Scotiabank Lowers Energy Transfer (NYSE:ET) Price Target to $21.00

Energy Transfer (NYSE:ET) had its price target decreased by investment analysts at Scotiabank from $23.00 to $21.00 in a report issued on Thursday,Benzinga reports. The firm presently has a “sector outperform” rating on the pipeline company’s stock. Scotiabank’s price objective would suggest a potential upside of 26.54% from the company’s previous close.

A number of other research firms have also weighed in on ET. Wells Fargo & Company reissued an “overweight” rating and set a $23.00 price objective (up previously from $21.00) on shares of Energy Transfer in a research note on Tuesday, August 12th. Weiss Ratings restated a “buy (b)” rating on shares of Energy Transfer in a report on Wednesday, October 8th. Morgan Stanley reduced their price target on shares of Energy Transfer from $24.00 to $23.00 and set an “overweight” rating for the company in a research report on Tuesday, August 26th. Barclays restated an “overweight” rating and set a $25.00 target price on shares of Energy Transfer in a research report on Wednesday, October 15th. Finally, Jefferies Financial Group set a $17.00 price target on Energy Transfer and gave the stock a “hold” rating in a report on Tuesday, October 28th. Thirteen research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, Energy Transfer has a consensus rating of “Moderate Buy” and an average price target of $22.08.

Energy Transfer Stock Performance

Shares of NYSE ET traded up $0.02 during midday trading on Thursday, reaching $16.60. The company had a trading volume of 5,743,333 shares, compared to its average volume of 14,902,395. The business’s 50-day simple moving average is $16.98 and its 200 day simple moving average is $17.40. The company has a current ratio of 1.15, a quick ratio of 0.92 and a debt-to-equity ratio of 1.44. The stock has a market cap of $56.98 billion, a P/E ratio of 12.87, a P/E/G ratio of 1.01 and a beta of 0.76. Energy Transfer has a 1 year low of $14.60 and a 1 year high of $21.45.

Energy Transfer (NYSE:ET) last announced its quarterly earnings results on Wednesday, November 5th. The pipeline company reported $0.28 earnings per share for the quarter, missing the consensus estimate of $0.34 by ($0.06). The company had revenue of $19.95 billion for the quarter, compared to analyst estimates of $21.84 billion. Energy Transfer had a return on equity of 11.08% and a net margin of 5.80%.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 posted $0.32 earnings per share. On average, analysts forecast that Energy Transfer will post 1.46 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Kelcy L. Warren purchased 1,350,000 shares of the stock in a transaction dated Wednesday, August 20th. The stock was acquired at an average cost of $17.36 per share, for a total transaction of $23,436,000.00. Following the acquisition, the director owned 69,178,477 shares of the company’s stock, valued at $1,200,938,360.72. The trade was a 1.99% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 3.28% of the company’s stock.

Hedge Funds Weigh In On Energy Transfer

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Brighton Jones LLC lifted its position in shares of Energy Transfer by 93.4% in the fourth quarter. Brighton Jones LLC now owns 24,530 shares of the pipeline company’s stock worth $481,000 after purchasing an additional 11,844 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in Energy Transfer by 20.0% during the first quarter. Bank of New York Mellon Corp now owns 134,509 shares of the pipeline company’s stock worth $2,501,000 after purchasing an additional 22,457 shares during the period. Bleakley Financial Group LLC boosted its position in Energy Transfer by 2.9% in the first quarter. Bleakley Financial Group LLC now owns 23,487 shares of the pipeline company’s stock valued at $437,000 after buying an additional 669 shares in the last quarter. General American Investors Co. Inc. raised its position in Energy Transfer by 4,992.5% in the 1st quarter. General American Investors Co. Inc. now owns 1,020,030 shares of the pipeline company’s stock worth $18,962,000 after purchasing an additional 1,000,000 shares during the last quarter. Finally, FLC Capital Advisors lifted its position in Energy Transfer by 4.2% during the 1st quarter. FLC Capital Advisors now owns 19,793 shares of the pipeline company’s stock valued at $368,000 after purchasing an additional 793 shares during the period. 38.22% of the stock is owned by institutional investors.

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.