Energy Transfer Partners (ET), which specializes in oil and natural gas pipelines, has reported third-quarter financial results that missed analysts’ targets across the board.
The Texas-based company announced earnings per share (EPS) of $0.32 U.S., which missed consensus forecasts that called for $0.33 U.S.
Revenue in the quarter totaled $20.77 billion U.S., which fell short of Wall Street estimates that had $21.59 billion U.S. 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 U.S. a share, bringing its annual dividend payout to $1.29 per share U.S., and its dividend yield to 7.41%.
The company’s next distribution to shareholders is scheduled to occur on Nov. 19.
Energy Transfer has seen its stock rise this year due to strong growth and demand for its pipelines.
The company recently signed a preliminary deal to build a liquified natural gas (LNG) plant located near Lake Charles, Louisiana.
So far in 2024, the company’s share price has gained 26% to trade at $17.42 U.S. per share.