NEW YORK (TheStreet) -- Shares of Energy Transfer Equity (ETE) are up 3.68% to $56.33 after its board approved building a crude oil pipeline to transport supply from strategic receipt points in the Bakken Three Forks production area in North Dakota to Patoka, Illinois.
The construction of the Bakken Pipeline project will help further develop the crude rich areas in and around the Bakken and provide additional crude supplies to U.S. markets and refineries along the East and Gulf Coasts.
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Separately, TheStreet Ratings team rates ENERGY TRANSFER EQUITY LP as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate ENERGY TRANSFER EQUITY LP (ETE) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, compelling growth in net income, good cash flow from operations, notable return on equity and solid stock price performance. We feel these strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated."