Energy Transfer (NYSE:ET) Shares Up 1.6% – Here’s What Happened

Energy Transfer LP (NYSE:ET)’s stock price was up 1.6% on Monday . The company traded as high as $16.74 and last traded at $16.72. Approximately 18,531,104 shares traded hands during trading, an increase of 24% from the average daily volume of 14,903,309 shares. The stock had previously closed at $16.45.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the stock. Wells Fargo & Company reiterated an “overweight” rating and issued a $23.00 target price (up previously from $21.00) on shares of Energy Transfer in a report on Tuesday, August 12th. Scotiabank began coverage on Energy Transfer in a report on Tuesday, September 2nd. They issued a “sector outperform” rating and a $23.00 price objective on the stock. UBS Group reissued a “buy” rating and set a $22.00 target price on shares of Energy Transfer in a research note on Wednesday, October 15th. Jefferies Financial Group set a $17.00 target price on Energy Transfer and gave the company a “hold” rating in a research report on Tuesday, October 28th. Finally, Barclays reissued an “overweight” rating and set a $25.00 price target on shares of Energy Transfer in a research report on Wednesday, October 15th. Thirteen equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, Energy Transfer currently has a consensus rating of “Moderate Buy” and an average price target of $22.23.

Energy Transfer Stock Performance

The stock has a market capitalization of $57.39 billion, a PE ratio of 12.96, a price-to-earnings-growth ratio of 1.01 and a beta of 0.76. The company has a quick ratio of 0.92, a current ratio of 1.15 and a debt-to-equity ratio of 1.44. The stock has a fifty day moving average of $17.04 and a 200-day moving average of $17.42.

Energy Transfer (NYSE:ET) last posted its quarterly earnings results on Wednesday, November 5th. The pipeline company reported $0.28 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.06). The company had revenue of $19.95 billion during the quarter, compared to analyst estimates of $21.84 billion. Energy Transfer had a net margin of 5.80% and a return on equity of 11.08%. Energy Transfer’s revenue for the quarter was down 3.9% on a year-over-year basis. During the same period in the prior year, the business earned $0.32 EPS. Equities analysts anticipate that Energy Transfer LP will post 1.46 earnings per share for the current fiscal year.

Energy Transfer Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 19th. Investors of record on Friday, November 7th will be paid a $0.3325 dividend. This is an increase from Energy Transfer’s previous quarterly dividend of $0.33. This represents a $1.33 dividend on an annualized basis and a yield of 8.0%. The ex-dividend date is Friday, November 7th. Energy Transfer’s payout ratio is presently 106.40%.

Insider Buying and Selling

In other news, Director Kelcy L. Warren acquired 1,350,000 shares of the company’s stock in a transaction on Wednesday, August 20th. The shares were bought at an average cost of $17.36 per share, with a total value of $23,436,000.00. Following the transaction, the director owned 69,178,477 shares in the company, valued at approximately $1,200,938,360.72. This trade represents a 1.99% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.28% of the stock is owned by company insiders.

Hedge Funds Weigh In On Energy Transfer

A number of institutional investors and hedge funds have recently modified their holdings of the company. Chelsea Counsel Co. grew its stake in Energy Transfer by 370.3% during the 2nd quarter. Chelsea Counsel Co. now owns 94,050 shares of the pipeline company’s stock worth $1,705,000 after buying an additional 74,050 shares during the last quarter. Prevail Innovative Wealth Advisors LLC boosted its holdings in shares of Energy Transfer by 316.9% in the first quarter. Prevail Innovative Wealth Advisors LLC now owns 117,312 shares of the pipeline company’s stock valued at $2,181,000 after acquiring an additional 89,173 shares during the period. Ariston Services Group boosted its holdings in shares of Energy Transfer by 126.7% in the second quarter. Ariston Services Group now owns 100,683 shares of the pipeline company’s stock valued at $1,825,000 after acquiring an additional 56,274 shares during the period. Highland Capital Management LLC purchased a new position in shares of Energy Transfer during the second quarter worth approximately $930,000. Finally, Northern Trust Corp increased its holdings in shares of Energy Transfer by 223.5% in the 1st quarter. Northern Trust Corp now owns 1,069,534 shares of the pipeline company’s stock valued at $19,883,000 after acquiring an additional 738,885 shares during the period. Institutional investors and hedge funds own 38.22% of the company’s stock.

Energy Transfer Company Profile

Energy Transfer LP provides energy-related services. The company owns and operates natural gas transportation pipeline, and natural gas storage facilities in Texas and Oklahoma; and approximately 20,090 miles of interstate natural gas pipeline. It also sells natural gas to electric utilities, independent power plants, local distribution and other marketing companies, and industrial end-users.