Energy Transfer (NYSE:ET) Trading Up 1.7% – Here’s Why

Energy Transfer LP (NYSE:ET)’s share price traded up 1.7% during trading on Wednesday . The stock traded as high as $19.52 and last traded at $19.52. 5,410,169 shares changed hands during mid-day trading, a decline of 60% from the average session volume of 13,628,949 shares. The stock had previously closed at $19.20.

Analyst Ratings Changes

ET has been the topic of a number of research reports. Bank of America began coverage on shares of Energy Transfer in a research note on Thursday, October 17th. They issued a “buy” rating and a $20.00 price objective on the stock. Royal Bank of Canada raised their price objective on shares of Energy Transfer from $19.00 to $20.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Finally, UBS Group upped their target price on Energy Transfer from $22.00 to $23.00 and gave the company a “buy” rating in a research note on Wednesday, September 18th. Eight equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has an average rating of “Buy” and an average target price of $20.00.

Energy Transfer Stock Up 1.1 %

The firm’s 50 day moving average is $16.91 and its 200-day moving average is $16.27. The firm has a market cap of $66.49 billion, a PE ratio of 14.28, a P/E/G ratio of 0.62 and a beta of 1.66. 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 issued its quarterly earnings results on Wednesday, November 6th. The pipeline company reported $0.32 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.32. The company had revenue of $20.77 billion for the quarter, compared to analyst estimates of $21.59 billion. Energy Transfer had a return on equity of 12.38% and a net margin of 5.90%. The business’s revenue for the quarter was up .2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.31 EPS. As a group, equities research analysts expect that Energy Transfer LP will post 1.34 earnings per share for the current fiscal year.

Energy Transfer Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, November 19th. Shareholders of record on Friday, November 8th were issued a $0.3225 dividend. This represents a $1.29 annualized dividend and a yield of 6.64%. The ex-dividend date of this dividend was Friday, November 8th. Energy Transfer’s dividend payout ratio (DPR) is 94.85%.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of ET. Tortoise Capital Advisors L.L.C. raised its position in shares of Energy Transfer by 12.7% in 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 buying an additional 4,141,715 shares during the period. FMR LLC grew its holdings in shares of Energy Transfer by 44.0% during the 3rd quarter. FMR LLC now owns 33,379,297 shares of the pipeline company’s stock worth $535,738,000 after purchasing an additional 10,195,768 shares during the period. Westwood Holdings Group Inc. increased its position in Energy Transfer by 1.1% during the 2nd quarter. Westwood Holdings Group Inc. now owns 16,107,470 shares of the pipeline company’s stock worth $261,263,000 after purchasing an additional 171,720 shares in the last quarter. Chickasaw Capital Management LLC increased its position in Energy Transfer by 3.1% during the 3rd quarter. Chickasaw Capital Management LLC now owns 15,350,521 shares of the pipeline company’s stock worth $246,376,000 after purchasing an additional 466,565 shares in the last quarter. Finally, Brookfield Corp ON lifted its position in Energy Transfer by 2.8% during the third quarter. Brookfield Corp ON now owns 13,139,924 shares of the pipeline company’s stock valued at $210,896,000 after buying an additional 352,625 shares in the last quarter. 38.22% of the stock is currently 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.