Energy Transfer (NYSE:ET) Shares Down 0.7% – Here’s What Happened

Energy Transfer LP (NYSE:ET)’s stock price traded down 0.7% during trading on Monday . The company traded as low as $19.27 and last traded at $19.29. 4,996,424 shares changed hands during mid-day trading, a decline of 60% from the average session volume of 12,523,216 shares. The stock had previously closed at $19.42.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. The Goldman Sachs Group lifted their target price on Energy Transfer from $17.00 to $20.00 and gave the company a “neutral” rating in a research report on Thursday, December 19th. Royal Bank of Canada boosted 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. Bank of America initiated coverage on Energy Transfer in a report on Thursday, October 17th. They issued a “buy” rating and a $20.00 price objective on the stock. UBS Group boosted their price objective on Energy Transfer from $22.00 to $23.00 and gave the company a “buy” rating in a report on Wednesday, September 18th. Finally, Barclays boosted their price objective on Energy Transfer from $22.00 to $25.00 and gave the company an “overweight” rating in a report on Monday. One investment analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $20.82.

Energy Transfer Trading Up 0.8 %

The company has a 50-day moving average price of $18.85 and a 200-day moving average price of $17.12. The firm has a market capitalization of $68.75 billion, a price-to-earnings ratio of 14.76, a PEG ratio of 0.62 and a beta of 1.70. The company has a debt-to-equity ratio of 1.40, a quick ratio of 0.88 and a current ratio of 1.08.

Energy Transfer (NYSE:ET) last released its quarterly earnings data 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 analysts’ expectations of $21.59 billion. During the same period in the prior year, the firm posted $0.31 EPS. The business’s quarterly revenue was up .2% compared to the same quarter last year. As a group, research analysts forecast that Energy Transfer LP will post 1.32 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. Stockholders of record on Friday, November 8th were issued a $0.3225 dividend. This represents a $1.29 annualized dividend and a dividend yield of 6.42%. The ex-dividend date of this dividend was Friday, November 8th. Energy Transfer’s payout ratio is currently 94.85%.

Institutional Trading of Energy Transfer

Institutional investors and hedge funds have recently made changes to their positions in the company. Empowered Funds LLC lifted its holdings in shares of Energy Transfer by 15.0% in the 3rd quarter. Empowered Funds LLC now owns 346,825 shares of the pipeline company’s stock valued at $5,567,000 after purchasing an additional 45,172 shares during the last quarter. Watts Gwilliam & Co. LLC purchased a new stake in shares of Energy Transfer in the 4th quarter valued at about $1,297,000. Kingsview Wealth Management LLC lifted its holdings in shares of Energy Transfer by 30.9% in the 3rd quarter. Kingsview Wealth Management LLC now owns 242,042 shares of the pipeline company’s stock valued at $3,885,000 after purchasing an additional 57,184 shares during the last quarter. FMR LLC lifted its holdings in shares of Energy Transfer by 44.0% in the 3rd quarter. FMR LLC now owns 33,379,297 shares of the pipeline company’s stock valued at $535,738,000 after purchasing an additional 10,195,768 shares during the last quarter. Finally, Clear Street Derivatives LLC purchased a new stake in shares of Energy Transfer in the 3rd quarter valued at about $2,565,000. 38.22% of the stock is 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.