Energy Transfer (NYSE:ET) Receives New Coverage from Analysts at Bank of America

Bank of America started coverage on shares of Energy Transfer (NYSE:ET) in a report issued on Thursday morning, MarketBeat Ratings reports. The firm issued a buy rating and a $20.00 price objective on the pipeline company’s stock.

Several other research analysts have also recently commented on the stock. Royal Bank of Canada boosted their price target on shares of Energy Transfer from $19.00 to $20.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. UBS Group lifted their price objective on shares of Energy Transfer from $22.00 to $23.00 and gave the stock a “buy” rating in a research report on Wednesday, September 18th. Finally, JPMorgan Chase & Co. increased their target price on Energy Transfer from $19.00 to $20.00 and gave the company an “overweight” rating in a report on Thursday, June 20th. Eight investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $20.00.

Energy Transfer Stock Down 0.5 %

Shares of NYSE ET opened at $16.41 on Thursday. The stock has a market cap of $55.30 billion, a P/E ratio of 15.06, a PEG ratio of 0.50 and a beta of 1.66. The business’s fifty day simple moving average is $16.11 and its 200-day simple moving average is $15.95. Energy Transfer has a 12-month low of $12.90 and a 12-month high of $16.64. The company has a current ratio of 1.14, a quick ratio of 0.92 and a debt-to-equity ratio of 1.38.

Energy Transfer (NYSE:ET) last posted its quarterly earnings results on Wednesday, August 7th. The pipeline company reported $0.35 earnings per share (EPS) 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 company had revenue of $20.73 billion during the quarter, compared to analyst estimates of $22.01 billion. During the same period in the prior year, the business earned $0.25 EPS. Energy Transfer’s revenue for the quarter was up 13.1% on a year-over-year basis. As a group, equities analysts predict that Energy Transfer 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 paid a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 7.80%. The ex-dividend date of this dividend was Friday, August 9th. This is an increase from Energy Transfer’s previous quarterly dividend of $0.32. Energy Transfer’s dividend payout ratio is currently 117.43%.

Insider Transactions at Energy Transfer

In other news, EVP Gregory G. Mcilwain purchased 20,000 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The shares were purchased at an average price of $15.68 per share, for a total transaction of $313,600.00. Following the purchase, the executive vice president now directly owns 591,211 shares of the company’s stock, valued at $9,270,188.48. This represents a 0.00 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Energy Transfer news, Director Kelcy L. Warren bought 3,000,000 shares of the firm’s stock in a transaction dated Monday, August 12th. The stock was acquired at an average price of $15.68 per share, for a total transaction of $47,040,000.00. Following the completion of the purchase, the director now owns 123,385,650 shares of the company’s stock, valued at approximately $1,934,686,992. This represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Gregory G. Mcilwain purchased 20,000 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The stock was bought at an average price of $15.68 per share, for a total transaction of $313,600.00. Following the transaction, the executive vice president now directly owns 591,211 shares in the company, valued at $9,270,188.48. This trade represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders have bought 3,040,000 shares of company stock worth $47,667,200. Corporate insiders own 3.28% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. LRI Investments LLC acquired a new stake in shares of Energy Transfer during the first quarter worth $29,000. HWG Holdings LP purchased a new stake in shares of Energy Transfer in the second quarter valued at about $33,000. Sugarloaf Wealth Management LLC boosted its holdings in shares of Energy Transfer by 43.6% in the third quarter. Sugarloaf Wealth Management LLC now owns 2,472 shares of the pipeline company’s stock valued at $40,000 after acquiring an additional 750 shares in the last quarter. EdgeRock Capital LLC acquired a new position in shares of Energy Transfer during the second quarter worth about $42,000. Finally, Hudson Edge Investment Partners Inc. purchased a new position in Energy Transfer during the second quarter worth about $42,000. 38.22% of the stock is currently owned by hedge funds and other 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.