Energy Transfer (NYSE:ET) Trading 2.3% Higher – What’s Next?

Energy Transfer LP (NYSE:ET) shot up 2.3% during trading on Thursday . The company traded as high as $18.71 and last traded at $18.70. 8,404,786 shares were traded during mid-day trading, a decline of 38% from the average session volume of 13,459,866 shares. The stock had previously closed at $18.28.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on ET. Bank of America began coverage on Energy Transfer in a research note on Thursday, October 17th. They issued a “buy” rating and a $20.00 target price on the stock. UBS Group boosted their price target on Energy Transfer from $22.00 to $23.00 and gave the stock a “buy” rating in a research report on Wednesday, September 18th. Finally, Royal Bank of Canada boosted their price target on Energy Transfer from $19.00 to $20.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Eight research analysts have rated the stock with a buy rating, According to MarketBeat, Energy Transfer has a consensus rating of “Buy” and a consensus price target of $20.00.

Energy Transfer Stock Up 3.8 %

The stock has a market capitalization of $64.95 billion, a P/E ratio of 13.75, a PEG ratio of 0.55 and a beta of 1.66. The business has a 50-day simple moving average of $16.55 and a two-hundred day simple moving average of $16.14. 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 data on Wednesday, November 6th. The pipeline company reported $0.32 earnings per share for the quarter, hitting the consensus estimate of $0.32. The company had revenue of $20.77 billion during the quarter, compared to analyst estimates 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 was up .2% on a year-over-year basis. During the same quarter last year, the business posted $0.31 earnings per share. Equities research analysts forecast that Energy Transfer LP will post 1.34 earnings per share for the current fiscal year.

Energy Transfer Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, November 19th. Stockholders of record on Friday, November 8th were paid a dividend of $0.3225 per share. This represents a $1.29 annualized dividend and a dividend yield of 6.80%. The ex-dividend date of this dividend was Friday, November 8th. Energy Transfer’s dividend payout ratio (DPR) is presently 94.85%.

Insider Buying and Selling at Energy Transfer

In other Energy Transfer news, EVP Gregory G. Mcilwain acquired 20,000 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The shares were acquired at an average price of $15.68 per share, with a total value of $313,600.00. Following the purchase, the executive vice president now owns 591,211 shares of the company’s stock, valued at $9,270,188.48. This represents a 3.50 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 3.28% of the company’s stock.

Institutional Trading of Energy Transfer

Hedge funds and other institutional investors have recently modified their holdings of the company. Tortoise Capital Advisors L.L.C. increased its position in Energy Transfer by 12.7% during the second 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 last quarter. FMR LLC grew its position 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 in the last quarter. Westwood Holdings Group Inc. boosted its stake in shares of Energy Transfer by 1.1% in the second quarter. Westwood Holdings Group Inc. now owns 16,107,470 shares of the pipeline company’s stock valued at $261,263,000 after buying an additional 171,720 shares during the period. Chickasaw Capital Management LLC grew its position in Energy Transfer by 3.1% during the third quarter. Chickasaw Capital Management LLC now owns 15,350,521 shares of the pipeline company’s stock worth $246,376,000 after buying an additional 466,565 shares in the last quarter. Finally, Brookfield Corp ON increased its stake in Energy Transfer by 2.8% during 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.

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.