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Energy Transfer Partners

NYSE:ETP
Snowflake Description

Moderate growth potential and slightly overvalued.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
ETP
NYSE
$25B
Market Cap
  1. Home
  2. US
  3. Energy
Company description

Energy Transfer Partners, L.P. engages in the natural gas midstream, and intrastate transportation and storage businesses in the United States. The last earnings update was 71 days ago. More info.


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  • Energy Transfer Partners is a fund or ETF! Currently our data availability for these is poor, we only recommend using them as part of a portfolio.
ETP Share Price and Events
Price Volatility
Industry
5yr Volatility vs Market

Value

 Is Energy Transfer Partners undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Energy Transfer Partners to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Energy Transfer Partners.

NYSE:ETP Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 9 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 16.2%
Perpetual Growth Rate 10-Year US Government Bond Rate 3%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NYSE:ETP
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 3%
Equity Risk Premium S&P Global 7.1%
Oil and Gas Unlevered Beta Simply Wall St/ S&P Global 0.91
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.907 (1 + (1- 21%) (135.35%))
1.877
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.88
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.95% + (1.877 * 7.05%)
16.18%

Discounted Cash Flow Calculation for NYSE:ETP using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Energy Transfer Partners is arrived at by discounting future cash flows to their present value using the 2 stage method. We use analyst's estimates of cash flows going forward 5 years for the 1st stage, the 2nd stage assumes the company grows at a stable rate into perpetuity.

NYSE:ETP DCF 1st Stage: Next 5 year cash flow forecast
2019 2020 2021 2022 2023
Levered FCF (USD, Millions) 3,260.00 2,777.09 2,365.72 2,015.29 1,716.76
Source Analyst x1 Est @ -14.81% Est @ -14.81% Est @ -14.81% Est @ -14.81%
Present Value
Discounted (@ 16.18%)
2,805.96 2,057.39 1,508.53 1,106.09 811.01
Present value of next 5 years cash flows $8,288.97
NYSE:ETP DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2023 × (1 + g) ÷ (Discount Rate – g)
= $1,716.76 × (1 + 2.95%) ÷ (16.18% – 2.95%)
$13,357.58
Present Value of Terminal Value = Terminal Value ÷ (1 + r)5
= $13,357.58 ÷ (1 + 16.18%)5
$6,310.21
NYSE:ETP Total Equity Value
Calculation Result
Total Equity Value = Present value of next 5 years cash flows + Terminal Value
= $8,288.97 + $6,310.21
$14,599.18
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $14,599.18 / 1,166.40
$12.52
NYSE:ETP Discount to Share Price
Calculation Result
Value per share (USD) From above. $12.52
Current discount Discount to share price of $21.47
= -1 x ($21.47 - $12.52) / $12.52
-71.5%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Energy Transfer Partners is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Energy Transfer Partners's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Energy Transfer Partners's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:ETP PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-06-30) in USD $1.09
NYSE:ETP Share Price ** NYSE (2018-10-18) in USD $21.47
United States of America Oil and Gas Industry PE Ratio Median Figure of 77 Publicly-Listed Oil and Gas Companies 14.57x
United States of America Market PE Ratio Median Figure of 2,940 Publicly-Listed Companies 19.17x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Energy Transfer Partners.

NYSE:ETP PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:ETP Share Price ÷ EPS (both in USD)

= 21.47 ÷ 1.09

19.71x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Energy Transfer Partners is overvalued based on earnings compared to the US Oil and Gas industry average.
  • Energy Transfer Partners is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does Energy Transfer Partners's expected growth come at a high price?
Raw Data
NYSE:ETP PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 19.71x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 9 Analysts
36.3%per year
United States of America Oil and Gas Industry PEG Ratio Median Figure of 58 Publicly-Listed Oil and Gas Companies 0.67x
United States of America Market PEG Ratio Median Figure of 2,060 Publicly-Listed Companies 1.28x

*Line of best fit is calculated by linear regression .

