Energy Transfer (TXSE:ET) Given New $23.00 Price Target at Scotiabank

Energy Transfer (TXSE:ET) had its price target lowered by Scotiabank from $24.00 to $23.00 in a research note issued on Tuesday, Benzinga reports. The brokerage currently has a “sector outperform” rating on the pipeline company’s stock. Scotiabank‘s price objective suggests a potential upside of 19.64% from the company’s previous close.

Other analysts have also recently issued research reports about the stock. Truist Financial lifted their price target on shares of Energy Transfer from $23.00 to $25.00 and gave the company a “buy” rating in a report on Wednesday, August 12th. Stifel Nicolaus initiated coverage on shares of Energy Transfer in a research note on Thursday, September 10th. They set a “buy” rating and a $25.00 target price for the company. Jefferies Financial Group reaffirmed a “buy” rating and issued a $25.00 target price on shares of Energy Transfer in a report on Wednesday, November 4th. Wall Street Zen upgraded Energy Transfer from a “hold” rating to a “buy” rating in a research note on Saturday, August 8th. Finally, Citigroup increased their price objective on shares of Energy Transfer from $24.00 to $25.00 and gave the company a “buy” rating in a research report on Friday. Two analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, Energy Transfer has a consensus rating of “Moderate Buy” and a consensus price target of $24.73.

Energy Transfer Trading Up 0.7%

ET traded up $0.14 during midday trading on Tuesday, reaching $19.23. 1,366,536 shares of the company’s stock traded hands, compared to its average volume of 12,072,639. Energy Transfer has a 52 week low of $16.18 and a 52 week high of $21.84. The company has a debt-to-equity ratio of 1.45, a current ratio of 1.16 and a quick ratio of 0.94. The firm has a fifty day moving average of $20.56 and a two-hundred day moving average of $19.71. The stock has a market capitalization of $66.20 billion, a price-to-earnings ratio of 13.11, a P/E/G ratio of 0.73 and a beta of 0.62.

Energy Transfer (TXSE:ET) last issued its quarterly earnings data on Tuesday, November 3rd. The pipeline company reported $0.33 earnings per share for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.07). Energy Transfer had a return on equity of 11.55% and a net margin of 4.87%. The business had revenue of $37.10 billion during the quarter, compared to the consensus estimate of $30.98 billion. During the same quarter in the prior year, the business posted $0.28 earnings per share. On average, equities analysts anticipate that Energy Transfer will post 1.73 earnings per share for the current fiscal year.

Insider Activity at Energy Transfer

In other Energy Transfer news, Director Kelcy Warren acquired 647,968 shares of the company’s stock in a transaction dated Wednesday, August 19th. The stock was purchased at an average price of $21.26 per share, with a total value of $13,775,799.68. Following the completion of the purchase, the director directly owned 147,901,879 shares in the company, valued at approximately $3,144,393,947.54. The trade was a 0.44% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 3.28% of the stock is owned by insiders.

Hedge Funds Weigh In On Energy Transfer

A number of hedge funds and other institutional investors have recently modified their holdings of ET. Osbon Capital Management LLC bought a new position in shares of Energy Transfer during the 2nd quarter valued at about $25,000. Sawyer & Company Inc purchased a new stake in Energy Transfer during the third quarter valued at $30,000. Cassaday & Co Wealth Management LLC purchased a new stake in Energy Transfer during the first quarter valued at $35,000. Pinpoint Asset Management Singapore Pte. Ltd. purchased a new stake in Energy Transfer during the second quarter valued at $42,000. Finally, Bullseye Investment Management LLC bought a new position in Energy Transfer during the second quarter valued at $42,000. Institutional investors own 38.22% of the company’s stock.

About Energy Transfer

Energy Transfer LP is a diversified energy infrastructure company headquartered in Dallas, Texas. The partnership owns and operates a broad network of pipelines, processing facilities, storage assets and terminals that support the movement of natural gas, natural gas liquids, crude oil and refined products across the United States.

The company’s operations include gathering and processing natural gas, transporting and storing natural gas and NGLs, fractionating NGLs into component products, and transporting crude oil and refined products.