Wells Fargo (NYSE:WFC) Looks at NuStar (NYSE:NSH), Energy Transfer (NYSE:ETE) for General Partner MLPs

Wells Fargo (NYSE:WFC) gave a large overview of the general MLPs sector, including large and small caps, and others. They also looked at General Partner MLPs in general, and NuStar GP Holdings, LLC (NYSE:NSH) and Energy Transfer Equity, L.P. (NYSE:ETE) in particular.

Wells said, "We are increasing valuation ranges across our general partner MLP coverage universe by an average of 2%. Our revised valuation ranges suggest median total return potential of 1% for the subsector. On average, we are lowering our 2011 DCF per unit estimates for GP MLPs by 4%. We are downgrading NuStar GP Holdings, LLC to Market Perform from Outperform based on valuation. Our top Outperform picks in this subsector is Energy Transfer Equity, L.P."

NuStar closed Thursday at $33.53, dropping $0.56, or 1.64 percent. Energy Transfer closed at $38.89, losing $0.13, or 0.33 percent. Trading volume for both companies was down from the daily 3-month average.