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UPDATE: Bank of America Lowers Energy Transfer Equity's PO

Related ETE
Energy Transfer Equity Announces Seventh Consecutive Quarterly Cash Distribution Increase, Raises $0.02125 To $0.38
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According to a research report published this morning, Bank of America has lowered Energy Transfer Equity's (NYSE: ETE) PO from $50 to $48.

In the report, Bank of America mentioned, "On 8 May, ETE reported 1Q12 distributable cash flow (DCF) of $130.7mn versus the BofAML estimate of $139.4mn. ETE's 1Q12 DCF miss had to do with timing around cash flows to ETE associated with the Southern Union (SUG) acquisition close and the concurrent Citrus drop-down to ETP. We note that ETE added back around $145mn of one-time SUG acquisition related expenses to its 1Q12 DCF. ETE's 1Q12 declared distribution of $0.625 ($2.50 annualized) represents a 0.0/11.6% increase over 4Q11/1Q11 levels, respectively, in line with BofAML expectations. We are modestly adjusting ETE DCF estimates to incorporate 1Q12 results and updated assumptions around SUG DCF."

Bank of America maintains its Buy rating on Energy Transfer Equity, which closed Friday at $37.67.

Latest Ratings for ETE

DateFirmActionFromTo
Sep 2014BarclaysMaintainsOverweight
Sep 2014Credit SuisseMaintainsOutperform
Aug 2014Raymond JamesMaintainsOutperform

View More Analyst Ratings for ETE
View the Latest Analyst Ratings

Posted-In: Bank of AmericaAnalyst Color Price Target Analyst Ratings

 

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