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ET

Energy Transfer LP

$15.20

-0.18 (-1.17%)

, RDS.A

Royal Dutch Shell

$62.85

-0.05 (-0.08%)

12:02
03/25/19
03/25
12:02
03/25/19
12:02

Energy Transfer, Shell announce LNG export project framework agreement

Energy Transfer LP (ET) and Shell US LNG (RDS.A) announce they have signed a Project Framework Agreement, or PFA, that provides the framework to further develop a large-scale LNG export facility in Lake Charles, Louisiana toward a potential final investment decision, or FID. In addition, the parties have started actively engaging with LNG Engineering, Procurement and Contracting companies with a plan to issue an Invitation to Tender in the weeks ahead, they stated. The PFA defines the commercial terms by which the two companies will work toward delivering an LNG export facility on the U.S. Gulf Coast. Shell will act as the Project Lead prior to the companies reaching an FID, and if sanctioned, as construction manager and operator of the facility. Energy Transfer will act as Site Manager and Project Coordinator prior to FID. The decision to make an affirmative FID to proceed with construction of the project will be subject to both companies' assessment of the outcome of the EPC bidding process, overall project competitiveness and global LNG market conditions at the time of such decision. The Lake Charles project is a 50/50 venture between Energy Transfer and Shell. The project, if sanctioned through an affirmative FID, would convert Energy Transfer's existing Lake Charles LNG import and regasification terminal to an LNG export facility with a liquefaction capacity of 16.45M tonnes per annum to export U.S. natural gas to global customers.

ET

Energy Transfer LP

$15.20

-0.18 (-1.17%)

RDS.A

Royal Dutch Shell

$62.85

-0.05 (-0.08%)

ET Energy Transfer LP
$15.20

-0.18 (-1.17%)

11/29/18
SBSH
11/29/18
INITIATION
SBSH
Buy
Energy Transfer LP initiated with a Buy at Citi
Citi analyst Timm Schneider started Energy Transfer LP with a Buy rating and $19 price target.
11/29/18
11/29/18
INITIATION

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Pluralsight (PS) initiated with an Outperform at Baird. 2. Expedia (EXPE) initiated with a Market Perform at Telsey Advisory. 3. Energy Transfer LP (ET) initiated with a Buy at Citi. 4. Skyline (SKY) initiated with a Neutral at Credit Suisse. 5. CBS (CBS) and Viacom (VIAB, VIA) were reinstated with a Neutral at Goldman Sachs. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
12/18/18
MSCO
12/18/18
NO CHANGE
MSCO
Morgan Stanley upgrades Midstream sector view to Attractive
Morgan Stanley analyst Tom Abrams upgraded his view on the Midstream Energy MLPs and Diversified Natural Gas sector to Attractive, stating that he expects a year of better midstream performance given an attractive fundamental outlook for production volumes as projects move into service. He also sees the industry's "quality" as improving, with simpler structures, improved governance and better and improving balance sheets, Abrams tells investors. With all else equal, he prefers names such as Energy Transfer (ET) and Williams (WMB), which he says have less structural overhang, attractive fee-based growth and improving balance sheets. Abrams also identifies Kinder Morgan (KMI) and Plains All American (PAA) as stocks in the sector that have catalysts expected in 2019.
02/05/19
EVER
02/05/19
INITIATION
Target $18
EVER
Outperform
Energy Transfer LP initiated with an Outperform at Evercore ISI
Evercore ISI analyst Durgesh Chopra initiated Energy Transfer LP (ET) with an Outperform and named it a Top Pick with a $18 price. Chopra said Energy Transfer is one of the most diversified MLP and Pipeline companies with significant exposure to all growth basins, and the merger with Energy Transfer Operating (ETP) removes IDRs and lowers the cost of capital of the combined entity, removing an overhang.
RDS.A Royal Dutch Shell
$62.85

-0.05 (-0.08%)

