Energy Transfer Equity, L.P.

Energy Transfer Equity, L.P. (ETE - Snapshot Report) shares have been rallying after finding a short-term bottom just below $13 in mid October. Since then, shares have traded above the $21 level, ahead of the company's third-quarter results, scheduled to be reported next week.

Company Description

Energy Transfer Equity, through its partnership with Energy Transfer Partners, stores and transports natural gas in the United States. The company has a market cap of $4.4 billion and is headquartered in Dallas, Texas.

Second-Quarter Results

Shares of ETE have been rallying ahead of the company's third quarter results, scheduled to be reported on Nov 4. Energy Transfer's second-quarter results, reported on Aug 6, were solid.

Net income came in at $120.4 million, a $31.3 million increase from the same period last year. This produced earnings of 46 cents per share, far ahead of analyst estimates of 29 cents.

Analyst Estimates

Analyst estimates have continued to tick higher since the last reported quarter, with the current-year estimate advancing to $1.77 per share from $1.61 90 days ago.

The next-year estimate is bullish, pegged at $2.46 per share, a 39% earnings growth projection.

Valuations

Based upon the current-year estimate, this stock has a forward P/E multiple of 10.7X, a slight discount to the overall market.

The Chart

Shares of ETE recently found a short-term bottom below $13, and have since rallied to a high-water mark above $21. This level has continued to be pressured over the last 2 weeks, take a look below.