Energy Transfer (NYSE:ET) Stock Price Up 1.6% – Here’s Why

Energy Transfer LP (NYSE:ET) shares shot up 1.6% during mid-day trading on Wednesday . The company traded as high as $21.45 and last traded at $21.25. 7,234,168 shares changed hands during trading, a decline of 51% from the average session volume of 14,760,646 shares. The stock had previously closed at $20.91.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Bank of America started coverage on Energy Transfer in a research note on Thursday, October 17th. They set a “buy” rating and a $20.00 price objective on the stock. Wells Fargo & Company upped their target price on shares of Energy Transfer from $20.00 to $21.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 18th. Royal Bank of Canada boosted their price objective on Energy Transfer from $20.00 to $23.00 and gave the stock an “outperform” rating in a research report on Monday, December 9th. Barclays raised their target price on Energy Transfer from $22.00 to $25.00 and gave the company an “overweight” rating in a research report on Monday, January 13th. Finally, The Goldman Sachs Group increased their price target on Energy Transfer from $17.00 to $20.00 and gave the stock a “neutral” rating in a research note on Thursday, December 19th. One analyst has rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $20.82.

Energy Transfer Price Performance

The stock has a market capitalization of $71.93 billion, a price-to-earnings ratio of 15.44, a price-to-earnings-growth ratio of 0.53 and a beta of 1.70. 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 $19.16 and a 200 day simple moving average of $17.26.

Energy Transfer (NYSE:ET) last released its quarterly earnings results on Wednesday, November 6th. The pipeline company reported $0.32 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.32. The business 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%. Energy Transfer’s revenue for the quarter was up .2% on a year-over-year basis. During the same quarter last year, the firm earned $0.31 EPS. On average, equities research analysts forecast that Energy Transfer LP will post 1.37 EPS for the current fiscal year.

Energy Transfer Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, November 19th. Stockholders of record on Friday, November 8th were paid a $0.3225 dividend. This represents a $1.29 dividend on an annualized basis and a dividend yield of 6.14%. The ex-dividend date was Friday, November 8th. Energy Transfer’s dividend payout ratio is 94.85%.

Institutional Trading of Energy Transfer

Several hedge funds have recently modified their holdings of ET. GAMMA Investing LLC bought a new position in shares of Energy Transfer in the 4th quarter worth $29,000. Princeton Global Asset Management LLC lifted its holdings in shares of Energy Transfer by 65.0% in the third quarter. Princeton Global Asset Management LLC now owns 1,650 shares of the pipeline company’s stock valued at $26,000 after purchasing an additional 650 shares in the last quarter. Assetmark Inc. boosted its position in Energy Transfer by 2,138.5% during the 3rd quarter. Assetmark Inc. now owns 1,746 shares of the pipeline company’s stock worth $28,000 after acquiring an additional 1,668 shares during the last quarter. HWG Holdings LP bought a new position in Energy Transfer in the second quarter valued at $33,000. Finally, Continuum Advisory LLC increased its position in shares of Energy Transfer by 44.8% in the third quarter. Continuum Advisory LLC now owns 2,357 shares of the pipeline company’s stock valued at $40,000 after acquiring an additional 729 shares during the last quarter. Institutional investors and hedge funds 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.