Energy Transfer (NYSE:ET) Shares Down 1.9% – Here’s What Happened

Energy Transfer LP (NYSE:ET) fell 1.9% during mid-day trading on Wednesday . The company traded as low as $18.16 and last traded at $18.13. 4,787,445 shares traded hands during mid-day trading, a decline of 72% from the average session volume of 16,893,980 shares. The stock had previously closed at $18.47.

Analysts Set New Price Targets

Several research analysts have commented on the company. UBS Group restated a “buy” rating on shares of Energy Transfer in a report on Tuesday. Royal Bank of Canada lifted their price objective on Energy Transfer from $20.00 to $23.00 and gave the company an “outperform” rating in a report on Monday, December 9th. Citigroup upped their price objective on shares of Energy Transfer from $20.00 to $22.00 and gave the stock a “buy” rating in a research note on Tuesday, February 25th. Stifel Nicolaus raised their target price on shares of Energy Transfer from $21.00 to $23.00 and gave the company a “buy” rating in a research report on Wednesday, February 12th. Finally, The Goldman Sachs Group upped their price target on shares of Energy Transfer from $17.00 to $20.00 and gave the stock a “neutral” rating in a research report on Thursday, December 19th. One investment analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $21.55.

Energy Transfer Stock Performance

The company has a quick ratio of 0.88, a current ratio of 1.12 and a debt-to-equity ratio of 1.42. The firm has a market capitalization of $62.15 billion, a price-to-earnings ratio of 14.14, a P/E/G ratio of 0.64 and a beta of 1.69. The business has a 50-day moving average price of $19.90 and a 200-day moving average price of $18.08.

Energy Transfer (NYSE:ET) last issued its quarterly earnings results on Tuesday, February 11th. The pipeline company reported $0.29 earnings per share for the quarter, missing the consensus estimate of $0.35 by ($0.06). Energy Transfer had a return on equity of 11.56% and a net margin of 5.74%. As a group, sell-side analysts forecast that Energy Transfer LP will post 1.46 earnings per share for the current year.

Energy Transfer Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, February 19th. Shareholders of record on Friday, February 7th were issued a $0.325 dividend. The ex-dividend date was Friday, February 7th. This represents a $1.30 dividend on an annualized basis and a dividend yield of 7.18%. This is a boost from Energy Transfer’s previous quarterly dividend of $0.32. Energy Transfer’s dividend payout ratio (DPR) is currently 101.56%.

Hedge Funds Weigh In On Energy Transfer

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ET. Mountain Hill Investment Partners Corp. acquired a new stake in shares of Energy Transfer during the fourth quarter worth about $25,000. Capital A Wealth Management LLC acquired a new stake in shares of Energy Transfer in the fourth quarter worth $26,000. Assetmark Inc. raised its holdings in shares of Energy Transfer by 2,138.5% during the third quarter. Assetmark Inc. now owns 1,746 shares of the pipeline company’s stock worth $28,000 after purchasing an additional 1,668 shares during the last quarter. GAMMA Investing LLC acquired a new position in Energy Transfer during the fourth quarter valued at $29,000. Finally, Fourth Dimension Wealth LLC purchased a new stake in Energy Transfer in the fourth quarter valued at $29,000. Hedge funds and other 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.