Energy Transfer gains after Q1 core profit beat

Sunoco LP (Texas)

09/05/2024 14:12

** Shares of pipeline operator Energy Transfer  ET.N  up
1.1% at $16.43 premarket 
    ** Co posts Q1 adj. core profit of $3.88 bln vs est of $3.72
bln - LSEG 
    ** Says Q1 crude oil transportation volumes were up 44%,
setting a record for co 
    ** Co also raises its full-year 2024 adjusted core profit
expectations to the range of $15 bln - $15.3 bln, compared with
the previous range between $14.5 bln and $14.8 bln
    ** The raise was due to the acquisition of NuStar Energy by
fuel distributor Sunoco  SUN.N , whose general partner is owned
by ET  
    ** "We believe ET is well positioned to benefit from growing
natural gas demand, and we continue to view ET as a compelling
investment opportunity given its expansive asset footprint, free
cash flow generation and distribution yield," RBC Capital Market
analysts write in a note 
    ** Up to last close, stock is up 17.8% YTD 

 (Reporting by Sourasis Bose in Bengaluru)
 ((Sourasis.bose@thomsonreuters.com))