JPMorgan Chase & Co. Raises Energy Transfer (NYSE:ET) Price Target to $24.00

Energy Transfer (NYSE:ET) had its price objective hoisted by JPMorgan Chase & Co. from $22.00 to $24.00 in a research note issued on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the pipeline company’s stock. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 21.69% from the company’s previous close.

Other equities analysts have also recently issued research reports about the stock. Barclays restated an “overweight” rating and issued a $22.00 price objective (down from $25.00) on shares of Energy Transfer in a research report on Monday, January 12th. Truist Financial started coverage on Energy Transfer in a research note on Tuesday, March 24th. They issued a “buy” rating and a $23.00 target price on the stock. Scotiabank restated an “outperform” rating on shares of Energy Transfer in a report on Tuesday. UBS Group reaffirmed a “buy” rating on shares of Energy Transfer in a research report on Tuesday. Finally, Raymond James Financial reiterated a “strong-buy” rating on shares of Energy Transfer in a report on Wednesday, May 6th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $22.25.

Energy Transfer Trading Up 0.6%

Shares of ET traded up $0.11 during trading hours on Tuesday, hitting $19.72. The company had a trading volume of 1,727,114 shares, compared to its average volume of 16,260,619. Energy Transfer has a 52-week low of $16.18 and a 52-week high of $20.67. 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 stock’s 50 day moving average price is $19.09 and its 200 day moving average price is $17.86. The firm has a market cap of $67.87 billion, a P/E ratio of 16.43, a P/E/G ratio of 1.08 and a beta of 0.57.

Energy Transfer (NYSE:ET) last posted 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 firm had revenue of $27.77 billion for 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%. The company’s quarterly revenue was up 32.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.36 earnings per share. On average, research analysts predict that Energy Transfer will post 1.47 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in ET. Keybank National Association OH grew its holdings in Energy Transfer by 0.3% in the first quarter. Keybank National Association OH now owns 219,232 shares of the pipeline company’s stock worth $4,231,000 after purchasing an additional 556 shares during the period. Mountain Capital Investment Advisors Inc. lifted its holdings in shares of Energy Transfer by 4.9% during the fourth quarter. Mountain Capital Investment Advisors Inc. now owns 12,007 shares of the pipeline company’s stock valued at $216,000 after purchasing an additional 560 shares during the last quarter. Marks Wealth LLC boosted its position in shares of Energy Transfer by 4.7% in the 4th quarter. Marks Wealth LLC now owns 12,560 shares of the pipeline company’s stock worth $207,000 after purchasing an additional 560 shares in the last quarter. Citizens Financial Group Inc. RI boosted its position in shares of Energy Transfer by 2.4% in the 1st quarter. Citizens Financial Group Inc. RI now owns 23,978 shares of the pipeline company’s stock worth $463,000 after purchasing an additional 562 shares in the last quarter. Finally, Avos Capital Management LLC grew its stake in shares of Energy Transfer by 0.8% in the 4th quarter. Avos Capital Management LLC now owns 76,695 shares of the pipeline company’s stock worth $1,265,000 after buying an additional 583 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.