Energy Transfer (NYSE:ET) Shares Down 0.3% – Here’s Why

Energy Transfer LP (NYSE:ET)’s stock price dropped 0.3% during mid-day trading on Tuesday . The stock traded as low as $19.52 and last traded at $19.52. Approximately 2,735,286 shares traded hands during mid-day trading, a decline of 80% from the average daily volume of 13,632,753 shares. The stock had previously closed at $19.57.

Analysts Set New Price Targets

Several brokerages recently weighed in on ET. UBS Group increased their price target on shares of 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 note 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 objective on shares of Energy Transfer from $17.00 to $20.00 and gave the company a “neutral” rating in a report on Thursday, December 19th. Wells Fargo & Company boosted their price objective on Energy Transfer from $20.00 to $21.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 18th. Finally, Royal Bank of Canada raised their price objective on Energy Transfer from $20.00 to $23.00 and gave the company an “outperform” rating in a report on Monday, December 9th. One research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $20.55.

Energy Transfer Trading Up 0.1 %

The stock has a market capitalization of $67.07 billion, a price-to-earnings ratio of 14.40, a P/E/G ratio of 0.63 and a beta of 1.70. The company has a quick ratio of 0.88, a current ratio of 1.08 and a debt-to-equity ratio of 1.40. The company has a fifty day moving average of $18.29 and a two-hundred day moving average of $16.87.

Energy Transfer (NYSE:ET) last posted its quarterly earnings results on Wednesday, November 6th. The pipeline company reported $0.32 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.32. The firm had revenue of $20.77 billion during the quarter, compared to analysts’ expectations 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 for the quarter was up .2% on a year-over-year basis. During the same period in the prior year, the company posted $0.31 earnings per share. On average, research analysts expect that Energy Transfer LP will post 1.32 EPS for the current year.

Energy Transfer Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, November 19th. Investors of record on Friday, November 8th were paid a $0.3225 dividend. This represents a $1.29 dividend on an annualized basis and a yield of 6.58%. The ex-dividend date of this dividend was Friday, November 8th. Energy Transfer’s payout ratio is currently 94.85%.

Institutional Inflows and Outflows

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

Energy Transfer Company Profile

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.