Energy Transfer (NYSE:ET) Trading Up 2.8% – Here’s Why

Energy Transfer LP (NYSE:ET) shot up 2.8% on Tuesday . The company traded as high as $19.97 and last traded at $19.7950. 9,254,710 shares traded hands during trading, a decline of 35% from the average daily volume of 14,325,006 shares. The stock had previously closed at $19.25.

Wall Street Analysts Forecast Growth

ET has been the subject of several recent research reports. UBS Group restated a “buy” rating on shares of Energy Transfer in a report on Tuesday, May 12th. JPMorgan Chase & Co. upped their target price on Energy Transfer from $22.00 to $24.00 and gave the stock an “overweight” rating in a report on Tuesday, May 12th. Wells Fargo & Company increased their target price on Energy Transfer from $23.00 to $25.00 and gave the company an “overweight” rating in a research report on Friday, March 13th. Weiss Ratings restated a “buy (b)” rating on shares of Energy Transfer in a research note on Friday, June 5th. Finally, Barclays reaffirmed an “overweight” rating and set a $23.00 price objective (up from $22.00) on shares of Energy Transfer in a research report on Thursday, May 14th. 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. According to MarketBeat, Energy Transfer presently has an average rating of “Buy” and an average price target of $23.45.

Energy Transfer Stock Up 2.8%

The company has a quick ratio of 0.93, a current ratio of 1.17 and a debt-to-equity ratio of 1.50. The company has a market capitalization of $68.12 billion, a price-to-earnings ratio of 16.50, a P/E/G ratio of 1.12 and a beta of 0.55. The business’s 50-day moving average is $19.46 and its 200-day moving average is $18.61.

Energy Transfer (NYSE:ET) last posted its earnings results on Tuesday, May 5th. The pipeline company reported $0.35 EPS 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 business had revenue of $27.77 billion for the quarter, compared to analyst estimates of $25.78 billion. During the same quarter last year, the business earned $0.36 earnings per share. Energy Transfer’s revenue was up 32.1% on a year-over-year basis. As a group, equities analysts predict that Energy Transfer LP will post 1.43 earnings per share for the current year.

Energy Transfer Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 20th. Shareholders of record on Friday, May 8th were issued a dividend of $0.3375 per share. This is a boost from Energy Transfer’s previous quarterly dividend of $0.34. The ex-dividend date was Friday, May 8th. This represents a $1.35 dividend on an annualized basis and a yield of 6.8%. Energy Transfer’s dividend payout ratio (DPR) is currently 112.50%.

Institutional Investors Weigh In On Energy Transfer

Institutional investors have recently added to or reduced their stakes in the business. Grove Bank & Trust acquired a new position in shares of Energy Transfer in the 2nd quarter valued at $57,000. CoreCap Advisors LLC boosted its position in shares of Energy Transfer by 1.9% in the 2nd quarter. CoreCap Advisors LLC now owns 338,209 shares of the pipeline company’s stock valued at $6,467,000 after purchasing an additional 6,247 shares during the period. Howard Financial Services LTD. grew its stake in Energy Transfer by 2.2% during the 2nd quarter. Howard Financial Services LTD. now owns 201,504 shares of the pipeline company’s stock worth $3,853,000 after buying an additional 4,347 shares during the last quarter. Meadowbrook Wealth Management LLC purchased a new position in Energy Transfer during the 2nd quarter worth approximately $448,000. Finally, Ballast Advisors LLC acquired a new position in Energy Transfer during the first quarter worth approximately $96,000. Hedge funds and other institutional investors own 38.22% of the company’s stock.

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.