Energy Transfer (NYSE:ET) Stock Price Down 2.6% – Here’s What Happened

Energy Transfer LP (NYSE:ET) shares dropped 2.6% on Friday . The company traded as low as $16.18 and last traded at $16.4350. Approximately 15,426,377 shares traded hands during mid-day trading, an increase of 4% from the average daily volume of 14,886,063 shares. The stock had previously closed at $16.87.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Morgan Stanley cut their price target on Energy Transfer from $24.00 to $23.00 and set an “overweight” rating for the company in a research note on Tuesday, August 26th. UBS Group reaffirmed a “buy” rating and set a $22.00 target price on shares of Energy Transfer in a research report on Wednesday, October 15th. Barclays reissued an “overweight” rating and issued a $25.00 price target on shares of Energy Transfer in a research report on Wednesday, October 15th. Scotiabank began coverage on shares of Energy Transfer in a report on Tuesday, September 2nd. They set a “sector outperform” rating and a $23.00 price objective on the stock. Finally, Jefferies Financial Group set a $17.00 target price on shares of Energy Transfer and gave the company a “hold” rating in a report on Tuesday, October 28th. Thirteen equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $22.23.

Energy Transfer Stock Performance

The company has a debt-to-equity ratio of 1.44, a quick ratio of 0.92 and a current ratio of 1.15. The company has a market cap of $56.42 billion, a PE ratio of 12.74, a price-to-earnings-growth ratio of 1.01 and a beta of 0.76. The company’s 50 day moving average price is $17.06 and its 200-day moving average price is $17.41.

Energy Transfer (NYSE:ET) last announced its quarterly earnings data on Wednesday, November 5th. The pipeline company reported $0.28 earnings per share for the quarter, missing the consensus estimate of $0.34 by ($0.06). Energy Transfer had a net margin of 5.80% and a return on equity of 11.08%. The firm had revenue of $19.95 billion for the quarter, compared to the consensus estimate of $21.84 billion. During the same period last year, the company posted $0.32 earnings per share. Energy Transfer’s revenue for the quarter was down 3.9% on a year-over-year basis. Equities research analysts anticipate that Energy Transfer LP will post 1.46 earnings per share for the current fiscal year.

Energy Transfer Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 19th. Shareholders of record on Friday, November 7th will be given a dividend of $0.3325 per share. This is a boost from Energy Transfer’s previous quarterly dividend of $0.33. This represents a $1.33 dividend on an annualized basis and a yield of 8.1%. The ex-dividend date is Friday, November 7th. Energy Transfer’s dividend payout ratio (DPR) is 103.10%.

Insider Activity at Energy Transfer

In other Energy Transfer news, Director Kelcy L. Warren acquired 1,350,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 20th. The stock was bought at an average cost of $17.36 per share, with a total value of $23,436,000.00. Following the acquisition, the director owned 69,178,477 shares in the company, valued at approximately $1,200,938,360.72. This represents a 1.99% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 3.28% of the company’s stock.

Institutional Trading of Energy Transfer

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Chelsea Counsel Co. increased its position in Energy Transfer by 370.3% in the second quarter. Chelsea Counsel Co. now owns 94,050 shares of the pipeline company’s stock worth $1,705,000 after buying an additional 74,050 shares in the last quarter. Prevail Innovative Wealth Advisors LLC increased its stake in shares of Energy Transfer by 316.9% in the first quarter. Prevail Innovative Wealth Advisors LLC now owns 117,312 shares of the pipeline company’s stock worth $2,181,000 after purchasing an additional 89,173 shares in the last quarter. Ariston Services Group raised its position in shares of Energy Transfer by 126.7% during the 2nd quarter. Ariston Services Group now owns 100,683 shares of the pipeline company’s stock valued at $1,825,000 after purchasing an additional 56,274 shares during the period. Highland Capital Management LLC bought a new position in Energy Transfer in the 2nd quarter worth $930,000. Finally, Northern Trust Corp increased its stake in Energy Transfer by 223.5% in the 1st quarter. Northern Trust Corp now owns 1,069,534 shares of the pipeline company’s stock worth $19,883,000 after buying an additional 738,885 shares in the last quarter. 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.