Energy Transfer (NYSE:ET) Trading Down 1.6% – Here’s Why

Energy Transfer LP (NYSE:ET) shares fell 1.6% during mid-day trading on Tuesday . The stock traded as low as $16.53 and last traded at $16.5650. 12,504,499 shares were traded during mid-day trading, a decline of 16% from the average session volume of 14,826,130 shares. The stock had previously closed at $16.83.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on ET. Jefferies Financial Group set a $17.00 price target on Energy Transfer and gave the stock a “hold” rating in a research report on Tuesday, October 28th. TD Cowen initiated coverage on Energy Transfer in a research report on Monday, July 7th. They issued a “buy” rating and a $22.00 price target for the company. Barclays restated an “overweight” rating and set a $25.00 target price on shares of Energy Transfer in a research note on Wednesday, October 15th. Wells Fargo & Company reaffirmed an “overweight” rating and set a $23.00 price target (up previously from $21.00) on shares of Energy Transfer in a report on Tuesday, August 12th. Finally, Cowen began coverage on shares of Energy Transfer in a research note on Monday, July 7th. They issued a “buy” rating for the company. Thirteen research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $22.23.

Energy Transfer Trading Down 1.6%

The stock has a 50 day simple moving average of $17.11 and a 200-day simple moving average of $17.42. The firm has a market capitalization of $56.86 billion, a P/E ratio of 12.84, a P/E/G ratio of 1.01 and a beta of 0.78. The company has a current ratio of 1.15, a quick ratio of 0.92 and a debt-to-equity ratio of 1.44.

Energy Transfer (NYSE:ET) last released its quarterly earnings results on Wednesday, August 6th. The pipeline company reported $0.32 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.32. The business had revenue of $19.24 billion during the quarter, compared to the consensus estimate of $24.07 billion. Energy Transfer had a return on equity of 11.08% and a net margin of 5.80%.The business’s quarterly revenue was down 7.2% compared to the same quarter last year. During the same period in the previous year, the company posted $0.35 EPS. On average, equities research analysts forecast that Energy Transfer LP will post 1.46 EPS for the current fiscal year.

Energy Transfer Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 19th. Investors of record on Friday, November 7th will be paid a dividend of $0.3325 per share. This is a boost from Energy Transfer’s previous quarterly dividend of $0.33. The ex-dividend date is Friday, November 7th. This represents a $1.33 dividend on an annualized basis and a dividend yield of 8.0%. Energy Transfer’s dividend payout ratio is presently 103.10%.

Insider Activity

In related news, Director Kelcy L. Warren acquired 1,350,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 20th. The stock was bought at an average cost of $17.36 per share, for a total transaction of $23,436,000.00. Following the purchase, the director owned 69,178,477 shares in the company, valued at $1,200,938,360.72. The trade was a 1.99% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 3.28% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Adell Harriman & Carpenter Inc. grew its stake in shares of Energy Transfer by 6.6% during the 3rd quarter. Adell Harriman & Carpenter Inc. now owns 281,381 shares of the pipeline company’s stock valued at $4,828,000 after acquiring an additional 17,314 shares during the period. Marco Investment Management LLC grew its stake in shares of Energy Transfer by 36.3% during the 3rd quarter. Marco Investment Management LLC now owns 37,705 shares of the pipeline company’s stock valued at $647,000 after acquiring an additional 10,046 shares during the period. SP Asset Management LLC grew its stake in shares of Energy Transfer by 13.1% during the 3rd quarter. SP Asset Management LLC now owns 30,042 shares of the pipeline company’s stock valued at $516,000 after acquiring an additional 3,481 shares during the period. Commonwealth Retirement Investments LLC bought a new position in shares of Energy Transfer during the 3rd quarter valued at approximately $343,000. Finally, Atlantic Union Bankshares Corp grew its stake in shares of Energy Transfer by 215.8% during the 3rd quarter. Atlantic Union Bankshares Corp now owns 20,086 shares of the pipeline company’s stock valued at $345,000 after acquiring an additional 13,726 shares during the period. 38.22% of the stock is currently owned by 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.