Energy Transfer (NYSE:ET) Stock Price Up 1.2% – Here’s What Happened

Energy Transfer LP (NYSE:ET) shares rose 1.2% on Tuesday . The stock traded as high as $20.50 and last traded at $20.4380. Approximately 11,935,444 shares changed hands during trading, a decline of 26% from the average daily volume of 16,160,011 shares. The stock had previously closed at $20.19.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Raymond James Financial reiterated a “strong-buy” rating on shares of Energy Transfer in a research report on Wednesday, May 6th. Truist Financial assumed coverage on shares of Energy Transfer in a research report on Tuesday, March 24th. They issued a “buy” rating and a $23.00 price target on the stock. Barclays reiterated an “overweight” rating and issued a $23.00 price target (up from $22.00) on shares of Energy Transfer in a research report on Thursday, May 14th. Stifel Nicolaus increased their price target on shares of Energy Transfer from $23.00 to $25.00 and gave the company a “buy” rating in a research report on Wednesday, May 6th. Finally, TD Cowen reiterated a “buy” rating and issued a $23.00 price target (up from $22.00) on shares of Energy Transfer in a research report on Wednesday, May 13th. Two research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, Energy Transfer currently has a consensus rating of “Buy” and a consensus price target of $22.75.

Energy Transfer Stock Up 1.2%

The firm’s 50-day moving average price is $19.23 and its 200 day moving average price is $17.98. The firm has a market capitalization of $70.33 billion, a price-to-earnings ratio of 17.03, a price-to-earnings-growth ratio of 1.21 and a beta of 0.57. The company has a debt-to-equity ratio of 1.50, a current ratio of 1.17 and a quick ratio of 0.93.

Energy Transfer (NYSE:ET) last released its quarterly earnings results on Tuesday, May 5th. The pipeline company reported $0.35 EPS for the quarter, missing the consensus estimate 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 during the quarter, compared to analyst estimates of $25.78 billion. During the same quarter in the prior year, the company earned $0.36 earnings per share. The firm’s revenue for the quarter was up 32.1% compared to the same quarter last year. Sell-side analysts expect that Energy Transfer LP will post 1.37 EPS for the current year.

Energy Transfer Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 20th. Shareholders of record on Friday, May 8th will be paid a $0.3375 dividend. This represents a $1.35 annualized dividend and a yield of 6.6%. The ex-dividend date of this dividend is Friday, May 8th. This is an increase from Energy Transfer’s previous quarterly dividend of $0.34. Energy Transfer’s dividend payout ratio is presently 112.50%.

Institutional Trading of Energy Transfer

Several hedge funds and other institutional investors have recently bought and sold shares of ET. Lee Financial Co increased its stake in Energy Transfer by 359.7% during the 3rd quarter. Lee Financial Co now owns 193,817 shares of the pipeline company’s stock worth $3,326,000 after buying an additional 151,657 shares during the period. North Star Investment Management Corp. increased its stake in Energy Transfer by 100.1% during the 4th quarter. North Star Investment Management Corp. now owns 161,523 shares of the pipeline company’s stock worth $2,664,000 after buying an additional 80,786 shares during the period. Fidelis Capital Partners LLC increased its stake in Energy Transfer by 150.2% during the 3rd quarter. Fidelis Capital Partners LLC now owns 105,003 shares of the pipeline company’s stock worth $1,802,000 after buying an additional 63,043 shares during the period. Avior Wealth Management LLC increased its stake in Energy Transfer by 436.6% during the 4th quarter. Avior Wealth Management LLC now owns 90,160 shares of the pipeline company’s stock worth $1,487,000 after buying an additional 73,359 shares during the period. Finally, Chase Investment Counsel Corp increased its stake in Energy Transfer by 277.6% during the 3rd quarter. Chase Investment Counsel Corp now owns 219,083 shares of the pipeline company’s stock worth $3,759,000 after buying an additional 161,067 shares during the period. 38.22% of the stock is owned by hedge funds and other institutional investors.

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.