Energy Transfer (NYSE:ET) Shares Up 0.6% – Here’s What Happened

Energy Transfer LP (NYSE:ET) shares were up 0.6% during trading on Friday . The company traded as high as $17.27 and last traded at $17.25. Approximately 4,205,698 shares changed hands during trading, a decline of 68% from the average daily volume of 13,318,466 shares. The stock had previously closed at $17.15.

Wall Street Analyst Weigh In

ET has been the subject of several recent research reports. UBS Group upped their price target on Energy Transfer from $22.00 to $23.00 and gave the stock a “buy” rating in a report on Wednesday, September 18th. Royal Bank of Canada upped their target price on shares of Energy Transfer from $19.00 to $20.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Finally, 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 target on the stock. Eight research analysts have rated the stock with a buy rating, According to MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $20.00.

Energy Transfer Stock Performance

The company has a market cap of $59.06 billion, a P/E ratio of 12.68, a price-to-earnings-growth ratio of 0.52 and a beta of 1.66. The company’s 50-day moving average is $16.39 and its two-hundred day moving average is $16.08. The company has a quick ratio of 0.92, a current ratio of 1.08 and a debt-to-equity ratio of 1.40.

Energy Transfer (NYSE:ET) last posted its quarterly earnings data on Wednesday, November 6th. The pipeline company reported $0.32 earnings per share for the quarter, hitting the consensus estimate of $0.32. Energy Transfer had a net margin of 5.90% and a return on equity of 12.38%. The company had revenue of $20.77 billion for the quarter, compared to analysts’ expectations of $21.59 billion. During the same period in the prior year, the business earned $0.31 earnings per share. Energy Transfer’s revenue for the quarter was up .2% compared to the same quarter last year. Equities analysts predict that Energy Transfer LP will post 1.34 EPS for the current year.

Energy Transfer Cuts Dividend

The company also recently declared 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. The ex-dividend date is Friday, November 8th. This represents a $1.29 dividend on an annualized basis and a yield of 7.48%. Energy Transfer’s payout ratio is 94.85%.

Insider Activity

In related news, EVP Gregory G. Mcilwain purchased 20,000 shares of Energy Transfer stock in a transaction that occurred on Friday, August 23rd. The shares were acquired at an average cost of $15.68 per share, for a total transaction 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. The trade was a 3.50 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 3.28% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Princeton Global Asset Management LLC increased its position in shares of Energy Transfer by 65.0% in the third quarter. Princeton Global Asset Management LLC now owns 1,650 shares of the pipeline company’s stock valued at $26,000 after acquiring an additional 650 shares during the period. Assetmark Inc. increased its holdings in Energy Transfer by 2,138.5% during the 3rd quarter. Assetmark Inc. now owns 1,746 shares of the pipeline company’s stock valued at $28,000 after purchasing an additional 1,668 shares during the period. LRI Investments LLC bought a new position in Energy Transfer during the 1st quarter valued at approximately $29,000. HWG Holdings LP bought a new stake in shares of Energy Transfer in the 2nd quarter worth approximately $33,000. Finally, Sugarloaf Wealth Management LLC increased its stake in shares of Energy Transfer by 43.6% during the third quarter. Sugarloaf Wealth Management LLC now owns 2,472 shares of the pipeline company’s stock valued at $40,000 after buying an additional 750 shares during the period. 38.22% of the stock is owned by hedge funds and other institutional investors.

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.