Royal Bank of Canada Reaffirms Buy Rating for Energy Transfer Equity (ETE)
Energy Transfer Equity (NYSE:ETE)‘s stock had its “buy” rating reaffirmed by stock analysts at Royal Bank of Canada in a note issued to investors on Tuesday. They currently have a $22.00 price target on the pipeline company’s stock. Royal Bank of Canada’s target price would indicate a potential upside of 22.91% from the stock’s current price.
Several other research firms also recently weighed in on ETE. Stifel Nicolaus restated a “buy” rating and issued a $20.00 target price on shares of Energy Transfer Equity in a research report on Thursday, October 12th. BMO Capital Markets set a $19.00 target price on Energy Transfer Equity and gave the company a “hold” rating in a research report on Thursday, October 12th. Goldman Sachs Group upgraded Energy Transfer Equity from a “neutral” rating to a “buy” rating and set a $23.00 price objective on the stock in a research report on Tuesday, October 17th. Jefferies Group reiterated a “buy” rating and set a $20.00 price objective on shares of Energy Transfer Equity in a research report on Monday, October 16th. Finally, Zacks Investment Research downgraded Energy Transfer Equity from a “hold” rating to a “sell” rating in a research report on Tuesday, October 17th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Energy Transfer Equity currently has a consensus rating of “Buy” and a consensus target price of $21.78.
Energy Transfer Equity (NYSE:ETE) traded down $0.31 during midday trading on Tuesday, hitting $17.90. The stock had a trading volume of 2,418,700 shares, compared to its average volume of 5,189,718. The stock has a market capitalization of $19,450.00, a P/E ratio of 17.21 and a beta of 1.87. Energy Transfer Equity has a 1-year low of $15.03 and a 1-year high of $19.85. The company has a debt-to-equity ratio of 1.69, a quick ratio of 1.11 and a current ratio of 1.36.
A number of institutional investors have recently made changes to their positions in ETE. AllSquare Wealth Management LLC purchased a new position in Energy Transfer Equity during the third quarter worth approximately $139,000. Advisory Services Network LLC increased its stake in Energy Transfer Equity by 12.6% during the second quarter. Advisory Services Network LLC now owns 9,331 shares of the pipeline company’s stock worth $168,000 after acquiring an additional 1,047 shares during the last quarter. Gofen & Glossberg LLC IL acquired a new stake in Energy Transfer Equity during the third quarter worth $180,000. Belpointe Asset Management LLC acquired a new stake in Energy Transfer Equity during the third quarter worth $184,000. Finally, Frontier Wealth Management LLC acquired a new stake in Energy Transfer Equity during the second quarter worth $185,000. Hedge funds and other institutional investors own 51.57% of the company’s stock.
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About Energy Transfer Equity
Energy Transfer Equity, L.P. (ETE) owns equity interests in Energy Transfer Partners, L.P. (ETP) and Sunoco LP, which are engaged in diversified energy-related services. The Company’s segments include Investment in ETP, including the consolidated operations of ETP; Investment in Sunoco LP, including the consolidated operations of Sunoco LP; Investment in Lake Charles LNG, including the operations of Lake Charles LNG, and Corporate and Other.
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