Energy Transfer (NYSE:ET) Trading 0.7% Higher – Here’s Why

Energy Transfer LP (NYSE:ET) rose 0.7% during trading on Thursday . The stock traded as high as $17.71 and last traded at $17.54. Approximately 8,362,301 shares were traded during trading, a decline of 36% from the average daily volume of 13,119,453 shares. The stock had previously closed at $17.42.

Wall Street Analysts Forecast Growth

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

Energy Transfer Price Performance

The company has a current ratio of 1.14, a quick ratio of 0.92 and a debt-to-equity ratio of 1.38. The company has a 50 day moving average of $16.30 and a 200-day moving average of $16.05. The firm has a market capitalization of $59.15 billion, a P/E ratio of 12.71, a P/E/G ratio of 0.53 and a beta of 1.66.

Energy Transfer (NYSE:ET) last announced 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. Energy Transfer had a net margin of 5.90% and a return on equity of 12.64%. The company had revenue of $20.77 billion during the quarter, compared to analysts’ expectations of $21.59 billion. During the same quarter in the previous year, the business posted $0.31 earnings per share. Energy Transfer’s quarterly revenue was up .2% on a year-over-year basis. On average, sell-side analysts predict that Energy Transfer LP will post 1.35 EPS for the current year.

Energy Transfer Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 19th. Stockholders of record on Friday, November 8th will be issued a dividend of $0.3225 per share. The ex-dividend date of this dividend is Friday, November 8th. This represents a $1.29 annualized dividend and a dividend yield of 7.46%. Energy Transfer’s dividend payout ratio is presently 94.12%.

Insider Activity at Energy Transfer

In related news, EVP Gregory G. Mcilwain bought 20,000 shares of Energy Transfer stock in a transaction dated Friday, August 23rd. The shares were bought at an average cost of $15.68 per share, with a total value of $313,600.00. Following the acquisition, the executive vice president now owns 591,211 shares in the company, valued at $9,270,188.48. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other Energy Transfer news, Director Kelcy L. Warren bought 3,000,000 shares of Energy Transfer stock in a transaction on Monday, August 12th. The shares were purchased at an average price of $15.68 per share, with a total value of $47,040,000.00. Following the acquisition, the director now owns 123,385,650 shares in the company, valued at $1,934,686,992. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Gregory G. Mcilwain purchased 20,000 shares of the firm’s stock in a transaction dated Friday, August 23rd. The stock was acquired at an average price of $15.68 per share, for a total transaction of $313,600.00. Following the purchase, the executive vice president now owns 591,211 shares in the company, valued at approximately $9,270,188.48. The trade was a 0.00 % increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders purchased 3,040,000 shares of company stock worth $47,667,200. Company insiders own 3.28% of the company’s stock.

Institutional Trading of Energy Transfer

Large investors have recently bought and sold shares of the business. Tortoise Capital Advisors L.L.C. lifted its stake 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 valued at $594,769,000 after acquiring an additional 4,141,715 shares during the last quarter. Natixis increased its holdings in Energy Transfer by 20.0% in the 1st quarter. Natixis now owns 18,020,559 shares of the pipeline company’s stock worth $283,463,000 after purchasing an additional 2,999,300 shares in the last quarter. Westwood Holdings Group Inc. raised its position in 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 purchasing an additional 171,720 shares during the last quarter. Chickasaw Capital Management LLC boosted its stake in shares of 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 valued at $246,376,000 after purchasing an additional 466,565 shares in the last quarter. Finally, CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT increased its stake in shares of Energy Transfer by 7.9% in the third quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 7,293,510 shares of the pipeline company’s stock valued at $117,061,000 after buying an additional 536,047 shares during the period. 38.22% of the stock is owned by institutional investors and hedge funds.

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.