Energy Transfer (NYSE:ET) Trading Up 0.2% – Here’s What Happened

Energy Transfer LP (NYSE:ET) shot up 0.2% during mid-day trading on Wednesday . The company traded as high as $16.44 and last traded at $16.42. 2,241,739 shares traded hands during mid-day trading, a decline of 83% from the average session volume of 12,975,729 shares. The stock had previously closed at $16.38.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on ET shares. Bank of America began coverage on shares of Energy Transfer in a research report on Thursday, October 17th. They issued a “buy” rating and a $20.00 price target for the company. Royal Bank of Canada boosted their price objective on Energy Transfer from $19.00 to $20.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Finally, UBS Group raised their target price on Energy Transfer from $22.00 to $23.00 and gave the stock a “buy” rating in a research report on Wednesday, September 18th. Eight equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $20.00.

Energy Transfer Price Performance

The company has a quick ratio of 0.92, a current ratio of 1.14 and a debt-to-equity ratio of 1.38. The company has a market capitalization of $55.44 billion, a P/E ratio of 15.06, a price-to-earnings-growth ratio of 0.49 and a beta of 1.66. The business’s 50-day moving average price is $16.17 and its 200 day moving average price is $15.98.

Energy Transfer (NYSE:ET) last issued its quarterly earnings data on Wednesday, August 7th. The pipeline company reported $0.35 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.01). Energy Transfer had a return on equity of 12.74% and a net margin of 5.19%. The business had revenue of $20.73 billion for the quarter, compared to analysts’ expectations of $22.01 billion. During the same period in the previous year, the firm posted $0.25 EPS. The firm’s revenue for the quarter was up 13.1% compared to the same quarter last year. Analysts anticipate that Energy Transfer LP will post 1.35 EPS for the current fiscal year.

Energy Transfer Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 19th. Investors of record on Friday, November 8th will be issued a dividend of $0.3225 per share. The ex-dividend date of this dividend is Friday, November 8th. This represents a $1.29 dividend on an annualized basis and a yield of 7.84%. Energy Transfer’s dividend payout ratio is currently 117.43%.

Insider Buying and Selling

In related news, EVP Gregory G. Mcilwain purchased 20,000 shares of the company’s stock in a transaction dated Friday, August 23rd. The shares were purchased at an average cost of $15.68 per share, with a total value of $313,600.00. Following the transaction, the executive vice president now directly owns 591,211 shares in the company, valued at $9,270,188.48. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director Kelcy L. Warren purchased 3,000,000 shares of the company’s stock in a transaction dated Monday, August 12th. The shares were purchased at an average price of $15.68 per share, with a total value of $47,040,000.00. Following the acquisition, the director now directly owns 123,385,650 shares in the company, valued at $1,934,686,992. The trade was a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Gregory G. Mcilwain bought 20,000 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The stock was bought at an average price of $15.68 per share, for a total transaction of $313,600.00. Following the acquisition, the executive vice president now directly owns 591,211 shares of the company’s stock, valued at $9,270,188.48. The trade was a 0.00 % increase in their position. The disclosure for this purchase can be found here. Insiders purchased a total of 3,040,000 shares of company stock valued at $47,667,200 over the last three months. Corporate insiders own 3.28% of the company’s stock.

Institutional Investors Weigh In On Energy Transfer

Hedge funds and other institutional investors have recently made changes to their positions in the business. Tortoise Capital Advisors L.L.C. boosted its position in shares of Energy Transfer by 12.7% in the second quarter. Tortoise Capital Advisors L.L.C. now owns 36,668,846 shares of the pipeline company’s stock worth $594,769,000 after purchasing an additional 4,141,715 shares during the period. Natixis increased its stake in Energy Transfer by 20.0% in the 1st quarter. Natixis now owns 18,020,559 shares of the pipeline company’s stock worth $283,463,000 after buying an additional 2,999,300 shares in the last quarter. Westwood Holdings Group Inc. raised its holdings in Energy Transfer by 1.1% during the second quarter. Westwood Holdings Group Inc. now owns 16,107,470 shares of the pipeline company’s stock valued at $261,263,000 after acquiring an additional 171,720 shares during the period. Chickasaw Capital Management LLC boosted its stake in shares of Energy Transfer by 3.1% in the third quarter. Chickasaw Capital Management LLC now owns 15,350,521 shares of the pipeline company’s stock worth $246,376,000 after acquiring an additional 466,565 shares during the period. Finally, CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT grew its position in shares of Energy Transfer by 7.9% during the third quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 7,293,510 shares of the pipeline company’s stock worth $117,061,000 after purchasing an additional 536,047 shares in the last quarter. Hedge funds and other institutional investors own 38.22% of the company’s stock.

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.