Sector Experts

Subscribe to
Streetwise Reports

Ask this Expert

Companies Commented On

  • Energy Transfer Equity L.P.
  • Energy Transfer Partners L.P.

Stephen Maresca

Morgan Stanley

Image: Stephen Maresca

Stephen Maresca is a managing director of Morgan Stanley, covering energy Master Limited Partnerships (MLPs) and diversified natural gas companies. Prior to joining Morgan Stanley in 2008, Maresca spent 10 years at UBS focused largely on the energy sector. From 2001 to 2008 he was a director in UBS' equity research division covering energy MLPs. From 1998 to 2001 he was an associate director in UBS' investment banking energy group and from 1997 to 1998 he was in PaineWebber's fixed income department. Maresca holds a Bachelor of Science degree in accounting from Providence College and the Chartered Financial Analyst designation. He is a member of the New York Society of Security Analysts.




Recent Interviews

Play US Energy Independence with Income-Generating MLPs: Stephen Maresca (7/26/12) Fossil fuels have to be transported and stored. This is the classic midstream industry that resides between the producers and the marketers and that generally makes money regardless of the price of oil, natural gas or natural gas liquids (NGLs). Now, with the boom in production coming from unconventional oil and gas shales and the enhanced technologies that produce fuels in areas where it was once impossible, the demand for midstream oil and gas infrastructure is growing. In this exclusive interview with The Energy Report, Morgan Stanley Managing Director and Master Limited Partnership (MLP) Analyst Stephen Marsesca makes his case for a handful of MLP and common stocks that will generate increasing cash flow and dividend payouts.

Stephen Maresca: Are Midstream MLPs Going Mainstream? (7/7/11) Judging from fund flows into some of the Master Limited Partnerships (MLPs) he tracks, investors apparently agree with Stephen Maresca, Morgan Stanley's MLP expert, that the midstream sector of the oil and gas industry has gone mainstream. As Stephen tells The Energy Report in this exclusive interview, investors want exposure to the income, yield and total return that the MLPs provide, and they're finding growing revenues and growing free cash flow per share in operators with good management teams, strong balance sheets and assets in growing supply areas that are connected to good market sources for demand. "It's a good time to be involved in midstream plays," he says.

Recent Quotes

"ETE is one of the top multi-year growth stories in our coverage." (11/20/13) Energy Transfer Equity L.P. - Stephen Maresca, Morgan Stanley Moreá>

"We see upside with ETP." (11/20/13) Energy Transfer Partners L.P. - Stephen Maresca, Morgan Stanley Moreá>

"ETE has strong growth potential given organic project opportunities." (11/6/13) Energy Transfer Equity L.P. - Stephen Maresca, Morgan Stanley Moreá>

"ETP increased distribution growth in Q3/13, the first time since Q2/08." (11/6/13) Energy Transfer Partners L.P. - Stephen Maresca, Morgan Stanley Moreá>

"The creative incentive distribution rights swap should provide a shot of adrenaline to ETP." (8/8/13) Energy Transfer Partners L.P. - Stephen Maresca, Morgan Stanley Moreá>

"ETE's exchange of 50.16M ETP units for 50% of Sunoco Logistics Partners' incentive distribution rights is positive." (8/8/13) Energy Transfer Equity L.P. - Stephen Maresca, Morgan Stanley Moreá>

"Two large-scale opportunities on ETP's Trunkline system could offer significant upside and have yet to be priced into its stock." (6/11/13) Energy Transfer Partners L.P. - Stephen Maresca, Morgan Stanley Moreá>

"ETE is one of the few stocks in our universe that offers some revaluation and new project upside not appreciated by investors." (6/11/13) Energy Transfer Equity L.P. - Stephen Maresca, Morgan Stanley Moreá>

more comments

"We see upside to ETP shares and think a distribution increase is coming in H2/13." (3/21/13) Energy Transfer Partners L.P. - Stephen Maresca, Morgan Stanley Moreá>

"We reiterate our Overweight rating for ETE and raise our target price." (3/21/13) Energy Transfer Equity L.P. - Stephen Maresca, Morgan Stanley Moreá>

"Sunoco is a game changer for ETP." (2/21/13) Energy Transfer Partners L.P. - Stephen Maresca, Morgan Stanley Moreá>

"ETE has strong growth potential given organic project and consolidation opportunities." (2/21/13) Energy Transfer Equity L.P. - Stephen Maresca, Morgan Stanley Moreá>

"ETP is worth owning in the near term." (11/15/12) Energy Transfer Partners L.P. - Stephen Maresca, Morgan Stanley Moreá>

fewer comments


Due to permission requirements, not all quotes are shown.