Energy Transfer (NYSE:ET) Trading 1.4% Higher – Here’s What Happened

Energy Transfer LP (NYSE:ET)’s share price traded up 1.4% during mid-day trading on Thursday . The company traded as high as $20.26 and last traded at $20.1860. 8,981,312 shares changed hands during trading, a decline of 36% from the average session volume of 13,984,393 shares. The stock had previously closed at $19.91.

Analyst Upgrades and Downgrades

A number of research firms have commented on ET. Truist Financial started coverage on shares of 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 shares of Energy Transfer from $22.00 to $24.00 and gave the company an “overweight” rating in a report on Tuesday, May 12th. Morgan Stanley increased their price objective on shares of Energy Transfer from $21.00 to $23.00 and gave the stock an “equal weight” rating in a research report on Wednesday, May 27th. Stifel Nicolaus raised their target price on Energy Transfer from $23.00 to $25.00 and gave the company a “buy” rating in a research note on Wednesday, May 6th. Finally, Raymond James Financial reaffirmed a “strong-buy” rating on shares of Energy Transfer in a research report on Wednesday, May 6th. Three analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $23.55.

Energy Transfer Trading Up 0.5%

The company has a quick ratio of 0.93, a current ratio of 1.17 and a debt-to-equity ratio of 1.50. The company has a market capitalization of $69.87 billion, a P/E ratio of 16.92, a P/E/G ratio of 1.17 and a beta of 0.55. The firm’s 50-day moving average price is $19.52 and its 200 day moving average price is $18.84.

Energy Transfer (NYSE:ET) last announced its quarterly earnings results on Tuesday, May 5th. The pipeline company reported $0.35 earnings per share for the quarter, missing the consensus estimate of $0.40 by ($0.05). The business had revenue of $27.77 billion during the quarter, compared to the consensus estimate of $25.78 billion. Energy Transfer had a net margin of 4.66% and a return on equity of 9.77%. Energy Transfer’s revenue was up 32.1% compared to the same quarter last year. During the same period in the previous year, the business posted $0.36 EPS. As a group, equities research analysts predict that Energy Transfer LP will post 1.43 earnings per share for the current year.

Energy Transfer Increases Dividend

The business also recently announced 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 6.6%. The ex-dividend date was Friday, May 8th. Energy Transfer’s dividend payout ratio is 112.50%.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Morgan Stanley raised its stake in shares of Energy Transfer by 41.6% during the 4th quarter. Morgan Stanley now owns 86,310,272 shares of the pipeline company’s stock worth $1,423,256,000 after purchasing an additional 25,366,594 shares during the period. Alps Advisors Inc. grew its position in Energy Transfer by 8.0% during the fourth quarter. Alps Advisors Inc. now owns 83,843,087 shares of the pipeline company’s stock valued at $1,382,573,000 after buying an additional 6,192,066 shares during the period. Mizuho Markets Americas LLC bought a new position in Energy Transfer during the first quarter valued at about $61,760,000. Invesco Ltd. increased its holdings in Energy Transfer by 3.2% during the third quarter. Invesco Ltd. now owns 57,862,666 shares of the pipeline company’s stock worth $992,923,000 after buying an additional 1,773,042 shares during the last quarter. Finally, Bank of America Corp DE increased its holdings in Energy Transfer by 5.7% during the first quarter. Bank of America Corp DE now owns 30,956,358 shares of the pipeline company’s stock worth $597,458,000 after buying an additional 1,656,609 shares during the last quarter. Hedge funds and other institutional investors own 38.22% of the company’s stock.

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.