Shares of Energy Transfer LP (NYSE:ET – Get Free Report) dropped 0.1% during trading on Friday . The stock traded as low as $16.44 and last traded at $16.47. Approximately 1,812,769 shares changed hands during mid-day trading, a decline of 86% from the average daily volume of 13,086,245 shares. The stock had previously closed at $16.49.
Analyst Upgrades and Downgrades
ET has been the topic of a number of recent research reports. Bank of America assumed coverage on Energy Transfer in a research note on Thursday. They issued a “buy” rating and a $20.00 target price on the stock. Royal Bank of Canada upped their price objective on Energy Transfer from $19.00 to $20.00 and gave the company an “outperform” rating in a research report on Wednesday. Finally, UBS Group lifted their price objective on Energy Transfer from $22.00 to $23.00 and gave the stock a “buy” rating in a research report on Wednesday, September 18th. Eight research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $20.00.
Check Out Our Latest Analysis on ET
Energy Transfer Trading Down 0.5 %
Energy Transfer (NYSE:ET – Get Free Report) last announced its quarterly earnings results on Wednesday, August 7th. The pipeline company reported $0.35 earnings per share for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.01). Energy Transfer had a net margin of 5.19% and a return on equity of 12.74%. The business had revenue of $20.73 billion for the quarter, compared to analyst estimates of $22.01 billion. During the same period last year, the firm earned $0.25 earnings per share. The company’s quarterly revenue was up 13.1% on a year-over-year basis. Analysts expect that Energy Transfer LP will post 1.35 EPS for the current fiscal year.
Energy Transfer Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Monday, August 19th. Shareholders of record on Friday, August 9th were given a $0.32 dividend. The ex-dividend date of this dividend was Friday, August 9th. This is a positive change from Energy Transfer’s previous quarterly dividend of $0.32. This represents a $1.28 annualized dividend and a yield of 7.80%. Energy Transfer’s dividend payout ratio (DPR) is 117.43%.
Insider Transactions at Energy Transfer
In other news, CEO Thomas E. Long acquired 20,000 shares of the company’s stock in a transaction dated Monday, August 12th. The shares were bought at an average price of $15.68 per share, for a total transaction of $313,600.00. Following the completion of the purchase, the chief executive officer now directly owns 4,308,859 shares of the company’s stock, valued at approximately $67,562,909.12. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Energy Transfer news, CEO Thomas E. Long purchased 20,000 shares of the business’s stock in a transaction that occurred on Monday, August 12th. The shares were acquired at an average price of $15.68 per share, for a total transaction of $313,600.00. Following the completion of the purchase, the chief executive officer now owns 4,308,859 shares in the company, valued at $67,562,909.12. The trade was a 0.00 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Kelcy L. Warren acquired 3,000,000 shares of the stock in a transaction on Monday, August 12th. The shares were acquired at an average price of $15.68 per share, with a total value of $47,040,000.00. Following the purchase, the director now owns 123,385,650 shares in the company, valued at $1,934,686,992. This represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased 3,040,000 shares of company stock valued at $47,667,200 over the last quarter. Company insiders own 3.28% of the company’s stock.
Institutional Trading of Energy Transfer
Several institutional investors have recently added to or reduced their stakes in the stock. LRI Investments LLC acquired a new position in shares of Energy Transfer in the 1st quarter worth approximately $29,000. HWG Holdings LP acquired a new position in Energy Transfer in the second quarter worth $33,000. Sugarloaf Wealth Management LLC increased its stake in Energy Transfer by 43.6% during the third quarter. Sugarloaf Wealth Management LLC now owns 2,472 shares of the pipeline company’s stock valued at $40,000 after purchasing an additional 750 shares during the last quarter. EdgeRock Capital LLC acquired a new stake in shares of Energy Transfer during the second quarter worth $42,000. Finally, Hudson Edge Investment Partners Inc. bought a new position in shares of Energy Transfer in the 2nd quarter worth about $42,000. 38.22% of the stock is owned by institutional investors and hedge funds.
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.
Further Reading
- Five stocks we like better than Energy Transfer
- How the NYSE and NASDAQ are Different, Why That Matters to Investors
- Misses and Beats: 3 Stocks That Are Moving Markets Right Now
- High Flyers: 3 Natural Gas Stocks for March 2022
- Cisco on the Rise: AI Potential and Analyst Upgrades Drive Gains
- The 3 Best Fintech Stocks to Buy Now
- MarketBeat Week in Review – 10/14 – 10/18
Receive News & Ratings for Energy Transfer Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Energy Transfer and related companies with MarketBeat.com's FREE daily email newsletter.