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Energy Transfer LP ET

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Morningstar’s Analysis

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1-Star Price

PREMIUM

5-Star Price

PREMIUM

Economic Moat

PREMIUM

Capital Allocation

PREMIUM

Energy Transfer Gets Another Temporary Pass To Operate Dakota Access; Set To Close Enable Deal

Travis Miller Strategist

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.

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Company Profile

Business Description

Energy Transfer owns a large platform of crude oil, natural gas, and natural gas liquid assets primarily in Texas and the U.S. midcontinent region. Its pipeline network transports about 22 trillion British thermal unit per day of natural gas and 4.3 million barrels per day of crude oil. It also has gathering and processing facilities, one of the largest fractionation facilities in the U.S., and fuel distribution. Energy Transfer also owns the Lake Charles gas liquefaction facility. It combined its publicly traded limited and general partnerships in October 2018.

Contact
8111 Westchester Drive, Suite 600
Dallas, TX, 75225
T +1 214 981-0700
Sector Energy
Industry Oil & Gas Midstream
Most Recent Earnings Dec 31, 2020
Fiscal Year End Dec 31, 2020
Stock Type Hard Assets
Employees 11,421

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