Energy Transfer (NYSE:ET) Stock Price Down 1.6% – What’s Next?

Shares of Energy Transfer LP (NYSE:ET) were down 1.6% on Tuesday . The company traded as low as $19.01 and last traded at $19.04. Approximately 8,034,887 shares were traded during trading, a decline of 47% from the average daily volume of 15,284,771 shares. The stock had previously closed at $19.34.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on ET shares. Scotiabank reiterated an “outperform” rating on shares of Energy Transfer in a research report on Tuesday, May 12th. Weiss Ratings reiterated a “buy (b)” rating on shares of Energy Transfer in a research report on Friday. Wells Fargo & Company boosted their price objective on shares of Energy Transfer from $23.00 to $25.00 and gave the company an “overweight” rating in a research report on Friday, March 13th. Truist Financial initiated coverage on shares of Energy Transfer in a research report on Tuesday, March 24th. They set a “buy” rating and a $23.00 price objective on the stock. Finally, Stifel Nicolaus upped their price target 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 issued a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $23.45.

Energy Transfer Trading Down 1.6%

The company has a debt-to-equity ratio of 1.50, a current ratio of 1.17 and a quick ratio of 0.93. The stock’s fifty day moving average price is $19.47 and its 200 day moving average price is $18.28. The stock has a market capitalization of $65.52 billion, a P/E ratio of 15.87, a PEG ratio of 1.12 and a beta of 0.55.

Energy Transfer (NYSE:ET) last issued its earnings results on Tuesday, May 5th. The pipeline company reported $0.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.40 by ($0.05). Energy Transfer had a return on equity of 9.77% and a net margin of 4.66%.The business had revenue of $27.77 billion for the quarter, compared to the consensus estimate of $25.78 billion. During the same quarter in the previous year, the company earned $0.36 earnings per share. The firm’s revenue was up 32.1% on a year-over-year basis. Research analysts forecast that Energy Transfer LP will post 1.43 earnings per share for the current year.

Energy Transfer Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, May 20th. Shareholders of record on Friday, May 8th were given a dividend of $0.3375 per share. The ex-dividend date of this dividend was Friday, May 8th. This is a positive change from Energy Transfer’s previous quarterly dividend of $0.34. This represents a $1.35 annualized dividend and a dividend yield of 7.1%. Energy Transfer’s payout ratio is currently 112.50%.

Institutional Trading of Energy Transfer

Hedge funds have recently modified their holdings of the company. Basepoint Wealth LLC purchased a new stake in shares of Energy Transfer during the fourth quarter valued at about $25,000. Gables Capital Management Inc. lifted its position in shares of Energy Transfer by 60.0% during the fourth quarter. Gables Capital Management Inc. now owns 1,600 shares of the pipeline company’s stock valued at $26,000 after buying an additional 600 shares during the last quarter. Sarver Vrooman Wealth Advisors purchased a new stake in shares of Energy Transfer during the fourth quarter valued at about $32,000. Financial Life Planners purchased a new stake in shares of Energy Transfer during the third quarter valued at about $34,000. Finally, Cassaday & Co Wealth Management LLC purchased a new stake in shares of Energy Transfer during the first quarter valued at about $35,000. 38.22% of the stock is owned by hedge funds and other institutional investors.

About Energy Transfer

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.