NYSE:ETP PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 19.71x ÷ 36.3%

0.54x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Energy Transfer Partners is good value based on expected growth next year.
Price based on value of assets
What value do investors place on Energy Transfer Partners's assets?
Raw Data
NYSE:ETP PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-06-30) in USD $21.91
NYSE:ETP Share Price * NYSE (2018-10-18) in USD $21.47
United States of America Oil and Gas Industry PB Ratio Median Figure of 177 Publicly-Listed Oil and Gas Companies 1.46x
United States of America Market PB Ratio Median Figure of 4,942 Publicly-Listed Companies 1.93x
NYSE:ETP PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:ETP Share Price ÷ Book Value per Share (both in USD)

= 21.47 ÷ 21.91

0.98x

* Primary Listing of Energy Transfer Partners.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Energy Transfer Partners is good value based on assets compared to the US Oil and Gas industry average.
X
Value checks
We assess Energy Transfer Partners's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Oil and Gas industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Oil and Gas industry average (and greater than 0)? (1 check)
  5. Energy Transfer Partners has a total score of 2/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Energy Transfer Partners expected to perform in the next 1 to 3 years based on estimates from 9 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
36.3%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Energy Transfer Partners expected to grow at an attractive rate?
  • Energy Transfer Partners's earnings growth is expected to exceed the low risk savings rate of 3%.
Growth vs Market Checks
  • Energy Transfer Partners's earnings growth is expected to exceed the United States of America market average.
  • Energy Transfer Partners's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NYSE:ETP Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:ETP Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 9 Analysts 36.3%
NYSE:ETP Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 9 Analysts 7.4%
United States of America Oil and Gas Industry Earnings Growth Rate Market Cap Weighted Average 18.3%
United States of America Oil and Gas Industry Revenue Growth Rate Market Cap Weighted Average 8.4%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 16.1%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.6%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NYSE:ETP Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 9 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:ETP Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-12-31 49,022 1
2021-12-31 48,494 1
2020-12-31 43,792 2,520 6
2019-12-31 41,931 4,927 2,095 9
2018-12-31 37,875 6,386 1,233 8
NYSE:ETP Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2018-06-30 33,273 5,785 1,257
2018-03-31 30,439 5,327 1,225
2017-12-31 29,054 4,485 968
2017-09-30 26,970 4,175 -419
2017-06-30 25,528 3,527 -1,043
2017-03-31 24,241 3,275 -951
2016-12-31 21,827 3,303 -1,048
2016-09-30 21,126 3,219 -602
2016-06-30 22,196 3,040 -301
2016-03-31 28,447 3,107 -60
2015-12-31 34,292 2,747 -48
2015-09-30 41,894 2,694 197

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Energy Transfer Partners's earnings are expected to grow significantly at over 20% yearly.
  • Energy Transfer Partners's revenue is expected to grow by 7.4% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:ETP Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 9 Analyst Estimates (S&P Global) See Below

All data from Energy Transfer Partners Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:ETP Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-12-31 2.51 2.51 2.51 1.00
2021-12-31 2.36 2.36 2.36 1.00
2020-12-31 1.61 2.51 0.69 5.00
2019-12-31 1.60 2.33 1.00 9.00
2018-12-31 1.11 1.39 0.80 8.00
NYSE:ETP Past Financials Data
Date (Data in USD Millions) EPS *
2018-06-30 1.09
2018-03-31 1.10
2017-12-31 0.94
2017-09-30 -0.45
2017-06-30 -1.23
2017-03-31 -1.22
2016-12-31 -1.38
2016-09-30 -0.81
2016-06-30 -0.41
2016-03-31 -0.08
2015-12-31 -0.07
2015-09-30 0.33

