Energy Transfer (NYSE:ET) Stock Price Up 1.7% – Here’s Why

Energy Transfer LP (NYSE:ET)’s share price was up 1.7% during mid-day trading on Wednesday . The company traded as high as $19.52 and last traded at $19.52. Approximately 5,410,169 shares were traded during mid-day trading, a decline of 60% from the average daily volume of 13,628,949 shares. The stock had previously closed at $19.20.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Royal Bank of Canada raised their price objective on shares of Energy Transfer from $19.00 to $20.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Bank of America assumed coverage on shares of Energy Transfer in a research report on Thursday, October 17th. They set a “buy” rating and a $20.00 price target for the company. Finally, UBS Group increased their target price on Energy Transfer from $22.00 to $23.00 and gave the company a “buy” rating in a research note on Wednesday, September 18th. Eight analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $20.00.

Energy Transfer Trading Up 1.5 %

The firm has a market capitalization of $66.73 billion, a P/E ratio of 14.35, a P/E/G ratio of 0.61 and a beta of 1.66. The company has a current ratio of 1.08, a quick ratio of 0.88 and a debt-to-equity ratio of 1.40. The stock has a 50 day simple moving average of $16.78 and a 200-day simple moving average of $16.22.

Energy Transfer (NYSE:ET) last issued its quarterly earnings results on Wednesday, November 6th. The pipeline company reported $0.32 EPS for the quarter, hitting analysts’ consensus estimates 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 analysts’ expectations of $21.59 billion. During the same quarter in the prior year, the business posted $0.31 earnings per share. The business’s quarterly revenue was up .2% on a year-over-year basis. On average, equities research analysts forecast that Energy Transfer LP will post 1.34 EPS for the current fiscal year.

Energy Transfer Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, November 19th. Shareholders of record on Friday, November 8th were paid a dividend of $0.3225 per share. This represents a $1.29 dividend on an annualized basis and a yield of 6.62%. The ex-dividend date of this dividend was Friday, November 8th. Energy Transfer’s payout ratio is 94.85%.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. SVB Wealth LLC boosted its stake in Energy Transfer by 40.1% in the 1st quarter. SVB Wealth LLC now owns 31,669 shares of the pipeline company’s stock worth $498,000 after purchasing an additional 9,072 shares during the period. Silvercrest Asset Management Group LLC increased its holdings in Energy Transfer by 31.8% in the 1st quarter. Silvercrest Asset Management Group LLC now owns 159,264 shares of the pipeline company’s stock valued at $2,505,000 after acquiring an additional 38,383 shares during the last quarter. Tidal Investments LLC lifted its stake in Energy Transfer by 12.9% in the 1st quarter. Tidal Investments LLC now owns 86,196 shares of the pipeline company’s stock worth $1,342,000 after purchasing an additional 9,849 shares in the last quarter. Virtu Financial LLC lifted its stake in Energy Transfer by 288.8% in the 1st quarter. Virtu Financial LLC now owns 241,360 shares of the pipeline company’s stock worth $3,797,000 after purchasing an additional 179,280 shares in the last quarter. Finally, Independent Wealth Network Inc. grew its position in shares of Energy Transfer by 5.1% during the first quarter. Independent Wealth Network Inc. now owns 45,643 shares of the pipeline company’s stock valued at $718,000 after purchasing an additional 2,219 shares in the last quarter. Hedge funds and other institutional investors own 38.22% of the company’s stock.

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.