Stock Update (NYSE:ETE): Energy Transfer Equity LP Announces Quarterly Cash Distribution
Energy Transfer Equity LP (NYSE:ETE) announced its quarterly cash distribution of $0.285 per ETE common unit for the first quarter ended March 31, 2016, or $1.14per unit on an annualized basis.
Adjusting for the unit split completed in July 2015, the quarterly distribution of $0.285 per ETE common unit represents a distribution increase of $0.16 per common unit on an annualized basis, or 16% compared to the first quarter of 2015 and is the same distribution as the distribution for the fourth quarter of 2015. The cash distribution will be paid on May 19, 2016 to unitholders of record as of the close of business on May 6, 2016. (Original Source)
Shares of Energy Transfer Equity closed today at $11.79, up $0.50 or 4.43%. ETE has a 1-year high of $35.44 and a 1-year low of $4. The stock’s 50-day moving average is $8.09 and its 200-day moving average is $12.02.
On the ratings front, ETE has been the subject of a number of recent research reports. In a report issued on April 20, Gimme Credit analyst Phil Adams downgraded ETE’s bonds to Sell. Separately, on March 22, Jefferies Co.’s Christopher Sighinolfi maintained a Buy rating on the stock and has a price target of $15.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Phil Adams and Christopher Sighinolfi have a total average return of 1.7% and -0.2% respectively. Adams has a success rate of 50.0% and is ranked #2457 out of 3829 analysts, while Sighinolfi has a success rate of 55.3% and is ranked #2567.
Energy Transfer Equity LP provides natural gas pipeline transportation and transmission services. The company operates its business in seven segments: Interstate Transportation and Storage, Midstream, NGL Transportation and Services, Retail Marketing, Investment in Sunoco Logistics, Investment in Regency and Corporate and Other.