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Energy Transfer Partners is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Energy Transfer Partners's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Energy Transfer Partners has a total score of 3/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Energy Transfer Partners performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Energy Transfer Partners's growth in the last year to its industry (Oil and Gas).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Energy Transfer Partners's year on year earnings growth rate was negative over the past 5 years, however the most recent earnings are above average.
  • Energy Transfer Partners has become profitable in the last year making the earnings growth rate difficult to compare to the 5-year average.
  • Energy Transfer Partners has become profitable in the last year making it difficult to compare the US Oil and Gas industry average.
Earnings and Revenue History
Energy Transfer Partners's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Energy Transfer Partners Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:ETP Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-06-30 33,273.00 1,257.00 518.00
2018-03-31 30,439.00 1,225.00 531.00
2017-12-31 29,054.00 968.00 524.00
2017-09-30 26,970.00 -419.00 547.00
2017-06-30 25,528.00 -1,043.00 503.00
2017-03-31 24,241.00 -951.00 459.00
2016-12-31 21,827.00 -1,048.00 428.00
2016-09-30 21,126.00 -602.00 404.00
2016-06-30 22,196.00 -301.00 440.00
2016-03-31 28,447.00 -60.00 557.00
2015-12-31 34,292.00 -48.00 635.00
2015-09-30 41,894.00 197.00 733.00
2015-06-30 50,226.00 290.00 781.00
2015-03-31 52,774.00 248.00 701.00
2014-12-31 55,475.00 525.00 653.00
2014-09-30 54,080.00 -39.00 533.00
2014-06-30 51,049.00 8.00 506.00
2014-03-31 48,512.00 -66.00 511.00
2013-12-31 48,335.00 -143.00 609.00
2013-09-30 45,288.00 677.00 641.00
2013-06-30 35,188.00 545.00 588.00
2013-03-31 25,233.00 363.00 548.00
2012-12-31 15,702.00 1,209.00 427.00
2012-09-30 6,526.02 1,135.57 365.30
2012-06-30 6,425.48 1,037.18 334.55
2012-03-31 6,434.42 1,085.77 297.47
2011-12-31 6,799.00 232.00 199.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Energy Transfer Partners has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Energy Transfer Partners used its assets less efficiently than the US Oil and Gas industry average last year based on Return on Assets.
  • Energy Transfer Partners has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Energy Transfer Partners's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Oil and Gas industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Energy Transfer Partners has a total score of 1/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Energy Transfer Partners's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Energy Transfer Partners's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Energy Transfer Partners's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Energy Transfer Partners's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Energy Transfer Partners's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.2x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Energy Transfer Partners Company Filings, last reported 3 months ago.

NYSE:ETP Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-06-30 34,057.00 33,896.00 494.00
2018-03-31 34,106.00 33,513.00 446.00
2017-12-31 34,172.00 33,094.00 306.00
2017-09-30 30,878.00 34,340.00 379.00
2017-06-30 29,436.00 33,394.00 272.00
2017-03-31 29,756.00 32,035.00 291.00
2016-12-31 26,456.00 33,213.00 360.00
2016-09-30 26,930.00 30,514.00 377.00
2016-06-30 26,718.00 29,172.00 386.00
2016-03-31 26,732.00 27,950.00 715.00
2015-12-31 27,046.00 28,945.00 527.00
2015-09-30 27,079.00 27,483.00 858.00
2015-06-30 27,866.00 29,211.00 1,615.00
2015-03-31 19,986.00 20,925.00 1,789.00
2014-12-31 25,326.00 26,027.00 663.00
2014-09-30 18,129.00 18,971.00 1,060.00
2014-06-30 15,770.00 17,687.00 1,120.00
2014-03-31 15,216.00 17,675.00 979.00
2013-12-31 16,288.00 17,183.00 549.00
2013-09-30 16,939.00 16,757.00 1,064.00
2013-06-30 16,783.00 17,255.00 532.00
2013-03-31 17,469.00 17,120.00 528.00
2012-12-31 17,332.00 16,440.00 311.00
2012-09-30 7,789.33 9,040.74 110.35
2012-06-30 7,331.52 9,292.00 186.92
2012-03-31 7,447.73 8,849.72 156.55
2011-12-31 6,350.00 7,812.00 107.00
  • Energy Transfer Partners's level of debt (99.5%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (102.8% vs 99.5% today).
  • Debt is not well covered by operating cash flow (17.1%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 2.8x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Energy Transfer Partners's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Energy Transfer Partners has a total score of 1/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Energy Transfer Partners's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
10.53%
Current annual income from Energy Transfer Partners dividends. Estimated to be 10.63% next year.
If you bought $2,000 of Energy Transfer Partners shares you are expected to receive $211 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Energy Transfer Partners's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.37%).
  • Energy Transfer Partners's dividend is above the markets top 25% of dividend payers in United States of America (3.48%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NYSE:ETP Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 9 Analyst Estimates (S&P Global) See Below
United States of America Oil and Gas Industry Average Dividend Yield Market Cap Weighted Average of 58 Stocks 3.1%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 1972 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.5%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NYSE:ETP Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2022-12-31 2.43 4.00
2021-12-31 2.39 4.00
2020-12-31 2.26 11.00
2019-12-31 2.24 15.00
2018-12-31 2.27 15.00
NYSE:ETP Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2018-08-09 2.260 10.079
2018-08-08 2.260 9.665
2018-04-26 2.260 11.680
2018-01-29 2.260 12.692
2017-10-26 2.260 12.782
2017-08-09 2.200 11.918
2017-05-04 2.140 10.230
2017-05-03 2.140 9.411
2017-05-01 2.813 12.026

