Energy Transfer (NYSE:ET) Shares Down 1% – Here’s Why

Energy Transfer LP (NYSE:ET) traded down 1% during trading on Wednesday . The company traded as low as $20.99 and last traded at $21.1070. 6,769,652 shares traded hands during mid-day trading, a decline of 47% from the average session volume of 12,715,215 shares. The stock had previously closed at $21.33.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on ET. TD Cowen reiterated a “buy” rating and issued a $25.00 target price (up from $24.00) on shares of Energy Transfer in a research note on Monday, August 10th. Truist Financial boosted 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, August 12th. Barclays reaffirmed an “overweight” rating and issued a $24.00 price objective (up from $23.00) on shares of Energy Transfer in a research report on Wednesday, August 5th. Weiss Ratings upgraded shares of Energy Transfer from a “buy (b)” rating to a “buy (a-)” rating in a research note on Tuesday, September 8th. Finally, Morgan Stanley lifted their target price on shares of Energy Transfer from $23.00 to $25.00 and gave the stock an “equal weight” rating in a research report on Tuesday, August 18th. Two investment 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 data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $24.17.

Energy Transfer Trading Down 0.4%

The stock has a market capitalization of $72.43 billion, a PE ratio of 14.31, a price-to-earnings-growth ratio of 0.70 and a beta of 0.57. The firm has a 50-day moving average price of $20.83 and a 200-day moving average price of $19.81. The company has a current ratio of 1.16, a quick ratio of 0.94 and a debt-to-equity ratio of 1.45.

Energy Transfer (NYSE:ET) last released its earnings results on Tuesday, August 4th. The pipeline company reported $0.59 EPS for the quarter, topping analysts’ consensus estimates of $0.38 by $0.21. The company had revenue of $34.33 billion for the quarter, compared to analysts’ expectations of $27.71 billion. Energy Transfer had a return on equity of 11.55% and a net margin of 4.87%.The business’s revenue for the quarter was up 78.4% compared to the same quarter last year. During the same period in the previous year, the business posted $0.32 EPS. As a group, equities analysts forecast that Energy Transfer LP will post 1.74 EPS for the current fiscal year.

Energy Transfer Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 19th. Shareholders of record on Friday, August 7th were given a $0.34 dividend. This is a positive change from Energy Transfer’s previous quarterly dividend of $0.34. This represents a $1.36 annualized dividend and a yield of 6.5%. The ex-dividend date of this dividend was Friday, August 7th. Energy Transfer’s payout ratio is presently 92.52%.

Insider Transactions at Energy Transfer

In related news, Director James Perry bought 12,359 shares of the company’s stock in a transaction on Friday, August 7th. The shares were purchased at an average cost of $20.23 per share, for a total transaction of $250,022.57. Following the completion of the purchase, the director directly owned 208,046 shares in the company, valued at $4,208,770.58. The trade was a 6.32% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Kelcy Warren bought 647,968 shares of Energy Transfer stock in a transaction dated Wednesday, August 19th. The shares were bought at an average cost of $21.26 per share, with a total value of $13,775,799.68. Following the completion of the transaction, the director directly owned 147,901,879 shares in the company, valued at approximately $3,144,393,947.54. This trade represents a 0.44% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last quarter, insiders acquired 1,012,359 shares of company stock worth $21,513,543. Corporate insiders own 3.28% of the company’s stock.

Hedge Funds Weigh In On Energy Transfer

Several institutional investors and hedge funds have recently bought and sold shares of the company. Osbon Capital Management LLC bought a new stake in shares of Energy Transfer in the second quarter valued at $25,000. Basepoint Wealth LLC bought a new position in shares of Energy Transfer during the 4th quarter worth $25,000. Cassaday & Co Wealth Management LLC purchased a new stake in Energy Transfer in the 1st quarter worth about $35,000. Sarver Vrooman Wealth Advisors bought a new stake in Energy Transfer in the 4th quarter valued at about $32,000. Finally, Financial Life Planners bought a new stake in Energy Transfer in the 1st quarter valued at about $40,000. 38.22% of the stock is owned by institutional investors.

Energy Transfer Company Profile

Energy Transfer LP (NYSE: ET) is a diversified midstream energy partnership that owns and operates infrastructure used to transport, store, process and market energy commodities. Its assets support the movement of natural gas, crude oil, natural gas liquids (NGLs), refined products and other hydrocarbon-based materials.

The company’s operations include natural gas gathering and processing, interstate and intrastate pipeline transportation, NGL fractionation and storage, crude oil and refined products transportation, and terminal services.