has numerous expansions/growth projects in the construction stage."

Maintain Neutral Ratings; Lower ETE PT to $39, Lower ETP PT to $44

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