Energy Transfer (NYSE:ET) Trading 1.1% Higher – Here’s Why

Energy Transfer LP (NYSE:ET) shares were up 1.1% during trading on Thursday . The stock traded as high as $19.71 and last traded at $19.42. Approximately 22,601,814 shares were traded during trading, an increase of 65% from the average daily volume of 13,712,633 shares. The stock had previously closed at $19.20.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the company. UBS Group lifted their target price on Energy Transfer from $22.00 to $23.00 and gave the stock a “buy” rating in a report on Wednesday, September 18th. Bank of America initiated coverage on Energy Transfer in a research report on Thursday, October 17th. They set a “buy” rating and a $20.00 target price on the stock. Finally, Royal Bank of Canada lifted their price objective on shares of Energy Transfer from $19.00 to $20.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Eight research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Energy Transfer presently has a consensus rating of “Buy” and a consensus price target of $20.00.

Energy Transfer Stock Performance

The firm has a market cap of $68.00 billion, a PE ratio of 14.60, a price-to-earnings-growth ratio of 0.62 and a beta of 1.66. The business has a 50 day simple moving average of $16.99 and a two-hundred day simple moving average of $16.30. The company has a quick ratio of 0.88, a current ratio of 1.08 and a debt-to-equity ratio of 1.40.

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. The company had revenue of $20.77 billion for the quarter, compared to the consensus estimate of $21.59 billion. Energy Transfer had a net margin of 5.90% and a return on equity of 12.38%. The firm’s revenue was up .2% compared to the same quarter last year. During the same quarter last year, the firm posted $0.31 EPS. As a group, equities research analysts forecast that Energy Transfer LP will post 1.34 earnings per share for the current fiscal year.

Energy Transfer Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, November 19th. Investors of record on Friday, November 8th were issued a $0.3225 dividend. The ex-dividend date of this dividend was Friday, November 8th. This represents a $1.29 dividend on an annualized basis and a dividend yield of 6.50%. Energy Transfer’s payout ratio is 94.85%.

Institutional Investors Weigh In On Energy Transfer

Institutional investors and hedge funds have recently bought and sold shares of the company. Peapack Gladstone Financial Corp increased its position in Energy Transfer by 6.8% during the 3rd quarter. Peapack Gladstone Financial Corp now owns 15,675 shares of the pipeline company’s stock valued at $251,000 after purchasing an additional 1,000 shares during the period. Synovus Financial Corp increased its holdings in Energy Transfer by 69.8% during the third quarter. Synovus Financial Corp now owns 84,530 shares of the pipeline company’s stock valued at $1,357,000 after buying an additional 34,749 shares during the period. Tidal Investments LLC raised its stake in Energy Transfer by 1.2% in the third quarter. Tidal Investments LLC now owns 101,738 shares of the pipeline company’s stock worth $1,633,000 after buying an additional 1,248 shares in the last quarter. Wilmington Savings Fund Society FSB lifted its holdings in Energy Transfer by 1,265.0% during the third quarter. Wilmington Savings Fund Society FSB now owns 231,398 shares of the pipeline company’s stock worth $3,714,000 after buying an additional 214,446 shares during the period. Finally, World Investment Advisors LLC boosted its position in Energy Transfer by 4.6% during the 3rd quarter. World Investment Advisors LLC now owns 78,806 shares of the pipeline company’s stock valued at $1,265,000 after acquiring an additional 3,485 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.