Energy Transfer (NYSE:ET) Shares Down 0.6% – Here’s What Happened

Energy Transfer LP (NYSE:ET) dropped 0.6% during mid-day trading on Wednesday . The company traded as low as $19.03 and last traded at $19.15. Approximately 2,536,868 shares were traded during mid-day trading, a decline of 81% from the average daily volume of 13,680,369 shares. The stock had previously closed at $19.26.

Wall Street Analyst Weigh In

ET has been the subject of a number of research analyst reports. Royal Bank of Canada raised their price target on shares of 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 started coverage on shares of Energy Transfer in a report on Thursday, October 17th. They set a “buy” rating and a $20.00 target price for the company. Finally, UBS Group raised their target price 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. Eight research analysts have rated the stock with a buy rating, According to MarketBeat.com, Energy Transfer has a consensus rating of “Buy” and a consensus target price of $20.00.

Energy Transfer Trading Down 1.1 %

The company’s 50-day moving average price is $17.11 and its 200-day moving average price is $16.35. The firm has a market cap of $65.23 billion, a price-to-earnings ratio of 14.08, a price-to-earnings-growth 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.

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

Energy Transfer Cuts Dividend

The firm also recently declared 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 annualized dividend and a dividend yield of 6.77%. The ex-dividend date was Friday, November 8th. Energy Transfer’s dividend payout ratio is currently 94.85%.

Hedge Funds Weigh In On Energy Transfer

Several hedge funds and other institutional investors have recently modified their holdings of ET. Princeton Global Asset Management LLC raised its stake in Energy Transfer by 65.0% during the third quarter. Princeton Global Asset Management LLC now owns 1,650 shares of the pipeline company’s stock worth $26,000 after purchasing an additional 650 shares during the period. Assetmark Inc. grew its holdings in shares of Energy Transfer by 2,138.5% in the third quarter. Assetmark Inc. now owns 1,746 shares of the pipeline company’s stock valued at $28,000 after purchasing an additional 1,668 shares in the last quarter. HWG Holdings LP acquired a new position in shares of Energy Transfer in the second quarter valued at approximately $33,000. Sugarloaf Wealth Management LLC grew its holdings in Energy Transfer by 43.6% during the 3rd quarter. Sugarloaf Wealth Management LLC now owns 2,472 shares of the pipeline company’s stock worth $40,000 after acquiring an additional 750 shares in the last quarter. Finally, Continuum Advisory LLC grew its holdings in Energy Transfer by 44.8% during the 3rd quarter. Continuum Advisory LLC now owns 2,357 shares of the pipeline company’s stock worth $40,000 after acquiring an additional 729 shares in the last quarter. 38.22% of the stock is owned by hedge funds and other institutional investors.

About Energy Transfer

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.