Energy Transfer (NYSE:ET) Stock Price Down 0.9% – Here’s What Happened

Energy Transfer LP (NYSE:ET)’s share price fell 0.9% during trading on Tuesday . The company traded as low as $17.07 and last traded at $17.09. 3,351,421 shares changed hands during mid-day trading, a decline of 75% from the average session volume of 13,256,433 shares. The stock had previously closed at $17.24.

Analysts Set New Price Targets

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

Energy Transfer Price Performance

The company has a 50-day moving average price of $16.37 and a 200-day moving average price of $16.08. The company has a debt-to-equity ratio of 1.40, a quick ratio of 0.92 and a current ratio of 1.08. The firm has a market capitalization of $58.72 billion, a P/E ratio of 12.61, a price-to-earnings-growth ratio of 0.52 and a beta of 1.66.

Energy Transfer (NYSE:ET) last announced its 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. Energy Transfer had a return on equity of 12.38% and a net margin of 5.90%. The business had revenue of $20.77 billion during the quarter, compared to analyst estimates of $21.59 billion. During the same period last year, the company earned $0.31 EPS. Energy Transfer’s revenue for the quarter was up .2% compared to the same quarter last year. On average, sell-side analysts predict that Energy Transfer LP will post 1.34 earnings per share for the current year.

Energy Transfer Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 19th. Stockholders of record on Friday, November 8th will be issued a $0.3225 dividend. This represents a $1.29 annualized dividend and a dividend yield of 7.52%. The ex-dividend date is Friday, November 8th. Energy Transfer’s dividend payout ratio (DPR) is currently 94.85%.

Insider Activity

In other Energy Transfer news, EVP Gregory G. Mcilwain acquired 20,000 shares of the stock in a transaction that occurred on Friday, August 23rd. The shares were purchased at an average cost of $15.68 per share, with a total value of $313,600.00. Following the purchase, the executive vice president now owns 591,211 shares in the company, valued at approximately $9,270,188.48. The trade was a 3.50 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Company insiders own 3.28% of the company’s stock.

Institutional Investors Weigh In On Energy Transfer

Several institutional investors have recently made changes to their positions in the company. Berkley W R Corp increased its holdings in shares of Energy Transfer by 11.6% in the first quarter. Berkley W R Corp now owns 5,334,494 shares of the pipeline company’s stock worth $83,912,000 after acquiring an additional 555,445 shares in the last quarter. GFS Advisors LLC lifted its holdings in Energy Transfer by 19,380.5% in the third quarter. GFS Advisors LLC now owns 60,000 shares of the pipeline company’s stock valued at $963,000 after buying an additional 59,692 shares during the period. Cetera Investment Advisers increased its stake in Energy Transfer by 491.3% in the first quarter. Cetera Investment Advisers now owns 1,290,364 shares of the pipeline company’s stock valued at $20,297,000 after purchasing an additional 1,072,144 shares in the last quarter. International Assets Investment Management LLC boosted its holdings in Energy Transfer by 1,491.0% during the third quarter. International Assets Investment Management LLC now owns 4,175,731 shares of the pipeline company’s stock worth $67,020,000 after purchasing an additional 3,913,266 shares during the last quarter. Finally, Oppenheimer & Co. Inc. boosted its stake in Energy Transfer by 35.3% in the third quarter. Oppenheimer & Co. Inc. now owns 961,030 shares of the pipeline company’s stock valued at $15,425,000 after acquiring an additional 250,771 shares during the last quarter. 38.22% of the stock is currently owned by institutional investors and hedge funds.

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.