Analyst Note
| Travis Miller |We are reaffirming our $18 per-unit fair value estimate for Energy Transfer after the U.S. Army Corps of Engineers on April 9 said it plans to allow the Dakota Access Pipeline to continue operating while the USACE completes a new environmental impact statement. We are reaffirming our no moat and stable moat trend ratings. Energy Transfer remains one of the most undervalued midstream firms in our coverage, trading 55% below our fair value estimate.