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • It is too early to tell whether Energy Transfer Partners has stable dividend payments.
  • Energy Transfer Partners only just started paying a dividend, it is too early to tell if payments are increasing.
Current Payout to shareholders
What portion of Energy Transfer Partners's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (0.5x coverage).
Future Payout to shareholders
  • Dividends after 3 years are not well covered by earnings (0.5x coverage).
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Income/ dividend checks
We assess Energy Transfer Partners's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Energy Transfer Partners afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Energy Transfer Partners has a total score of 2/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Energy Transfer Partners's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Kelcy Warren, image provided by Google.
Kelcy Warren
COMPENSATION $5,926
AGE 62
TENURE AS CEO 1.5 years
CEO Bio

Mr. Kelcy L. Warren as Chief Executive Officer of Rover Pipeline LLC. Mr. Warren has been Chief Executive Officer & Chairman of Energy Transfer Partners GP, LP. since August 2007. Mr. Warren served as Chief Executive Officer at PennTex Midstream Partners, LLC and Penntex Midstream GP LLC since November 01, 2016 until July 2017. Mr. Warren is President and Chairman of the Board of Directors of Roatan Electric Company. Mr. Warren serves as the Chief Executive Officer of Panhandle Eastern Pipe Line Co LP. Mr. Warren serves as Chairman and Chief Executive Officer of Energy Transfer Partners, L.P. (ETE) and also serves in the same capacity with companies affiliated with ETE. He is Chairman of The Board of Energy Transfer Partners and Chief Executive Officer of Energy Transfer Partners at Lone Star NGL LLC. He serves as a Member of the Management Council at ETP Enogex Partners LLC. He is a Founding Principal of Energy Transfer Company. He served as Co-chief Executive Officer of the general partner of ETC OLP and as Co-chief Executive Officer and Co-Chairman of the Board of the general partner of La Grange Energy since 2002. Mr. Warren is the Chief Executive Officer and Chairman of the Board of Directors of the general partner of ETP. Mr. Warren also serves as Chief executive officer and Chairman of the Board of Directors of LE GP, LLC, general partner of Energy Transfer Equity, L.P. He has more than 30 years of business experience in the energy industry. He served as Chief Executive Officer at LE GP, LLC since August 15, 2007. He served as Chairman and Chief Executive Officer of Energy Transfer Partners, L.L.C. since August 15, 2007. He also served as Co-Chief Executive Officer and Co-Chairman of the Board of Energy Transfer Partners, L.L.C. since January 2004. Prior to the combination of the operations of ETC OLP and HOLP, Mr. Warren served as President of the general partner of ET Company I, Ltd., since 1996. He served as the Chief Executive Officer of Southern Union Co. Mr. Warren served as a Co-Chief Executive Officer and Co-Chairman of Energy Transfer Partners LP and U S Propane LLC since January 2004. He served as Co-Chief Executive Officer of OEC Compression Corp. since September 1999. He served as President and Chief Operating Officer of Cornerstone Natural Gas Inc. from June 1993 to 1996 and its Executive Vice President from 1989 to 1990. Prior to forming Energy Transfer Company, he was employed by Endevco Inc., a natural gas pipeline and processing company and predecessor of Cornerstone Natural Gas Inc., from 1981 to 1992. At Endevco, he served in many capacities, including President and Chief Operating Officer. Prior to Endevco, he was employed by Lone Star Gas Company. Mr. Warren has been Chairman at LE GP, LLC since August 15, 2007. He served as Co-Chairman of LE GP, LLC. He served as the Co-Chairman of the Board at OEC Compression Corp. He has been a Director of Sunoco Inc. since October 5, 2012. Mr. Warren serves as a Director of LE GP, LLC. He serves as a Director of Energy Transfer Partners, L.L.C. He serves as a Member of Development Board at University Of Texas At Arlington. He served as a Director of OEC Compression Corp. since December 1996. He served as a Director of Endevco Inc. and Crosstex Energy, Inc. from 1996 to 2000. Mr. Warren served as a Director of Cornerstone Natural Gas Inc. since 1985 and again from 1993 to 1996.

