Energy Transfer (NYSE:ET) Shares Up 1.8% – Here’s Why

Shares of Energy Transfer LP (NYSE:ET) rose 1.8% on Friday . The stock traded as high as $18.04 and last traded at $18.00. Approximately 3,237,762 shares changed hands during trading, a decline of 79% from the average daily volume of 15,485,659 shares. The stock had previously closed at $17.67.

Wall Street Analysts Forecast Growth

ET has been the topic of several recent analyst reports. Mizuho lifted their target price on Energy Transfer from $22.00 to $23.00 and gave the stock an “outperform” rating in a report on Tuesday, May 20th. JPMorgan Chase & Co. reduced their target price on Energy Transfer from $25.00 to $23.00 and set an “overweight” rating on the stock in a report on Monday, May 19th. UBS Group reiterated a “buy” rating on shares of Energy Transfer in a report on Tuesday, March 4th. Citigroup reiterated a “buy” rating on shares of Energy Transfer in a report on Monday, March 24th. Finally, Wells Fargo & Company reduced their target price on Energy Transfer from $22.00 to $21.00 and set an “overweight” rating on the stock in a report on Wednesday, May 7th. One analyst has rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $22.64.

Energy Transfer Trading Up 1.5%

The company has a market capitalization of $61.57 billion, a P/E ratio of 14.02, a price-to-earnings-growth ratio of 0.64 and a beta of 0.78. The business has a fifty day moving average price of $17.20 and a 200 day moving average price of $18.62. The company has a quick ratio of 0.88, a current ratio of 1.12 and a debt-to-equity ratio of 1.42.

Energy Transfer (NYSE:ET) last issued its quarterly earnings results on Tuesday, May 6th. The pipeline company reported $0.36 EPS for the quarter, beating analysts’ consensus estimates of $0.33 by $0.03. The company had revenue of $21.02 billion for the quarter, compared to analyst estimates of $22.28 billion. Energy Transfer had a return on equity of 11.56% and a net margin of 5.74%. The company’s quarterly revenue was down 2.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.32 earnings per share. On average, analysts expect that Energy Transfer LP will post 1.46 earnings per share for the current fiscal year.

Energy Transfer Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, May 20th. Stockholders of record on Friday, May 9th were issued a $0.3275 dividend. This represents a $1.31 dividend on an annualized basis and a dividend yield of 7.30%. This is a positive change from Energy Transfer’s previous quarterly dividend of $0.33. The ex-dividend date of this dividend was Friday, May 9th. Energy Transfer’s payout ratio is 99.24%.

Institutional Trading of Energy Transfer

Institutional investors have recently modified their holdings of the company. Forvis Mazars Wealth Advisors LLC increased its position in shares of Energy Transfer by 164.1% in the fourth quarter. Forvis Mazars Wealth Advisors LLC now owns 60,566 shares of the pipeline company’s stock valued at $1,186,000 after acquiring an additional 37,633 shares during the last quarter. Wedbush Securities Inc. increased its position in shares of Energy Transfer by 44.2% in the fourth quarter. Wedbush Securities Inc. now owns 135,281 shares of the pipeline company’s stock valued at $2,650,000 after acquiring an additional 41,438 shares during the last quarter. Greenland Capital Management LP acquired a new stake in shares of Energy Transfer in the fourth quarter valued at about $2,253,000. Edmond DE Rothschild Holding S.A. acquired a new stake in shares of Energy Transfer in the fourth quarter valued at about $597,000. Finally, Bank of Montreal Can increased its position in shares of Energy Transfer by 12,090.8% in the fourth quarter. Bank of Montreal Can now owns 12,455,613 shares of the pipeline company’s stock valued at $244,005,000 after acquiring an additional 12,353,441 shares during the last quarter. 38.22% of the stock is currently owned by institutional investors.

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.