Energy Transfer (NYSE:ET) Shares Down 0.5% – Here’s What Happened

Shares of Energy Transfer LP (NYSE:ET) dropped 0.5% during mid-day trading on Thursday . The stock traded as low as $16.39 and last traded at $16.39. Approximately 2,531,701 shares were traded during mid-day trading, a decline of 80% from the average daily volume of 12,957,313 shares. The stock had previously closed at $16.47.

Analysts Set New Price Targets

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

Energy Transfer Stock Down 0.4 %

The stock’s fifty day simple moving average is $16.18 and its two-hundred day simple moving average is $15.98. The company has a debt-to-equity ratio of 1.38, a current ratio of 1.14 and a quick ratio of 0.92. The company has a market capitalization of $56.16 billion, a price-to-earnings ratio of 13.77, a PEG ratio of 0.49 and a beta of 1.66.

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

Energy Transfer Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 19th. Shareholders of record on Friday, November 8th will be given a dividend of $0.3225 per share. This represents a $1.29 dividend on an annualized basis and a yield of 7.86%. The ex-dividend date of this dividend is Friday, November 8th. Energy Transfer’s dividend payout ratio is 108.40%.

Insider Transactions at Energy Transfer

In related news, Director Kelcy L. Warren bought 3,000,000 shares of the company’s stock in a transaction on Monday, August 12th. The stock was bought at an average cost of $15.68 per share, with a total value of $47,040,000.00. Following the completion of the purchase, the director now owns 123,385,650 shares in the company, valued at approximately $1,934,686,992. The trade was a 0.00 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Energy Transfer news, CEO Thomas E. Long acquired 20,000 shares of the stock in a transaction dated Monday, August 12th. The shares were bought at an average cost of $15.68 per share, for a total transaction of $313,600.00. Following the completion of the acquisition, the chief executive officer now directly owns 4,308,859 shares of the company’s stock, valued at approximately $67,562,909.12. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Kelcy L. Warren bought 3,000,000 shares of Energy Transfer stock in a transaction that occurred on Monday, August 12th. The shares were acquired 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 of the company’s stock, valued at $1,934,686,992. The trade was a 0.00 % increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders purchased 3,040,000 shares of company stock valued at $47,667,200. Corporate insiders own 3.28% of the company’s stock.

Hedge Funds Weigh In On Energy Transfer

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Norden Group LLC acquired a new position in Energy Transfer during the first quarter valued at approximately $384,000. J.W. Cole Advisors Inc. lifted its stake in Energy Transfer by 32.1% in the first quarter. J.W. Cole Advisors Inc. now owns 68,374 shares of the pipeline company’s stock valued at $1,075,000 after buying an additional 16,617 shares during the period. Private Advisor Group LLC grew its position in shares of Energy Transfer by 18.5% during the 1st quarter. Private Advisor Group LLC now owns 495,391 shares of the pipeline company’s stock worth $7,793,000 after buying an additional 77,444 shares during the period. Diversify Advisory Services LLC bought a new position in Energy Transfer during the first quarter worth $13,005,000. Finally, Sequoia Financial Advisors LLC grew its holdings in Energy Transfer by 8.6% in the first quarter. Sequoia Financial Advisors LLC now owns 35,531 shares of the pipeline company’s stock worth $559,000 after purchasing an additional 2,804 shares during the period. Institutional investors own 38.22% of the company’s stock.

About Energy Transfer

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.