Energy Transfer (NYSE:ET) Shares Up 2.4% – Here’s What Happened

Energy Transfer LP (NYSE:ET)’s stock price traded up 2.4% during mid-day trading on Monday . The company traded as high as $20.63 and last traded at $20.62. 11,680,893 shares were traded during trading, a decline of 14% from the average daily volume of 13,569,888 shares. The stock had previously closed at $20.13.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on ET shares. Jefferies Financial Group reaffirmed a “buy” rating on shares of Energy Transfer in a report on Wednesday, August 5th. Weiss Ratings restated a “buy (b)” rating on shares of Energy Transfer in a research report on Friday, June 5th. Raymond James Financial reaffirmed a “strong-buy” rating on shares of Energy Transfer in a research note on Wednesday, May 6th. TD Cowen reaffirmed a “buy” rating and set a $25.00 price objective (up from $24.00) on shares of Energy Transfer in a research report on Monday. Finally, Citigroup reissued a “buy” rating and issued a $24.00 target price (up from $23.00) on shares of Energy Transfer in a report on Friday. Three analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, Energy Transfer presently has an average rating of “Buy” and a consensus target price of $23.75.

Energy Transfer Stock Performance

The company has a current ratio of 1.16, a quick ratio of 0.94 and a debt-to-equity ratio of 1.45. The company has a market cap of $70.96 billion, a P/E ratio of 14.03, a price-to-earnings-growth ratio of 1.98 and a beta of 0.55. The company has a 50 day moving average price of $19.63 and a 200-day moving average price of $19.22.

Energy Transfer (NYSE:ET) last announced its quarterly earnings data on Tuesday, August 4th. The pipeline company reported $0.59 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.21. Energy Transfer had a return on equity of 11.55% and a net margin of 4.87%.The business had revenue of $34.33 billion during the quarter, compared to the consensus estimate of $27.71 billion. During the same period in the prior year, the company earned $0.32 EPS. Energy Transfer’s revenue for the quarter was up 78.4% on a year-over-year basis. On average, equities analysts expect that Energy Transfer LP will post 1.52 earnings per share for the current fiscal year.

Energy Transfer Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, August 19th. Stockholders of record on Friday, August 7th will be issued a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a dividend yield of 6.6%. This is an increase from Energy Transfer’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend is Friday, August 7th. Energy Transfer’s dividend payout ratio (DPR) is currently 92.52%.

Institutional Investors Weigh In On Energy Transfer

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Morgan Stanley increased its position in Energy Transfer by 41.6% during the 4th quarter. Morgan Stanley now owns 86,310,272 shares of the pipeline company’s stock valued at $1,423,256,000 after purchasing an additional 25,366,594 shares during the period. Alps Advisors Inc. lifted its position in shares of Energy Transfer by 8.0% in 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 during the period. Mizuho Markets Americas LLC bought a new stake in shares of Energy Transfer in the 1st quarter valued at $61,760,000. SCS Capital Management LLC boosted its stake in shares of Energy Transfer by 1,859.8% in the 2nd quarter. SCS Capital Management LLC now owns 1,942,908 shares of the pipeline company’s stock valued at $37,148,000 after purchasing an additional 1,843,771 shares during the last quarter. Finally, Invesco Ltd. increased its position in shares of Energy Transfer by 3.2% during the third quarter. Invesco Ltd. now owns 57,862,666 shares of the pipeline company’s stock worth $992,923,000 after buying an additional 1,773,042 shares during the period. 38.22% of the stock is owned by institutional investors.

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.