Energy Transfer (NYSE:ET) Trading 1.1% Higher – Here’s Why

Energy Transfer LP (NYSE:ET) shares rose 1.1% during mid-day trading on Thursday . The company traded as high as $19.75 and last traded at $19.71. Approximately 9,007,061 shares changed hands during mid-day trading, a decline of 45% from the average daily volume of 16,512,867 shares. The stock had previously closed at $19.49.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. Royal Bank of Canada lifted their price target on Energy Transfer from $20.00 to $23.00 and gave the company an “outperform” rating in a research note on Monday, December 9th. Wells Fargo & Company lifted 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. Bank of America initiated coverage on shares of Energy Transfer in a research report on Thursday, October 17th. They issued a “buy” rating and a $20.00 price target for the company. Barclays lifted their price target on shares of Energy Transfer from $18.00 to $22.00 and gave the stock an “overweight” rating in a report on Friday, December 20th. Finally, UBS Group increased 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. One equities research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $20.55.

Energy Transfer Stock Performance

The stock has a market capitalization of $67.49 billion, a price-to-earnings ratio of 14.49, a price-to-earnings-growth ratio of 0.62 and a beta of 1.70. The company has a 50 day simple moving average of $18.61 and a 200-day simple moving average of $17.01. 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 released its earnings results on Wednesday, November 6th. The pipeline company reported $0.32 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.32. The company 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 quarterly revenue was up .2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.31 EPS. As a group, equities research analysts expect that Energy Transfer LP will post 1.32 EPS for the current fiscal year.

Energy Transfer Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, November 19th. Stockholders of record on Friday, November 8th were given a dividend of $0.3225 per share. The ex-dividend date was Friday, November 8th. This represents a $1.29 dividend on an annualized basis and a dividend yield of 6.54%. Energy Transfer’s dividend payout ratio (DPR) is presently 94.85%.

Institutional Investors Weigh In On Energy Transfer

Hedge funds and other institutional investors have recently modified their holdings of the company. Bank of New York Mellon Corp lifted its position in Energy Transfer by 32.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 94,442 shares of the pipeline company’s stock valued at $1,532,000 after acquiring an additional 23,079 shares in the last quarter. Natixis Advisors LLC purchased a new position in shares of Energy Transfer during the second quarter valued at approximately $419,000. National Bank of Canada FI grew its holdings in Energy Transfer by 5.5% during the second quarter. National Bank of Canada FI now owns 28,942 shares of the pipeline company’s stock worth $473,000 after buying an additional 1,500 shares in the last quarter. Strategic Financial Concepts LLC raised its position in Energy Transfer by 1,610.2% in the 2nd quarter. Strategic Financial Concepts LLC now owns 722,096 shares of the pipeline company’s stock valued at $117,000 after buying an additional 679,872 shares during the last quarter. Finally, Wedbush Securities Inc. lifted its stake in Energy Transfer by 28.5% during the 2nd quarter. Wedbush Securities Inc. now owns 87,942 shares of the pipeline company’s stock valued at $1,426,000 after acquiring an additional 19,528 shares in the last quarter. Institutional investors own 38.22% of the company’s stock.

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.