12/18/18
12/18/18
INITIATION
Target $76

Outperform
Wells Fargo starts Royal Dutch Shell at Outperform with $76 price target
As previously reported, Wells Fargo analyst Roger Read started Royal Dutch Shell with an Outperform rating and $76 price target, citing its attractive valuation, "relatively modest" reinvestment ratio and leading cash returns. He projects Shell's ROACE will essentially double to roughly 14% by 2020 versus 2017 levels based on a combination of higher production, cost-cutting, high grading of the portfolio and some degree of commodity price recovery, Read tells investors.
01/22/19
MSCO
01/22/19
DOWNGRADE
MSCO
Underweight
Royal Dutch Shell downgraded to Underweight from Equal Weight at Morgan Stanley
Morgan Stanley analyst Martijn Rats downgraded Royal Dutch Shell to Underweight from Equal Weight after reducing his share buyback assumption and removing dividend growth from his model. Shell is investing just $1.50 for every $1 in dividends, which is "the lowest in the sector by far and a 20-year low in Shell's own history too," but Rats sees little room for its capex to increase given its planned buybacks, dividends and debt reduction. Additionally, Shell's reserve life is falling faster than the other majors', Rats said. He set a 2,180p price target on Royal Dutch Shell shares.
02/26/19
RBCM
02/26/19
DOWNGRADE
RBCM
Sector Perform
Royal Dutch Shell downgraded to Sector Perform from Outperform at RBC Capital
02/26/19
RBCM
02/26/19
NO CHANGE
RBCM
RBC upgrades Total, downgrades Shell after reserves analysis
RBC Capital analyst Biraj Bokhataria believes integrated oil and gas companies "could generate more free cash flow over the next few years than at any point over the last decade," but said the market continues to value them at a historical discount due to skepticism around the sharp drop in capex. Growing confidence in the outlook for reserves could lead to greater credibility in organic free cash flow, said Bokhataria, who sees stable to improving reserve life trends at BP (BP), Chevron (CVX), Eni (E), and Galp (GLPEY). Royal Dutch Shell (RDS.A) and Repsol (REPYY) screen as the weakest in his analysis, noted Bokhataria who downgraded Royal Dutch Shell to Sector Perform from Outperform following the reserves analysis. The analyst also said that, at today's share price, he thinks Shell needs at least another $30B in buybacks in order to reduce its dividend burden to a sustainable level and that buyback need could limit its options to high-grade its portfolio. Bokhataria also upgraded Total (TOT) to Outperform, as he sees the company's reserve life "to trickle lower," but mainly due to its "particularly strong growth pipeline," which he added comes from the most diverse set of projects in the sector.

TODAY'S FREE FLY STORIES

MGTA

Magenta Therapeutics

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PFE

Pfizer

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0.26 (0.68%)

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Bristol-Myers

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0.435 (0.73%)

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UMRX

Unum Therapeutics

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0.0177 (2.61%)

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MGTA

Magenta Therapeutics

$13.29

0.3 (2.31%)

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Conference/Events
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AUTL

Autolus Therapeutics

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BMY

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SGEN

Seattle Genetics

$117.52

0.37 (0.32%)

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GILD

Gilead

$67.09

1.16 (1.76%)

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  • 07

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CRTX

Cortexyme

$28.00

-6.15 (-18.01%)

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MNK

Mallinckrodt

$3.40

0.015 (0.44%)

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  • 07

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STOK

Stoke Therapeutics

$28.91

3.99 (16.01%)

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APTO

Aptose Biosciences

$2.55

-0.04 (-1.54%)

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EPZM

Epizyme

$18.22

2.9 (18.93%)

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PRNB

Principia Biopharma

$37.30

0.86 (2.36%)

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FB

Facebook

$200.99

1.64 (0.82%)

, GOOGL

Alphabet Class A

$1,339.41

11.6 (0.87%)

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Alphabet Class A

$1,339.41

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$1,341.23

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AAPL

Apple

$270.71

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AMZN

Amazon.com

$1,750.79

10.2 (0.59%)

SQ

Square

$68.00

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TWTR

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CSIQ

Canadian Solar

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FSLR

First Solar

$53.36

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JASO

JA Solar

$0.00

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SPWR

SunPower

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TSL

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$0.00

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YGE

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AKS

AK Steel

$3.24

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MT

ArcelorMittal

$17.88

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NUE

Nucor

$57.60

1.13 (2.00%)

STLD

Steel Dynamics

$35.10

0.67 (1.95%)

TMST

TimkenSteel

$6.90

0.41 (6.32%)

X

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$13.95

0.615 (4.61%)

AA

Alcoa

$20.60

0.68 (3.41%)

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FATE

Fate Therapeutics

$13.64

0.07 (0.52%)

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  • 07

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CRVS

Corvus Pharmaceuticals

$4.26

-0.36 (-7.79%)

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KPTI

Karyopharm

$16.30

-1.15 (-6.59%)

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  • 07

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ABBV

AbbVie

$86.97

0.3 (0.35%)

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  • 07

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SRRA

Sierra Oncology

$0.49

0.1035 (27.13%)

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  • 07

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SGMO

Sangamo

$11.65

0.05 (0.43%)

, PFE

Pfizer

$38.29

0.26 (0.68%)

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PFE

Pfizer

$38.29

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VSTM

Verastem

$1.31

0.055 (4.38%)

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  • 07

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RHHBY

Roche

$0.00

(0.00%)

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XENE

Xenon Pharmaceuticals

$13.92

0.03 (0.22%)

, BMRN

BioMarin

$79.90

-0.18 (-0.22%)

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Xenon Pharmaceuticals

$13.92

0.03 (0.22%)

BMRN

BioMarin

$79.90

-0.18 (-0.22%)

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  • 07

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