Energy Transfer (NYSE:ET) Stock Price Down 1.2% – Here’s Why

Energy Transfer LP (NYSE:ET)’s stock price fell 1.2% on Wednesday . The company traded as low as $19.33 and last traded at $19.3660. 8,639,757 shares changed hands during trading, a decline of 46% from the average session volume of 15,867,640 shares. The stock had previously closed at $19.60.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on ET. Morgan Stanley increased their price objective on shares of Energy Transfer from $21.00 to $23.00 and gave the stock an “equal weight” rating in a research report on Wednesday. Scotiabank reiterated an “outperform” rating on shares of Energy Transfer in a report on Tuesday, May 12th. Truist Financial initiated coverage on shares of Energy Transfer in a report on Tuesday, March 24th. They set a “buy” rating and a $23.00 target price on the stock. Jefferies Financial Group upgraded shares of Energy Transfer from a “hold” rating to a “buy” rating and set a $23.00 target price on the stock in a report on Tuesday. Finally, Stifel Nicolaus increased their target price on shares of Energy Transfer from $23.00 to $25.00 and gave the stock a “buy” rating in a report on Wednesday, May 6th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, Energy Transfer presently has a consensus rating of “Buy” and an average price target of $23.45.

Energy Transfer Price Performance

The stock’s fifty day moving average price is $19.40 and its two-hundred day moving average price is $18.12. The firm has a market capitalization of $66.64 billion, a price-to-earnings ratio of 16.14, a price-to-earnings-growth ratio of 1.21 and a beta of 0.57. The company has a current ratio of 1.17, a quick ratio of 0.93 and a debt-to-equity ratio of 1.50.

Energy Transfer (NYSE:ET) last announced its quarterly earnings data on Tuesday, May 5th. The pipeline company reported $0.35 earnings per share for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.05). Energy Transfer had a net margin of 4.66% and a return on equity of 9.77%. The firm had revenue of $27.77 billion during the quarter, compared to analyst estimates of $25.78 billion. During the same quarter in the previous year, the business posted $0.36 earnings per share. Energy Transfer’s revenue for the quarter was up 32.1% compared to the same quarter last year. Equities research analysts expect that Energy Transfer LP will post 1.37 EPS for the current year.

Energy Transfer Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, May 20th. Stockholders of record on Friday, May 8th were issued a $0.3375 dividend. This represents a $1.35 dividend on an annualized basis and a dividend yield of 7.0%. The ex-dividend date was Friday, May 8th. This is a positive change from Energy Transfer’s previous quarterly dividend of $0.34. Energy Transfer’s dividend payout ratio (DPR) is 112.50%.

Institutional Investors Weigh In On Energy Transfer

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Summit Financial Wealth Advisors LLC raised its stake in Energy Transfer by 15.5% during the 1st quarter. Summit Financial Wealth Advisors LLC now owns 28,233 shares of the pipeline company’s stock worth $545,000 after acquiring an additional 3,785 shares in the last quarter. Axiom Investment Management LLC acquired a new stake in Energy Transfer during the 1st quarter worth $1,754,000. GKV Capital Management Co. Inc. acquired a new stake in Energy Transfer during the 1st quarter worth $74,000. Hobbs Group Advisors LLC raised its stake in Energy Transfer by 7.5% during the 1st quarter. Hobbs Group Advisors LLC now owns 16,546 shares of the pipeline company’s stock worth $319,000 after acquiring an additional 1,160 shares in the last quarter. Finally, Arete Wealth Advisors LLC raised its stake in Energy Transfer by 86.7% during the 1st quarter. Arete Wealth Advisors LLC now owns 75,004 shares of the pipeline company’s stock worth $1,445,000 after acquiring an additional 34,836 shares in the last quarter. 38.22% of the stock is currently owned by institutional investors and hedge funds.

Energy Transfer Company Profile

Energy Transfer (NYSE: ET) is a Dallas-based midstream energy company that develops and operates infrastructure for the transportation, storage and processing of hydrocarbons. The company’s operations focus on moving and storing natural gas, natural gas liquids (NGLs), crude oil and refined products through an integrated network of pipelines, terminals, storage facilities and processing plants. Energy Transfer provides core midstream services such as gathering, compression, fractionation, processing, and bulk transportation to support production and downstream supply chains.

Its asset base spans an extensive network across the United States, connecting producing regions, processing centers, petrochemical hubs and coastal and inland markets.