Baird analyst Ethan Bellamy said CNBC "incorrectly reported" that Energy Transfer (ET) owns half of the Philadelphia Energy Solutions refinery, which exploded on Friday morning. In fact, Energy Transfer's stake is an "immaterial" 8% non-operating position after a 2018 bankruptcy, contends Bellamy, who also noted that Joe Kim, the CEO of Sunoco (SUN) sits on the PES board. The analyst, who would anticipate minimal financial impact to either Energy Transfer or Sunoco from the refinery accident, keeps an Outperform rating on Energy Transfer shares with a price target of $21.