CEO Compensation
  • Kelcy's compensation has been consistent with company performance over the past year.
  • Kelcy's remuneration is lower than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Energy Transfer Partners management team in years:

2.9
Average Tenure
60
Average Age
  • The tenure for the Energy Transfer Partners management team is about average.
Management Team

Kelcy Warren

TITLE
CEO & Chairman of Energy Transfer Partners
COMPENSATION
$6K
AGE
62
TENURE
1.5 yrs

Matt Ramsey

TITLE
President
COMPENSATION
$5M
AGE
63
TENURE
2.9 yrs

Tom Long

TITLE
Chief Financial Officer of Energy Transfer Partners
COMPENSATION
$4M
AGE
61
TENURE
1.5 yrs

Jim Wright

TITLE
General Counsel & Assistant Secretary of Energy Transfer Partners
COMPENSATION
$2M
AGE
49
TENURE
2.8 yrs

Mackie McCrea

TITLE
Chief Commercial Officer & Director of Energy Transfer Partners
COMPENSATION
$12M
AGE
59
TENURE
14.8 yrs

Brent Ratliff

TITLE
Vice President of Investor Relations

Mike Galtman

TITLE
Controller
AGE
43
TENURE
10.3 yrs
Board of Directors Tenure

Average tenure and age of the Energy Transfer Partners board of directors in years:

1.5
Average Tenure
62
Average Age
  • The average tenure for the Energy Transfer Partners board of directors is less than 3 years, this suggests a new board.
Board of Directors

Kelcy Warren

TITLE
CEO & Chairman of Energy Transfer Partners
COMPENSATION
$6K
AGE
62
TENURE
1.5 yrs

Matt Ramsey

TITLE
President
COMPENSATION
$5M
AGE
63
TENURE
2.9 yrs

Mackie McCrea

TITLE
Chief Commercial Officer & Director of Energy Transfer Partners
COMPENSATION
$12M
AGE
59
TENURE
5 yrs

Michael Grimm

TITLE
Director of Energy Transfer Partners
COMPENSATION
$248K
AGE
63
TENURE
1.5 yrs

David Skidmore

TITLE
Director of Energy Transfer Partners
COMPENSATION
$242K
AGE
62
TENURE
1.5 yrs

W. Smith

TITLE
Director of Energy Transfer Partners
AGE
59
TENURE
0.7 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by Energy Transfer Partners insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Start End Shares Value (USD)
17. Sep 18 Buy Thomas Long Individual 14. Sep 18 14. Sep 18 10,000 $223,300.00
10. Sep 18 Buy Kelcy Warren Individual 07. Sep 18 10. Sep 18 2,000,000 $44,848,719.61
20. Mar 18 Buy David Skidmore Individual 16. Mar 18 16. Mar 18 10,550 $180,613.00
20. Mar 18 Buy Michael Grimm Individual 16. Mar 18 16. Mar 18 4,600 $78,467.10
X
Management checks
We assess Energy Transfer Partners's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Energy Transfer Partners has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

External News
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Simply Wall St News

Is It Time To Sell Energy Transfer Partners LP (NYSE:ETP) Based Off Its PE Ratio?

