Energy Transfer (NYSE:ET) Stock Price Down 2.2% – Time to Sell?

Energy Transfer LP (NYSE:ET)’s share price fell 2.2% during mid-day trading on Monday . The stock traded as low as $19.86 and last traded at $19.9050. 13,138,821 shares traded hands during mid-day trading, a decline of 4% from the average daily volume of 13,702,785 shares. The stock had previously closed at $20.36.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on ET shares. Jefferies Financial Group upgraded Energy Transfer from a “hold” rating to a “buy” rating and set a $23.00 price objective on the stock in a report on Tuesday, May 26th. Zacks Research upgraded Energy Transfer from a “hold” rating to a “strong-buy” rating in a report on Monday, July 13th. Morgan Stanley raised their price target on shares of Energy Transfer from $21.00 to $23.00 and gave the stock an “equal weight” rating in a research note on Wednesday, May 27th. JPMorgan Chase & Co. lifted their price objective on shares of Energy Transfer from $22.00 to $24.00 and gave the company an “overweight” rating in a report on Tuesday, May 12th. Finally, TD Cowen reissued a “buy” rating and issued a $24.00 price objective (up from $23.00) on shares of Energy Transfer in a research report on Thursday, July 16th. Three equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, Energy Transfer has a consensus rating of “Buy” and an average target price of $23.50.

Energy Transfer Trading Down 2.2%

The company has a current ratio of 1.17, a quick ratio of 0.93 and a debt-to-equity ratio of 1.50. The business has a 50 day moving average price of $19.55 and a 200-day moving average price of $18.99. The company has a market cap of $68.50 billion, a P/E ratio of 16.59, a PEG ratio of 1.18 and a beta of 0.55.

Energy Transfer (NYSE:ET) last issued its earnings results on Tuesday, May 5th. The pipeline company reported $0.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.40 by ($0.05). Energy Transfer had a net margin of 4.66% and a return on equity of 9.77%. The firm had revenue of $27.77 billion during the quarter, compared to analyst estimates of $25.78 billion. During the same quarter last year, the business posted $0.36 earnings per share. The company’s revenue for the quarter was up 32.1% on a year-over-year basis. Analysts forecast that Energy Transfer LP will post 1.43 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Energy Transfer

A number of large investors have recently made changes to their positions in the company. Morgan Stanley lifted its holdings in Energy Transfer by 41.6% during the 4th quarter. Morgan Stanley now owns 86,310,272 shares of the pipeline company’s stock worth $1,423,256,000 after purchasing an additional 25,366,594 shares during the last quarter. Alps Advisors Inc. grew its position in shares of Energy Transfer by 8.0% during the 4th quarter. Alps Advisors Inc. now owns 83,843,087 shares of the pipeline company’s stock worth $1,382,573,000 after purchasing an additional 6,192,066 shares in the last quarter. Invesco Ltd. grew its position in shares of Energy Transfer by 3.2% during the 3rd quarter. Invesco Ltd. now owns 57,862,666 shares of the pipeline company’s stock worth $992,923,000 after purchasing an additional 1,773,042 shares in the last quarter. Tortoise Capital Advisors L.L.C. increased its holdings in shares of Energy Transfer by 0.3% during the fourth quarter. Tortoise Capital Advisors L.L.C. now owns 38,675,828 shares of the pipeline company’s stock worth $637,764,000 after purchasing an additional 103,245 shares during the period. Finally, Bank of America Corp DE increased its holdings in shares of Energy Transfer by 5.7% during the first quarter. Bank of America Corp DE now owns 30,956,358 shares of the pipeline company’s stock worth $597,458,000 after purchasing an additional 1,656,609 shares during the period. Institutional investors own 38.22% of the company’s stock.

Energy Transfer Company Profile

Energy Transfer (NYSE: ET) is a Dallas-based midstream energy company that develops and operates infrastructure for the transportation, storage and processing of hydrocarbons. The company’s operations focus on moving and storing natural gas, natural gas liquids (NGLs), crude oil and refined products through an integrated network of pipelines, terminals, storage facilities and processing plants. Energy Transfer provides core midstream services such as gathering, compression, fractionation, processing, and bulk transportation to support production and downstream supply chains.

Its asset base spans an extensive network across the United States, connecting producing regions, processing centers, petrochemical hubs and coastal and inland markets.