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

Energy Transfer LP (NYSE:ET)’s share price fell 1.3% during trading on Friday . The stock traded as low as $19.11 and last traded at $19.1590. 9,939,460 shares traded hands during mid-day trading, a decline of 37% from the average session volume of 15,720,715 shares. The stock had previously closed at $19.42.

Wall Street Analysts Forecast Growth

Several research firms have commented on ET. Truist Financial initiated coverage on Energy Transfer in a report on Tuesday, March 24th. They issued a “buy” rating and a $23.00 price target for the company. JPMorgan Chase & Co. upped their price objective on Energy Transfer from $22.00 to $24.00 and gave the company an “overweight” rating in a research note on Tuesday, May 12th. Wells Fargo & Company upped their price objective on Energy Transfer from $23.00 to $25.00 and gave the company an “overweight” rating in a research note on Friday, March 13th. Raymond James Financial reiterated a “strong-buy” rating on shares of Energy Transfer in a research note on Wednesday, May 6th. Finally, Jefferies Financial Group upgraded Energy Transfer from a “hold” rating to a “buy” rating and set a $23.00 price objective on the stock in a research note on Tuesday. Two research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $23.45.

Energy Transfer Stock Performance

The firm has a market capitalization of $65.93 billion, a P/E ratio of 15.97, a price-to-earnings-growth ratio of 1.16 and a beta of 0.57. The stock has a 50-day moving average of $19.43 and a 200 day moving average of $18.15. The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.93 and a current ratio of 1.17.

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 analysts’ consensus estimates of $0.40 by ($0.05). The business had revenue of $27.77 billion for the quarter, compared to the consensus estimate of $25.78 billion. Energy Transfer had a return on equity of 9.77% and a net margin of 4.66%.The firm’s revenue was up 32.1% on a year-over-year basis. During the same quarter last year, the company earned $0.36 earnings per share. On average, research analysts anticipate that Energy Transfer LP will post 1.37 earnings per share for the current year.

Energy Transfer Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, May 20th. Stockholders of record on Friday, May 8th were given a dividend of $0.3375 per share. The ex-dividend date was Friday, May 8th. This is an increase 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 7.0%. Energy Transfer’s dividend payout ratio is presently 112.50%.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Basepoint Wealth LLC acquired a new position in shares of Energy Transfer in the 4th quarter valued at $25,000. Gables Capital Management Inc. lifted its stake in shares of Energy Transfer by 60.0% in the 4th quarter. Gables Capital Management Inc. now owns 1,600 shares of the pipeline company’s stock valued at $26,000 after purchasing an additional 600 shares during the period. Cassaday & Co Wealth Management LLC acquired a new position in shares of Energy Transfer in the 1st quarter valued at $35,000. Sarver Vrooman Wealth Advisors acquired a new position in shares of Energy Transfer in the 4th quarter valued at $32,000. Finally, Financial Life Planners acquired a new position in shares of Energy Transfer in the 3rd quarter valued at $34,000. 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.