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SXL

Sunoco Logistics

, ETP

Energy Transfer Partners

09:25
11/21/16
11/21
09:25
11/21/16
09:25

Sunoco Logistics to acquire Energy Transfer Partners in unit-for-unit deal

Sunoco Logistics Partners (SXL) and Energy Transfer Partners (ETP) announced that they have entered into a merger agreement providing for the acquisition of ETP by SXL in a unit-for-unit transaction. The transaction was approved by the boards of directors and conflicts committees of both partnerships and is expected to close in the first quarter of 2017, subject to receipt of ETP unitholder approval and other customary closing conditions. Under the terms of the transaction, ETP unitholders will receive 1.5 common units of SXL for each common unit of ETP they own. This equates to a 10% premium to the volume weighted average pricing of ETP's common units for the last 30 trading days immediately prior to the announcement of the transaction. As SXL will be the acquiring entity, the existing incentive distribution rights provisions in the SXL partnership agreement will continue to be in effect, and Energy Transfer Equity (ETE) will own the incentive distribution rights of SXL following the closing of the transaction. As part of this transaction, ETE has agreed to continue to provide all the incentive distribution right subsidies that are currently in effect with respect to both partnerships. The transaction is expected to be immediately accretive to SXL's distributable cash flow per common unit and is also expected to allow the combined partnership to be in position to achieve near-term distribution increases in the low double digits and a more than 1.0x distribution coverage ratio. The transaction is expected to provide significant benefits for SXL and ETP unitholders as the combined partnership will have increased scale and diversification across multiple producing basins and will have greater opportunities to more closely integrate SXL's natural gas liquids business with ETP's natural gas gathering, processing and transportation business. With this transaction, SXL and ETP expect to build upon their experience working together as partners in several joint ventures to pursue commercial opportunities and to achieve cost savings while enhancing the service capabilities for their customers. SXL and ETP expect that the transaction will allow for commercial synergies and costs savings in excess of $200M annually by 2019. The transaction is also expected to strengthen the balance sheet of the combined organization by utilizing cash distribution savings to reduce debt and to fund a portion of the growth capital expenditure programs of the two partnerships. ETP and SXL have spent approximately $15B in organic growth capital over the past several years, and these expenditures, combined with the completion of other major capital projects currently in progress, are expected to continue to generate strong distributable cash flow growth. At the closing of the transaction, the Chief Executive Officer, Chief Commercial Officer, President and Chief Financial Officer of the combined partnership will be Kelcy Warren, Mackie McCrea, Matt Ramsey and Tom Long, respectively, and it is expected that Mike Hennigan and other members of the SXL management team will continue in leading management roles of the combined company with the SXL business headquartered in Philadelphia.

SXL

Sunoco Logistics

ETP

Energy Transfer Partners

ETE

Energy Transfer Equity

SXL Sunoco Logistics

09/29/16
SPHN
09/29/16
INITIATION
Target $35
SPHN
Overweight
Sunoco Logistics initiated with an Overweight at Stephens
Stephens analyst Matt Schmid initiated Sunoco Logistics with an Overweight rating and a $35 price target.
09/29/16
MZHO
09/29/16
INITIATION
Target $30
MZHO
Neutral
Sunoco Logistics initiated with a Neutral at Mizuho
Mizuho initiated Sunoco Logistics with a Neutral and $30 price target.
11/07/16
BERN
11/07/16
UPGRADE
BERN
Market Perform
Sunoco Logistics upgraded to Market Perform from Underperform at Bernstein
10/07/16
WOLF
10/07/16
INITIATION
Target $26
WOLF
Underperform
Sunoco Logistics initiated with an Underperform at Wolfe Research
Wolfe Research analyst Steven Fleishman initiated Sunoco Logistics Partners with an Underperform and a $26 price target.
ETP Energy Transfer Partners

11/07/16
BERN
11/07/16
UPGRADE
BERN
Outperform
Energy Transfer Partners upgraded to Outperform from Market Perform at Bernstein
10/07/16
WOLF
10/07/16
INITIATION
Target $38
WOLF
Peer Perform
Energy Transfer Partners initiated with a Peer Perform at Wolfe Research
Wolfe Research analyst Steven Fleishman initiated Energy Transfer Partners with a Peer Perform and a $38 price target.
09/29/16
MZHO
09/29/16
INITIATION
Target $45
MZHO
Buy
Energy Transfer Partners initiated with a Buy at Mizuho
Mizuho initiated Energy Transfer Partners with a Buy and a $45 price target.
11/14/16
FBCO
11/14/16
NO CHANGE
FBCO
Outperform
Energy Transfer Partners added to Top Picks List at Credit Suisse
Credit Suisse analyst John Edwards added Energy Transfer Partners to the Top Picks List saying its 11% yield provides an attractive entry point for investors.
ETE Energy Transfer Equity

11/07/16
BERN
11/07/16
UPGRADE
BERN
Outperform
Energy Transfer Equity upgraded to Outperform from Market Perform at Bernstein
11/08/16
BERN
11/08/16
UPGRADE
BERN
Outperform
Energy Transfer Equity upgraded based on valuation at Bernstein
As noted earlier, Bernstein upgraded Energy Transfer to Outperform from Market Perform. Analyst Jean Ann Salisbury says that Energy Transfer's stock is trading as though the company's Dakota Access and Rover projects will be canceled. However, she expects Dakota to be completed with $400M-$1B of additional costs, and she thinks that Rover will ultimately win FERC approval and proceed. Target to $17 from $18.
11/08/16
11/08/16
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Sysco (SYY) upgraded to Buy from Neutral at BofA/Merrill with analyst Marisa Sullivan citing greater accretion from the Brakes acquisition in fiscal 2017. 2. Windstream (WIN) upgraded to Outperform from Market Perform at Cowen. 3. ACADIA (ACAD) upgraded to Buy from Neutral at BofA/Merrill with analyst Tazeen Ahmad seeing meaningful upside supported by management's comments that the upcoming Alzheimer Psychosis trial may not need to be statistically significant to warrant advancement. 4. Ferrari (RACE) upgraded to Hold from Sell at Evercore ISI with analyst George Galliers citing the LaFerrari Aperta coming to market sooner than expected and incremental contribution and the somewhat defensive nature of the stock. 5. Energy Transfer Equity (ETE) upgraded to Outperform from Market Perform at Bernstein with analyst Jean Ann Salisbury saying Energy Transfer's stock is trading as though the company's Dakota Access and Rover projects will be canceled. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
11/10/16
BERN
11/10/16
NO CHANGE
BERN
Energy Transfer Equity likely to benefit from Trump victory, says Bernstein
Bernstein analyst Jean Ann Salisbury says that President-elect Trump has expressed strong support for energy pipelines and has close personal and financial ties to Energy Transfer Equity. Consequently, the analyst thinks that Trump's victory bodes well for the company's suspended Dakota Access Pipeline. The analyst continues to believe that the stock is significantly undervalued.

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