Energy Transfer (NYSE:ET) Shares Down 3.4% – Here’s Why

Shares of Energy Transfer LP (NYSE:ET) dropped 3.4% on Monday . The stock traded as low as $16.72 and last traded at $16.68. Approximately 3,516,093 shares traded hands during trading, a decline of 80% from the average daily volume of 17,577,162 shares. The stock had previously closed at $17.27.

Analyst Upgrades and Downgrades

ET has been the subject of several recent analyst reports. Royal Bank of Canada reissued an “outperform” rating and issued a $23.00 price target on shares of Energy Transfer in a report on Tuesday, March 25th. Barclays boosted their price objective on Energy Transfer from $22.00 to $25.00 and gave the stock an “overweight” rating in a research note on Monday, January 13th. Citigroup restated a “buy” rating on shares of Energy Transfer in a research report on Monday, March 24th. Morgan Stanley boosted their price target on Energy Transfer from $20.00 to $26.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 25th. Finally, Stifel Nicolaus upped their target price on shares of Energy Transfer from $21.00 to $23.00 and gave the stock a “buy” rating in a report on Wednesday, February 12th. One analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, Energy Transfer presently has an average rating of “Moderate Buy” and an average target price of $22.09.

Energy Transfer Price Performance

The company’s 50-day moving average price is $18.24 and its 200-day moving average price is $18.47. 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 cap of $56.34 billion, a price-to-earnings ratio of 12.83, a PEG ratio of 0.64 and a beta of 1.32.

Energy Transfer (NYSE:ET) last posted its quarterly earnings data on Tuesday, February 11th. The pipeline company reported $0.29 earnings per share for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.06). Energy Transfer had a return on equity of 11.56% and a net margin of 5.74%. On average, equities research analysts forecast that Energy Transfer LP will post 1.46 EPS for the current year.

Energy Transfer Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, February 19th. Investors of record on Friday, February 7th were paid a dividend of $0.325 per share. This represents a $1.30 dividend on an annualized basis and a dividend yield of 7.92%. This is a positive change from Energy Transfer’s previous quarterly dividend of $0.32. The ex-dividend date of this dividend was Friday, February 7th. Energy Transfer’s dividend payout ratio is presently 101.56%.

Institutional Investors Weigh In On Energy Transfer

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Mountain Hill Investment Partners Corp. purchased a new position in shares of Energy Transfer in the 4th quarter valued at $25,000. Capital A Wealth Management LLC purchased a new stake in shares of Energy Transfer in the 4th quarter valued at about $26,000. GAMMA Investing LLC acquired a new stake in shares of Energy Transfer in the 4th quarter valued at about $29,000. Fourth Dimension Wealth LLC purchased a new position in Energy Transfer during the 4th quarter worth approximately $29,000. Finally, United Community Bank purchased a new stake in Energy Transfer in the fourth quarter valued at approximately $35,000. 38.22% of the stock is currently owned by institutional investors and hedge funds.

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.