UPDATE: Stifel Reiterates On Energy Transfer Partners LP As Organic Growth Projects Continue

In a report published Friday, Stifel analyst Selman Akyol reiterated a Buy rating on

, and raised the price target from $62.00 to $68.00. In the report, Stifel noted, “ETP posted another strong quarter and increased its distribution 7.7% over the prior year, which produced coverage of 1.13x. The partnership's Retail Marketing segment was a major driver of the performance, which included a partial quarter of Sunoco LP (SUN, not covered, $44.40), previously Susser. Phillips 66 (PSX, not covered, $75.42) partnered with ETP to own 25% interest in their proposed Bakken pipelines, while equity investment options on the Rover pipeline remains outstanding for anchor shippers. In addition, the partnership will expand their footprint in East Texas with additional natural gas processing capacity and a fractionation facility. In turn, we are maintaining our Buy rating and raising our target price to $68.00 from $62.00.” Energy Transfer Partners LP closed on Thursday at $63.47.