Energy Transfer (NYSE:ET) Shares Down 1.3% – Here’s What Happened

Energy Transfer LP (NYSE:ET) shares dropped 1.3% during mid-day trading on Thursday . The company traded as low as $18.76 and last traded at $18.8020. Approximately 9,577,555 shares changed hands during trading, a decline of 37% from the average daily volume of 15,172,080 shares. The stock had previously closed at $19.04.

Analyst Ratings Changes

ET has been the subject of a number of research analyst reports. Raymond James Financial reiterated a “strong-buy” rating on shares of Energy Transfer in a report on Wednesday, May 6th. Jefferies Financial Group raised shares of Energy Transfer from a “hold” rating to a “buy” rating and set a $23.00 price target for the company in a research note on Tuesday, May 26th. Truist Financial assumed coverage on Energy Transfer in a research note on Tuesday, March 24th. They issued a “buy” rating and a $23.00 price objective on the stock. Scotiabank reaffirmed an “outperform” rating on shares of Energy Transfer in a research report on Tuesday, May 12th. Finally, TD Cowen restated a “buy” rating and issued a $23.00 price objective (up from $22.00) on shares of Energy Transfer in a report on Wednesday, May 13th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, Energy Transfer has an average rating of “Buy” and a consensus target price of $23.45.

Energy Transfer Stock Performance

The company has a current ratio of 1.17, a quick ratio of 0.93 and a debt-to-equity ratio of 1.50. The company has a market cap of $64.70 billion, a PE ratio of 15.67, a P/E/G ratio of 1.10 and a beta of 0.55. The firm’s 50-day simple moving average is $19.45 and its two-hundred day simple moving average is $18.32.

Energy Transfer (NYSE:ET) last posted its quarterly earnings data 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 return on equity of 9.77% and a net margin of 4.66%.The company had revenue of $27.77 billion for the quarter, compared to analyst estimates of $25.78 billion. During the same quarter in the previous year, the firm posted $0.36 earnings per share. The company’s quarterly revenue was up 32.1% on a year-over-year basis. As a group, research analysts anticipate that Energy Transfer LP will post 1.43 earnings per share for the current fiscal 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 is a boost from Energy Transfer’s previous quarterly dividend of $0.34. This represents a $1.35 dividend on an annualized basis and a dividend yield of 7.2%. The ex-dividend date of this dividend was Friday, May 8th. Energy Transfer’s dividend payout ratio is currently 112.50%.

Institutional Investors Weigh In On Energy Transfer

A number of institutional investors and hedge funds have recently modified their holdings of the company. Basepoint Wealth LLC purchased a new stake in Energy Transfer in the fourth quarter valued at approximately $25,000. Gables Capital Management Inc. raised its position in Energy Transfer by 60.0% during the 4th quarter. Gables Capital Management Inc. now owns 1,600 shares of the pipeline company’s stock worth $26,000 after buying an additional 600 shares during the last quarter. Sarver Vrooman Wealth Advisors purchased a new position in Energy Transfer during the 4th quarter worth approximately $32,000. Financial Life Planners acquired a new stake in Energy Transfer during the 3rd quarter valued at approximately $34,000. Finally, Cassaday & Co Wealth Management LLC acquired a new stake in Energy Transfer during the 1st quarter valued at approximately $35,000. Institutional investors and hedge funds 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.