Energy Transfer (NYSE:ET) Stock Price Down 2% – What’s Next?

Shares of Energy Transfer LP (NYSE:ET) dropped 2% during trading on Tuesday . The stock traded as low as $18.94 and last traded at $19.03. Approximately 7,049,795 shares changed hands during trading, a decline of 49% from the average daily volume of 13,696,126 shares. The stock had previously closed at $19.42.

Analyst Upgrades and Downgrades

Several research firms have weighed in on ET. UBS Group upped their price target on Energy Transfer from $22.00 to $23.00 and gave the stock a “buy” rating in a research note on Wednesday, September 18th. Royal Bank of Canada raised their target price on shares of Energy Transfer from $19.00 to $20.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Finally, 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 target price on the stock. Eight investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Energy Transfer presently has a consensus rating of “Buy” and a consensus target price of $20.00.

Energy Transfer Price Performance

The stock has a market capitalization of $66.08 billion, a price-to-earnings ratio of 13.99, a PEG ratio of 0.64 and a beta of 1.70. The company has a debt-to-equity ratio of 1.40, a quick ratio of 0.88 and a current ratio of 1.08. The company has a 50 day moving average of $16.99 and a 200 day moving average of $16.30.

Energy Transfer (NYSE:ET) last released 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 return on equity of 12.38% and a net margin of 5.90%. The business had revenue of $20.77 billion for the quarter, compared to the consensus estimate of $21.59 billion. During the same quarter in the prior year, the business posted $0.31 EPS. The business’s revenue for the quarter was up .2% on a year-over-year basis. As a group, equities research analysts anticipate that Energy Transfer LP will post 1.34 EPS for the current year.

Energy Transfer Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, November 19th. Investors of record on Friday, November 8th were issued a dividend of $0.3225 per share. This represents a $1.29 dividend on an annualized basis and a dividend yield of 6.68%. The ex-dividend date of this dividend was Friday, November 8th. Energy Transfer’s dividend payout ratio is currently 94.85%.

Institutional Investors Weigh In On Energy Transfer

Several large investors have recently modified their holdings of the stock. Empowered Funds LLC raised its stake in shares of Energy Transfer by 15.0% during the 3rd quarter. Empowered Funds LLC now owns 346,825 shares of the pipeline company’s stock worth $5,567,000 after buying an additional 45,172 shares in the last quarter. Kingsview Wealth Management LLC raised its position in Energy Transfer by 30.9% in the third quarter. Kingsview Wealth Management LLC now owns 242,042 shares of the pipeline company’s stock worth $3,885,000 after acquiring an additional 57,184 shares in the last quarter. GFS Advisors LLC raised its position in Energy Transfer by 19,380.5% in the third quarter. GFS Advisors LLC now owns 60,000 shares of the pipeline company’s stock worth $963,000 after acquiring an additional 59,692 shares in the last quarter. FMR LLC lifted its holdings in Energy Transfer by 44.0% in the third quarter. FMR LLC now owns 33,379,297 shares of the pipeline company’s stock valued at $535,738,000 after acquiring an additional 10,195,768 shares during the period. Finally, Icon Wealth Advisors LLC grew its stake in shares of Energy Transfer by 239.0% during the 3rd quarter. Icon Wealth Advisors LLC now owns 563,458 shares of the pipeline company’s stock worth $9,044,000 after purchasing an additional 397,260 shares during the period. Hedge funds and other institutional investors 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.