Energy Transfer Partners (ET), which specializes in oil and natural gas pipelines, has reported third-quarter financial results that missed Wall Street targets across the board.
The company, based in Dallas, Texas, announced earnings per share (EPS) of $0.32, which missed consensus forecasts that called for $0.33. Revenue in the quarter totaled $20.77 billion, which fell short of analyst estimates that had $21.59 billion penciled in for the company.
The latest financial results from Energy Transfer come a week after the company raised its quarterly dividend payment by 3.2% to $0.3225 a share, bringing its annual dividend payout to $1.29 per share. The company’s next dividend distribution is scheduled to occur on November 19.
Stock on the Rise
Energy Transfer, which operates across 44 U.S. states, has seen its stock march higher this year. So far, in 2024, the company’s share price has gained 34%. Over the last 12 months, the stock has risen nearly 40%, making it one of the better-performing U.S. energy stocks.
ET stock has been rising due to strong growth at the company and demand for its pipelines. Energy Transfer recently signed a preliminary deal to build a new liquified natural gas (LNG) plant located near Lake Charles, Louisiana.
Is ET Stock a Buy?
Energy Transfer’s stock has a consensus Strong Buy rating among nine Wall Street analysts. This rating is based on eight Buy and one Hold recommendations assigned in the last three months. The average ET price target of $19.56 implies 12.28% upside from current levels.
