DALLAS - Energy Transfer LP (NYSE: NYSE:ET), a major player in the U.S. energy sector, has announced a 3.3% increase in its quarterly cash distribution to $0.3175 per common unit, which equates to $1.27 on an annualized basis, for the first quarter ending March 31, 2024. This raised distribution is slated to be paid on May 20, 2024, to unitholders of record as of May 13, 2024, marking an uptick from the distribution in the same quarter the previous year.
The company also confirmed that it will release its first-quarter earnings for 2024 after the market closes on May 8, 2024, followed by a conference call to discuss the financial results and provide an update on company operations. This call, scheduled for 3:30 p.m. Central Time on the same day, will be accessible via a live webcast on Energy Transfer's website, with a replay option available for a limited time post-broadcast.
Energy Transfer boasts an extensive portfolio of energy assets across the United States, including over 125,000 miles of pipeline infrastructure. The company's assets cover 44 states and encompass a range of operations, from natural gas midstream services to interstate transportation and storage. Additionally, Energy Transfer owns interests in Sunoco LP (NYSE: SUN) and USA Compression (NYSE:USAC) Partners, LP (NYSE: USAC), as well as Lake Charles LNG Company.
This announcement is based on a press release statement from Energy Transfer LP.
InvestingPro Insights
As Energy Transfer LP (NYSE: ET) prepares to distribute increased quarterly cash to its unitholders, a glance at its financials through InvestingPro provides a deeper understanding of the company's market standing. With a robust Market Cap of $53.55B and a P/E Ratio that has adjusted down slightly to 13.99 from 14.44, Energy Transfer showcases a balance of size and earnings performance. This is further substantiated by its Dividend Yield of 7.92%, which not only signifies a significant return to shareholders but also underscores the company's commitment to maintaining dividend payments, having done so for 19 consecutive years as highlighted by one of the InvestingPro Tips.
Another InvestingPro Tip worth noting is the company's trading pattern, which has been characterized by low price volatility, an appealing trait for investors seeking stability in the often-turbulent energy sector. Additionally, Energy Transfer's strong 3 Month Price Total Return of 15.55% reflects a positive trend in investor sentiment.
For those interested in a comprehensive analysis of Energy Transfer's financial health and future prospects, InvestingPro offers a total of 9 InvestingPro Tips, which can be accessed at: https://www.investing.com/pro/ET. Readers can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, providing an opportunity to leverage expert insights for informed investment decisions.
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