Energy Transfer (NYSE:ET) Shares Up 0.1% – Here’s Why

Shares of Energy Transfer LP (NYSE:ET) were up 0.1% during trading on Wednesday . The stock traded as high as $19.78 and last traded at $19.59. Approximately 8,814,011 shares were traded during mid-day trading, a decline of 35% from the average daily volume of 13,659,068 shares. The stock had previously closed at $19.57.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Wells Fargo & Company raised their target price on shares of Energy Transfer from $20.00 to $21.00 and gave the company an “overweight” rating in a research note on Wednesday, December 18th. Bank of America began coverage on Energy Transfer in a report on Thursday, October 17th. They issued a “buy” rating and a $20.00 target price on the stock. The Goldman Sachs Group increased their price target on Energy Transfer from $17.00 to $20.00 and gave the company a “neutral” rating in a research note on Thursday, December 19th. Barclays lifted their price objective on Energy Transfer from $18.00 to $22.00 and gave the stock an “overweight” rating in a research note on Friday, December 20th. Finally, Royal Bank of Canada increased their target price on Energy Transfer from $20.00 to $23.00 and gave the company an “outperform” rating in a research report on Monday, December 9th. One equities research analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $20.55.

Energy Transfer Price Performance

The stock has a 50 day moving average of $18.35 and a 200-day moving average of $16.89. The company has a current ratio of 1.08, a quick ratio of 0.88 and a debt-to-equity ratio of 1.40. The stock has a market capitalization of $67.49 billion, a P/E ratio of 14.49, a price-to-earnings-growth ratio of 0.63 and a beta of 1.70.

Energy Transfer (NYSE:ET) last posted its quarterly earnings results on Wednesday, November 6th. The pipeline company reported $0.32 EPS for the quarter, hitting the consensus estimate of $0.32. Energy Transfer had a net margin of 5.90% and a return on equity of 12.38%. The company had revenue of $20.77 billion for the quarter, compared to the consensus estimate of $21.59 billion. During the same quarter last year, the firm posted $0.31 EPS. The firm’s revenue was up .2% compared to the same quarter last year. On average, equities research analysts anticipate that Energy Transfer LP will post 1.32 earnings per share for the current fiscal year.

Energy Transfer Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, November 19th. Stockholders of record on Friday, November 8th were paid a dividend of $0.3225 per share. This represents a $1.29 annualized dividend and a dividend yield of 6.54%. The ex-dividend date of this dividend was Friday, November 8th. Energy Transfer’s dividend payout ratio is presently 94.85%.

Institutional Investors Weigh In On Energy Transfer

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Tortoise Capital Advisors L.L.C. lifted its position in shares of Energy Transfer by 12.7% in the 2nd quarter. Tortoise Capital Advisors L.L.C. now owns 36,668,846 shares of the pipeline company’s stock worth $594,769,000 after purchasing an additional 4,141,715 shares during the period. FMR LLC lifted its holdings in Energy Transfer by 44.0% during the third quarter. FMR LLC now owns 33,379,297 shares of the pipeline company’s stock worth $535,738,000 after buying an additional 10,195,768 shares during the period. Westwood Holdings Group Inc. boosted its position in Energy Transfer by 1.1% during the 2nd quarter. Westwood Holdings Group Inc. now owns 16,107,470 shares of the pipeline company’s stock valued at $261,263,000 after acquiring an additional 171,720 shares in the last quarter. Chickasaw Capital Management LLC increased its holdings in shares of Energy Transfer by 3.1% in the 3rd quarter. Chickasaw Capital Management LLC now owns 15,350,521 shares of the pipeline company’s stock valued at $246,376,000 after acquiring an additional 466,565 shares during the period. Finally, Brookfield Corp ON raised its position in shares of Energy Transfer by 2.8% in the 3rd quarter. Brookfield Corp ON now owns 13,139,924 shares of the pipeline company’s stock worth $210,896,000 after acquiring an additional 352,625 shares in the last quarter. 38.22% of the stock is owned by institutional investors.

About Energy Transfer

Energy Transfer LP provides energy-related services. The company owns and operates natural gas transportation pipeline, and natural gas storage facilities in Texas and Oklahoma; and approximately 20,090 miles of interstate natural gas pipeline. It also sells natural gas to electric utilities, independent power plants, local distribution and other marketing companies, and industrial end-users.