and want to better understand how you can grow your money by investing in Energy Transfer Partners LP (NYSE:ETP). … Energy Transfer Partners LP (NYSE:ETP) trades with a trailing P/E of 17.4x, which is higher than the industry average of 13.5x. … While this makes ETP appear like a stock to avoid or sell if you own it, you might change your mind after I explain the assumptions behind the P/E ratio

Simply Wall St -

What You Must Know About Energy Transfer Partners LP's (NYSE:ETP) 8.76% ROE

The content of this article will benefit those of you who are starting to educate yourself about investing in the stock market. … and want to begin learning the link between Energy Transfer Partners LP (NYSE:ETP)’s return fundamentals and stock market performance. … Energy Transfer Partners LP (NYSE:ETP) delivered an ROE of 8.76% over the past 12 months, which is relatively in-line with its industry average of 11.36% during the same period.

Simply Wall St -

Energy Transfer Partners LP. (NYSE:ETP): How Much Growth Is Left In Oil & Gas?

View our latest analysis for Energy Transfer Partners What’s the catalyst for Energy Transfer Partners's sector growth? … As an industry laggard, Energy Transfer Partners may be a cheaper stock relative to its peers. … Is Energy Transfer Partners and the sector relatively cheap?

Simply Wall St -

How Do Analysts See Energy Transfer Partners LP. (NYSE:ETP) Performing Over The Next Few Years?

Below, I've laid out key growth figures on how market analysts perceive Energy Transfer Partners's earnings growth outlook over the next few years and whether the future looks brighter. … Check out our latest analysis for Energy Transfer Partners Analysts' expectations for the upcoming year seems positive, with earnings rising by a robust 12.62%. … This means that, we can anticipate Energy Transfer Partners will grow its earnings by 10.01% every year for the next couple of years.

Simply Wall St -

Are Insiders Too Confident In Energy Transfer Partners LP. (NYSE:ETP)?

See our latest analysis for Energy Transfer Partners Which Insiders Are Buying? … NYSE:ETP Insider_trading Apr 30th 18 Over the past three months, more shares have been bought than sold by Energy Transfer Partners's' insiders. … Next Steps: Energy Transfer Partners’s net buying tells us the stock is in favour with some insiders, which is fairly consistent with earnings growth expectations, though share price volatility was perhaps inconsequential to cash in on any mispricing.

Simply Wall St -

Is Energy Transfer Partners LP.'s (NYSE:ETP) Balance Sheet A Threat To Its Future?

See our latest analysis for Energy Transfer Partners Does ETP produce enough cash relative to debt? … At this constant level of debt, the current cash and short-term investment levels stands at US$306.00M for investing into the business. … Additionally, ETP has generated cash from operations of US$4.49B in the last twelve months, leading to an operating cash to total debt ratio of 13.55%, indicating that ETP’s current level of operating cash is not high enough to cover debt.

Simply Wall St -

Why Energy Transfer Partners LP.'s (NYSE:ETP) ROE Of 7.32% Does Not Tell The Whole Story

View our latest analysis for Energy Transfer Partners Breaking down ROE — the mother of all ratios Firstly, Return on Equity, or ROE, is simply the percentage of last years’ earning against the book value of shareholders’ equity. … Energy Transfer Partners’s cost of equity is 17.53%. … Given a discrepancy of -10.21% between return and cost, this indicated that Energy Transfer Partners may be paying more for its capital than what it’s generating in return.

Simply Wall St -

Beyond Energy Transfer Partners LP.'s (NYSE:ETP) Growth

I will conduct a high level fundamental analysis on the company by looking at its past financials and growth prospects moving forward. … NYSE:ETP Future Profit Mar 26th 18 The company is growing incredibly fast, with a year-on-year revenue growth of 33.11% over the past financial year. … Net income is expected to increase to US$1.17B in the upcoming year, and over the next five years, earnings are predicted to grow at an annual rate of 16.02% on average, compared to the industry average growth of 13.62%.

Simply Wall St -

Is Energy Transfer Partners LP.'s (NYSE:ETP) Stock Available For A Good Price After Accounting For Growth?

