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

Energy Transfer LP (NYSE:ET) shares traded up 1.7% on Tuesday . The company traded as high as $19.49 and last traded at $19.37. 2,695,479 shares were traded during trading, a decline of 80% from the average session volume of 13,706,745 shares. The stock had previously closed at $19.04.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on ET. The Goldman Sachs Group raised their target price on Energy Transfer from $17.00 to $20.00 and gave the stock a “neutral” rating in a research note on Thursday, December 19th. Royal Bank of Canada raised their price objective on Energy Transfer from $20.00 to $23.00 and gave the stock an “outperform” rating in a research note on Monday, December 9th. Barclays lifted their target price on Energy Transfer from $18.00 to $22.00 and gave the stock an “overweight” rating in a report on Friday. UBS Group raised their price target 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. Finally, Bank of America initiated coverage on shares of Energy Transfer in a research note on Thursday, October 17th. They set a “buy” rating and a $20.00 price objective for the company. One analyst has rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Energy Transfer currently has an average rating of “Moderate Buy” and an average target price of $20.55.

Energy Transfer Stock Performance

The stock has a market cap of $67.11 billion, a price-to-earnings ratio of 14.41, a PEG ratio of 0.63 and a beta of 1.70. The stock’s 50 day moving average is $17.85 and its two-hundred day moving average is $16.68. The company has a current ratio of 1.08, a quick ratio of 0.88 and a debt-to-equity ratio of 1.40.

Energy Transfer (NYSE:ET) last announced its quarterly earnings data on Wednesday, November 6th. The pipeline company reported $0.32 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.32. The firm 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%. Energy Transfer’s quarterly revenue was up .2% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.31 earnings per share. Analysts anticipate that Energy Transfer LP will post 1.32 earnings per share for the current fiscal year.

Energy Transfer Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, November 19th. Investors of record on Friday, November 8th were paid a dividend of $0.3225 per share. This represents a $1.29 dividend on an annualized basis and a dividend yield of 6.58%. The ex-dividend date was Friday, November 8th. Energy Transfer’s payout ratio is currently 94.85%.

Hedge Funds Weigh In On Energy Transfer

Large investors have recently bought and sold shares of the stock. FFG Partners LLC increased its holdings in Energy Transfer by 3.3% during the 3rd quarter. FFG Partners LLC now owns 1,636,626 shares of the pipeline company’s stock worth $26,268,000 after purchasing an additional 52,302 shares during the last quarter. Fidelity D & D Bancorp Inc. bought a new stake in shares of Energy Transfer in the 3rd quarter worth approximately $1,207,000. Peapack Gladstone Financial Corp boosted its holdings in shares of Energy Transfer by 6.8% during the third quarter. Peapack Gladstone Financial Corp now owns 15,675 shares of the pipeline company’s stock valued at $251,000 after acquiring an additional 1,000 shares during the period. Synovus Financial Corp grew its position in Energy Transfer by 69.8% in the 3rd quarter. Synovus Financial Corp now owns 84,530 shares of the pipeline company’s stock worth $1,357,000 after purchasing an additional 34,749 shares during the last quarter. Finally, Tidal Investments LLC raised its stake in Energy Transfer by 1.2% during the 3rd quarter. Tidal Investments LLC now owns 101,738 shares of the pipeline company’s stock valued at $1,633,000 after acquiring an additional 1,248 shares in the last quarter. Hedge funds and other 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.