Energy Transfer (NYSE:ET) Shares Up 1.8% – Here’s Why

Energy Transfer LP (NYSE:ET)’s stock price shot up 1.8% on Wednesday . The stock traded as high as $19.15 and last traded at $19.08. 2,665,188 shares were traded during trading, a decline of 80% from the average session volume of 13,657,937 shares. The stock had previously closed at $18.74.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. Royal Bank of Canada upped their price objective on shares of Energy Transfer from $20.00 to $23.00 and gave the company an “outperform” rating in a research note on Monday. Bank of America assumed coverage on Energy Transfer in a research note on Thursday, October 17th. They set a “buy” rating and a $20.00 price target for the company. Finally, UBS Group boosted their price target on Energy Transfer from $22.00 to $23.00 and gave the company a “buy” rating in a research note on Wednesday, September 18th. Eight analysts have rated the stock with a buy rating, According to data from MarketBeat, Energy Transfer has an average rating of “Buy” and a consensus price target of $20.38.

Energy Transfer Stock Performance

The company has a debt-to-equity ratio of 1.40, a quick ratio of 0.88 and a current ratio of 1.08. The firm has a 50 day moving average price of $17.40 and a two-hundred day moving average price of $16.47. The company has a market capitalization of $65.81 billion, a P/E ratio of 14.03, a price-to-earnings-growth ratio of 0.63 and a beta of 1.70.

Energy Transfer (NYSE:ET) last announced its earnings results on Wednesday, November 6th. The pipeline company reported $0.32 EPS for the quarter, hitting the consensus estimate of $0.32. Energy Transfer had a return on equity of 12.38% and a net margin of 5.90%. The business had revenue of $20.77 billion for the quarter, compared to the consensus estimate of $21.59 billion. During the same period in the previous year, the business earned $0.31 EPS. Energy Transfer’s revenue was up .2% compared to the same quarter last year. On average, research analysts expect that Energy Transfer LP will post 1.32 earnings per share for the current fiscal year.

Energy Transfer Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, November 19th. Shareholders of record on Friday, November 8th were given a dividend of $0.3225 per share. This represents a $1.29 annualized dividend and a dividend yield of 6.71%. The ex-dividend date of this dividend was Friday, November 8th. Energy Transfer’s payout ratio is 94.85%.

Institutional Investors Weigh In On Energy Transfer

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Wealth Enhancement Advisory Services LLC increased its position in shares of Energy Transfer by 26.7% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 696,770 shares of the pipeline company’s stock worth $11,302,000 after purchasing an additional 146,799 shares during the last quarter. Great Valley Advisor Group Inc. raised its position in Energy Transfer by 4.3% during the second quarter. Great Valley Advisor Group Inc. now owns 156,613 shares of the pipeline company’s stock worth $2,541,000 after acquiring an additional 6,440 shares in the last quarter. Redhawk Wealth Advisors Inc. lifted its stake in Energy Transfer by 111.0% in the second quarter. Redhawk Wealth Advisors Inc. now owns 33,913 shares of the pipeline company’s stock valued at $550,000 after acquiring an additional 17,838 shares during the last quarter. Whitener Capital Management Inc. increased its stake in shares of Energy Transfer by 9.3% during the 2nd quarter. Whitener Capital Management Inc. now owns 24,658 shares of the pipeline company’s stock worth $400,000 after purchasing an additional 2,100 shares during the last quarter. Finally, Fiduciary Financial Group LLC bought a new stake in shares of Energy Transfer in the 2nd quarter valued at about $372,000. Institutional investors and hedge funds 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.