Energy Transfer (NYSE:ET) Trading 1.1% Higher – Here’s Why

Shares of Energy Transfer LP (NYSE:ET) traded up 1.1% on Wednesday . The company traded as high as $16.50 and last traded at $16.4510. 17,561,039 shares were traded during mid-day trading, an increase of 17% from the average session volume of 15,019,708 shares. The stock had previously closed at $16.27.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. JPMorgan Chase & Co. reduced their target price on shares of Energy Transfer from $22.00 to $21.00 and set an “overweight” rating on the stock in a report on Monday. Wells Fargo & Company reissued an “overweight” rating and set a $23.00 target price (up from $21.00) on shares of Energy Transfer in a research note on Tuesday, August 12th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Energy Transfer in a research report on Wednesday, October 8th. UBS Group reiterated a “buy” rating and issued a $22.00 price objective on shares of Energy Transfer in a research note on Wednesday, October 15th. Finally, Barclays restated an “overweight” rating and set a $25.00 target price on shares of Energy Transfer in a research note on Wednesday, October 15th. Thirteen analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $21.92.

Energy Transfer Stock Performance

The company has a current ratio of 1.15, a quick ratio of 0.92 and a debt-to-equity ratio of 1.44. The firm’s fifty day moving average price is $16.85 and its 200-day moving average price is $17.40. The firm has a market cap of $56.48 billion, a price-to-earnings ratio of 12.75, a PEG ratio of 1.01 and a beta of 0.76.

Energy Transfer (NYSE:ET) last released its quarterly earnings data on Wednesday, November 5th. The pipeline company reported $0.28 earnings per share (EPS) 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 company had revenue of $19.95 billion during the quarter, compared to analyst estimates of $21.84 billion. During the same quarter in the prior year, the company earned $0.32 EPS. The business’s revenue was down 3.9% on a year-over-year basis. Analysts expect that Energy Transfer LP will post 1.46 earnings per share for the current year.

Energy Transfer Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, November 19th. Stockholders of record on Friday, November 7th were issued a $0.3325 dividend. This represents a $1.33 dividend on an annualized basis and a dividend yield of 8.1%. The ex-dividend date of this dividend was Friday, November 7th. This is a positive change from Energy Transfer’s previous quarterly dividend of $0.33. Energy Transfer’s dividend payout ratio is presently 106.40%.

Insiders Place Their Bets

In other Energy Transfer news, Director Kelcy L. Warren purchased 1,000,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 19th. The stock was purchased at an average price of $16.95 per share, for a total transaction of $16,950,000.00. Following the purchase, the director directly owned 104,577,803 shares in the company, valued at approximately $1,772,593,760.85. This trade represents a 0.97% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 3.28% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Energy Transfer

Several hedge funds have recently made changes to their positions in ET. Ryan Investment Management Inc. purchased a new stake in Energy Transfer during the 2nd quarter valued at approximately $31,000. Vision Financial Markets LLC purchased a new position in shares of Energy Transfer in the 1st quarter valued at approximately $33,000. CNB Bank increased its holdings in shares of Energy Transfer by 111.1% in the second quarter. CNB Bank now owns 1,900 shares of the pipeline company’s stock valued at $34,000 after purchasing an additional 1,000 shares during the period. Financial Life Planners purchased a new stake in shares of Energy Transfer during the third quarter worth approximately $34,000. Finally, Stone House Investment Management LLC purchased a new stake in shares of Energy Transfer during the first quarter worth approximately $38,000. Institutional investors and hedge funds 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.