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Energy Transfer (ETP) Fined by Ohio EPA for Pipeline Spills
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Pipeline operator Energy Transfer Partners has been fined $430,000 by the Environmental Protection Agency ("EPA") of Ohio for environment pollution violations. The watchdog claims that the Rover natural gas distribution pipeline, which is being built by the partnership, has spilled millions of gallons of drilling fluid at various locations across the state.
About the Rover Pipeline
The $4.2 billion interstate natural pipeline is expected to carry 3.25 billion cubic feet gas per day to Michigan from eastern Ohio, West Virginia, and western Pennsylvania. Energy Transfer started working on the pipeline in mid-February after getting the Certificate of Public Convenience and Necessity from the Federal Energy Regulatory Commission (FERC) earlier that month. The pipeline is also designed to connect the Canada market.
EPA’s Take on the Incidents
According to the EPA, there have been a total of 18 incidents of spilling, which include mud spills from drilling, open burning, and stormwater pollution. Some of the major casualties noted by the Ohio state regulators include the public water system of a village being affected, 50,000 gallons of bentonite mud being released into approximately 30,000 square foot of protected wetland area in Mifflin Township, and 200 gallons of mud being released in Harrison County. The state regulators instructed the partnership to propose strategies to address the future releases while restoring the affected wetlands and other areas.
The Partnership’s View
Though Energy Transfer did not deny the charges leveled by the EPA, it maintained that accidental releases of bentonite mud during drilling processes are usual. The partnership, which in an early statement mentioned that the Mifflin spill was thoroughly cleaned up, claimed that the environment has not been affected by these incidents.
Price Performance
Energy Transfer, which falls under the Zacks categorized Oil and Gas - Production Pipeline - MLP industry, has seen its units lose 3.40% over the last one month, compared with the broader industry’s decrease of 2.63%.
Zacks Rank and Stocks to Consider
Energy Transfer presently has a Zacks Rank #3 (Hold). Some better-ranked stocks in oil and energy sector are Penn Virginia Corporation , Gran Tierra Energy Inc. (GTE - Free Report) , and SunCoke Energy, Inc. (SXC - Free Report) . All these stocks flaunt a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Penn Virginia’s sales for the current year are expected to increase 24.75% year over year. The company recorded a positive earnings surprise of 49.02% in the first quarter of 2017.
Gran Tierra is expected to record 69.32% year-over-year growth in 2017 sales. The company had a positive earnings surprise of 105.88% in the first quarter of 2017
SunCoke Energy’s year-over-year sales for the current year are expected to increase 10.58%. The company had a positive earnings surprise of 120% in the first quarter of 2017.
Sell These Stocks. Now.
Just released, today's 220 Zacks Rank #5 Strong Sells demand urgent attention. If any are lurking in your portfolio or Watch List, they should be removed immediately. These are sinister companies because many appear to be sound investments. However, from 1988 through 2016, stocks from our Strong Sell list have actually performed 6X worse than the S&P 500.
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Energy Transfer (ETP) Fined by Ohio EPA for Pipeline Spills
Pipeline operator Energy Transfer Partners has been fined $430,000 by the Environmental Protection Agency ("EPA") of Ohio for environment pollution violations. The watchdog claims that the Rover natural gas distribution pipeline, which is being built by the partnership, has spilled millions of gallons of drilling fluid at various locations across the state.
About the Rover Pipeline
The $4.2 billion interstate natural pipeline is expected to carry 3.25 billion cubic feet gas per day to Michigan from eastern Ohio, West Virginia, and western Pennsylvania. Energy Transfer started working on the pipeline in mid-February after getting the Certificate of Public Convenience and Necessity from the Federal Energy Regulatory Commission (FERC) earlier that month. The pipeline is also designed to connect the Canada market.
EPA’s Take on the Incidents
According to the EPA, there have been a total of 18 incidents of spilling, which include mud spills from drilling, open burning, and stormwater pollution. Some of the major casualties noted by the Ohio state regulators include the public water system of a village being affected, 50,000 gallons of bentonite mud being released into approximately 30,000 square foot of protected wetland area in Mifflin Township, and 200 gallons of mud being released in Harrison County. The state regulators instructed the partnership to propose strategies to address the future releases while restoring the affected wetlands and other areas.
The Partnership’s View
Though Energy Transfer did not deny the charges leveled by the EPA, it maintained that accidental releases of bentonite mud during drilling processes are usual. The partnership, which in an early statement mentioned that the Mifflin spill was thoroughly cleaned up, claimed that the environment has not been affected by these incidents.
Price Performance
Energy Transfer, which falls under the Zacks categorized Oil and Gas - Production Pipeline - MLP industry, has seen its units lose 3.40% over the last one month, compared with the broader industry’s decrease of 2.63%.
Zacks Rank and Stocks to Consider
Energy Transfer presently has a Zacks Rank #3 (Hold). Some better-ranked stocks in oil and energy sector are Penn Virginia Corporation , Gran Tierra Energy Inc. (GTE - Free Report) , and SunCoke Energy, Inc. (SXC - Free Report) . All these stocks flaunt a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Penn Virginia’s sales for the current year are expected to increase 24.75% year over year. The company recorded a positive earnings surprise of 49.02% in the first quarter of 2017.
Gran Tierra is expected to record 69.32% year-over-year growth in 2017 sales. The company had a positive earnings surprise of 105.88% in the first quarter of 2017
SunCoke Energy’s year-over-year sales for the current year are expected to increase 10.58%. The company had a positive earnings surprise of 120% in the first quarter of 2017.
Sell These Stocks. Now.
Just released, today's 220 Zacks Rank #5 Strong Sells demand urgent attention. If any are lurking in your portfolio or Watch List, they should be removed immediately. These are sinister companies because many appear to be sound investments. However, from 1988 through 2016, stocks from our Strong Sell list have actually performed 6X worse than the S&P 500.
See today's Zacks "Strong Sells" absolutely free >>