Looking at Energy Transfer Partners LP.’s (NYSE:ETP) fundamentals some investors are wondering if its last closing price of $17.72 represents a good value for money for this high growth stock. … As the legendary value investor Ben Graham once said, “Price is what you pay, value is what you get.” Energy Transfer Partners is trading at price-to-earnings (PE) ratio of 18.9x, which tells us the stock is overvalued based on current earnings compared to the oil and gas industry average of 12.98x , and overvalued compared to the US market average ratio of 18.7x. … But, to properly examine the value of a high-growth stock such as Energy Transfer Partners, we must reflect its earnings growth into the valuation.

Simply Wall St -

Should You Be Tempted To Sell Energy Transfer Partners LP. (NYSE:ETP) Because Of Its PE Ratio?

Formula Price-Earnings Ratio = Price per share ÷ Earnings per share P/E Calculation for ETP Price per share = $18.84 Earnings per share = $0.955 ∴ Price-Earnings Ratio = $18.84 ÷ $0.955 = 19.7x The P/E ratio isn’t a metric you view in isolation and only becomes useful when you compare it against other similar companies. … Since ETP's P/E of 19.7x is higher than its industry peers (13.2x), it means that investors are paying more than they should for each dollar of ETP's earnings. … For example, if you inadvertently compared riskier firms with ETP, then investors would naturally value ETP at a higher price since it is a less risky investment.

Simply Wall St -

Company Info

Map
Description

Energy Transfer Partners, L.P. engages in the natural gas midstream, and intrastate transportation and storage businesses in the United States. The company’s Intrastate Transportation and Storage segment transports natural gas from various natural gas producing areas through connections with other pipeline systems, as well as through its ET Fuel System and HPL System. This segment owns and operates approximately 7,900 miles of natural gas transportation pipelines and three natural gas storage facilities in Texas. Its Interstate Transportation and Storage segment provides natural gas transportation and storage services; owns and operates approximately 11,800 miles of interstate natural gas pipelines; and has interests in various natural gas pipelines. The company’s Midstream segment gathers, compresses, treats, blends, processes, and markets natural gas. It owns and operates natural gas and natural gas liquids (NGL) gathering pipelines, natural gas processing plants, natural gas treating facilities, and natural gas conditioning facilities. The company’s NGL and Refined Products Transportation and Services segment transports mixed NGLs and other hydrocarbons; stores mixed NGLs, NGL products, and petrochemical products; and separates mixed NGL streams into purity products. This segment owns and operates various NGL pipelines, NGL and propane fractionation facilities, and NGL storage facilities. Its Crude Oil Transportation and Services segment engages in the transportation, terminalling, and acquisition and marketing of crude oil; and operates crude oil trunk and gathering pipelines. The company’s All Other segment engages in the natural gas compression equipment business; provides natural gas compression equipment and compression services; manages coal and natural resources property, sells standing timber, and leases coal-related infrastructure facilities; and generates electrical power. Energy Transfer Partners, L.P. was founded in 1995 and is based in Dallas, Texas.

Details
Name: Energy Transfer Partners, L.P.
ETP
Exchange: NYSE
Founded: 1995
$25,042,687,116
1,166,403,685
Website: http://www.energytransfer.com
Address: Energy Transfer Partners, L.P.
8111 Westchester Drive,
Suite 600,
Dallas,
Texas, 75225,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE ETP New Common Units New York Stock Exchange US USD 01. May 2017
DB SUN New Common Units Deutsche Boerse AG DE EUR 01. May 2017
LSE 0S20 New Common Units London Stock Exchange GB USD 01. May 2017
NYSE ETP.PRC PFD UNIT SER C New York Stock Exchange US USD 18. Apr 2018
Number of employees
Current staff
Staff numbers
8,494
Energy Transfer Partners employees.
Industry
Oil and Gas Storage and Transportation
Energy
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2018/10/19 21:35
End of day share price update: 2018/10/18 00:00
Last estimates confirmation: 2018/10/19
Last earnings filing: 2018/08/09
Last earnings reported: 2018/06/30
Last annual earnings reported: 2017/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.