DALLAS - Energy Transfer LP (NYSE: NYSE:ET), a major player in the U.S. energy sector, has declared the upcoming quarterly cash distributions for its preferred units. Series E Preferred Unit holders (NYSE: ETprE) will receive $0.47 per unit, while Series I Preferred Unit holders (NYSE: ETprI) will receive $0.21 per unit. These distributions will be paid on February 15, 2024, to unitholders on record as of February 1, 2024.
This announcement follows Energy Transfer's January 10, 2024, notice of redemption for all outstanding Series C and Series D preferred units. The Series C units are to be redeemed at $25.607454 per unit, and Series D units at $25.619877 per unit, which includes unpaid distributions up until February 9, 2024, the Redemption Date.
Additionally, the company has indicated that redemption notices for Series E preferred units will be issued at a later date, with the redemption scheduled for May 15, 2024.
Energy Transfer LP operates a large and diverse portfolio of energy assets across the United States, including more than 125,000 miles of pipeline infrastructure. The company's operations encompass a wide range of services, including natural gas midstream, transportation, storage, and fractionation, as well as crude oil and refined product transportation and terminalling.
InvestingPro Insights
For investors considering the latest developments with Energy Transfer LP (NYSE: ET), current InvestingPro data and tips shed additional light on the company's financial health and market performance. With a substantial market capitalization of $43.65 billion and a P/E ratio of 13.06 for the last twelve months as of Q3 2023, the company stands as a significant entity within the Oil, Gas & Consumable Fuels industry. Despite a revenue decline of 10.77% over the same period, Energy Transfer maintains a solid gross profit margin of 16.88% and has reported a respectable operating income of $7.948 billion.
Investors may find the company's commitment to shareholder returns particularly noteworthy, as highlighted by two InvestingPro Tips: Energy Transfer has a track record of paying dividends for 18 consecutive years and currently offers a high dividend yield of 9.01%. Additionally, the stock is characterized by low price volatility and is trading near its 52-week high, at 98.09% of the peak value, suggesting investor confidence.
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