Energy Transfer (NYSE:ET) Stock Price Up 0.2% – Here’s Why

Shares of Energy Transfer LP (NYSE:ET) shot up 0.2% during mid-day trading on Wednesday . The company traded as high as $16.44 and last traded at $16.42. 2,241,739 shares changed hands during mid-day trading, a decline of 83% from the average session volume of 12,975,729 shares. The stock had previously closed at $16.38.

Analyst Ratings Changes

ET has been the topic of several research reports. UBS Group upped their price objective on Energy Transfer from $22.00 to $23.00 and gave the stock a “buy” rating in a report on Wednesday, September 18th. Royal Bank of Canada raised their target price on 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 assumed 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. Eight research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Energy Transfer presently has a consensus rating of “Buy” and a consensus 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 simple moving average of $16.19 and a 200 day simple moving average of $15.99. The stock has a market cap of $56.19 billion, a P/E ratio of 13.87, a PEG ratio of 0.50 and a beta of 1.66.

Energy Transfer (NYSE:ET) last announced its quarterly earnings data on Wednesday, August 7th. The pipeline company reported $0.35 EPS for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.01). Energy Transfer had a return on equity of 12.74% and a net margin of 5.19%. The business had revenue of $20.73 billion during the quarter, compared to the consensus estimate of $22.01 billion. During the same period in the prior year, the firm earned $0.25 EPS. The business’s revenue for the quarter was up 13.1% compared to the same quarter last year. Sell-side analysts forecast that Energy Transfer LP will post 1.35 earnings per share for the current fiscal year.

Energy Transfer Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 19th. Stockholders of record on Friday, November 8th will be issued a $0.3225 dividend. This represents a $1.29 annualized dividend and a dividend yield of 7.86%. The ex-dividend date of this dividend is Friday, November 8th. Energy Transfer’s payout ratio is 107.56%.

Insider Buying and Selling

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

Institutional Trading of Energy Transfer

Several hedge funds and other institutional investors have recently modified their holdings of ET. Princeton Global Asset Management LLC raised its holdings in Energy Transfer by 65.0% in the 3rd quarter. Princeton Global Asset Management LLC now owns 1,650 shares of the pipeline company’s stock valued at $26,000 after acquiring an additional 650 shares in the last quarter. LRI Investments LLC acquired a new stake in shares of Energy Transfer in the 1st quarter valued at approximately $29,000. HWG Holdings LP bought a new stake in shares of Energy Transfer during the 2nd quarter valued at approximately $33,000. Sugarloaf Wealth Management LLC increased its position in Energy Transfer by 43.6% during the 3rd quarter. Sugarloaf Wealth Management LLC now owns 2,472 shares of the pipeline company’s stock worth $40,000 after purchasing an additional 750 shares in the last quarter. Finally, EdgeRock Capital LLC acquired a new stake in Energy Transfer in the second quarter valued at approximately $42,000. 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.