Energy Transfer (NYSE:ET) Stock Price Up 0.9% – Here’s What Happened

Energy Transfer LP (NYSE:ET) rose 0.9% during trading on Tuesday . The company traded as high as $19.20 and last traded at $19.15. Approximately 3,220,040 shares were traded during mid-day trading, a decline of 76% from the average daily volume of 13,632,254 shares. The stock had previously closed at $18.97.

Analysts Set New Price Targets

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

Energy Transfer Stock Performance

The stock’s 50 day moving average price is $16.72 and its 200 day moving average price is $16.20. 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 company has a market cap of $65.53 billion, a price-to-earnings ratio of 14.08, a P/E/G ratio of 0.61 and a beta of 1.66.

Energy Transfer (NYSE:ET) last posted its quarterly earnings data on Wednesday, November 6th. The pipeline company reported $0.32 EPS for the quarter, meeting analysts’ consensus estimates of $0.32. Energy Transfer had a net margin of 5.90% and a return on equity of 12.38%. The company had revenue of $20.77 billion during the quarter, compared to the consensus estimate of $21.59 billion. During the same quarter in the prior year, the company posted $0.31 EPS. The company’s quarterly revenue was up .2% compared to the same quarter last year. On average, analysts expect that Energy Transfer LP will post 1.34 EPS for the current fiscal year.

Energy Transfer Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, November 19th. Investors of record on Friday, November 8th were given a dividend of $0.3225 per share. This represents a $1.29 dividend on an annualized basis and a yield of 6.74%. The ex-dividend date was Friday, November 8th. Energy Transfer’s dividend payout ratio (DPR) is presently 94.85%.

Institutional Trading of Energy Transfer

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Tortoise Capital Advisors L.L.C. increased its position in Energy Transfer by 12.7% during the 2nd quarter. Tortoise Capital Advisors L.L.C. now owns 36,668,846 shares of the pipeline company’s stock worth $594,769,000 after purchasing an additional 4,141,715 shares in the last quarter. FMR LLC boosted its holdings in Energy Transfer by 44.0% in the 3rd quarter. FMR LLC now owns 33,379,297 shares of the pipeline company’s stock worth $535,738,000 after acquiring an additional 10,195,768 shares during the period. Westwood Holdings Group Inc. boosted its holdings in Energy Transfer by 1.1% in the 2nd quarter. Westwood Holdings Group Inc. now owns 16,107,470 shares of the pipeline company’s stock worth $261,263,000 after acquiring an additional 171,720 shares during the period. Chickasaw Capital Management LLC boosted its holdings in Energy Transfer by 3.1% in the 3rd quarter. Chickasaw Capital Management LLC now owns 15,350,521 shares of the pipeline company’s stock worth $246,376,000 after acquiring an additional 466,565 shares during the period. Finally, Brookfield Corp ON boosted its holdings in Energy Transfer by 2.8% in the 3rd quarter. Brookfield Corp ON now owns 13,139,924 shares of the pipeline company’s stock worth $210,896,000 after acquiring an additional 352,625 shares during the period. Institutional investors and hedge funds 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.