Energy Transfer (NYSE:ET) Shares Up 1.3% – Here’s What Happened

Energy Transfer LP (NYSE:ET) was up 1.3% during mid-day trading on Friday . The company traded as high as $21.10 and last traded at $21.0230. Approximately 6,926,091 shares were traded during trading, a decline of 48% from the average daily volume of 13,423,073 shares. The stock had previously closed at $20.76.

Analyst Ratings Changes

A number of research analysts recently commented on the company. Wall Street Zen raised Energy Transfer from a “hold” rating to a “buy” rating in a report on Saturday, August 8th. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $23.00 target price (up from $21.00) on shares of Energy Transfer in a research report on Tuesday, July 21st. Citigroup reaffirmed a “buy” rating and issued a $24.00 target price (up from $23.00) on shares of Energy Transfer in a research report on Friday, August 7th. Scotiabank reissued an “outperform” rating on shares of Energy Transfer in a research report on Tuesday, May 12th. Finally, Jefferies Financial Group reiterated a “buy” rating on shares of Energy Transfer in a research note on Wednesday, August 5th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $23.92.

Energy Transfer Price Performance

The stock has a market capitalization of $72.39 billion, a price-to-earnings ratio of 14.30, a price-to-earnings-growth ratio of 1.99 and a beta of 0.55. The company has a 50-day simple moving average of $19.73 and a two-hundred day simple moving average of $19.30. The company has a debt-to-equity ratio of 1.45, a current ratio of 1.16 and a quick ratio of 0.94.

Energy Transfer (NYSE:ET) last posted its earnings results on Tuesday, August 4th. The pipeline company reported $0.59 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.38 by $0.21. The firm had revenue of $34.33 billion during the quarter, compared to analyst estimates of $27.71 billion. Energy Transfer had a net margin of 4.87% and a return on equity of 11.55%. Energy Transfer’s revenue was up 78.4% on a year-over-year basis. During the same period in the previous year, the business posted $0.32 EPS. On average, equities research analysts predict that Energy Transfer LP will post 1.57 earnings per share for the current year.

Energy Transfer Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 19th. Investors of record on Friday, August 7th will be paid a dividend of $0.34 per share. This is an increase from Energy Transfer’s previous quarterly dividend of $0.34. This represents a $1.36 dividend on an annualized basis and a dividend yield of 6.5%. The ex-dividend date is Friday, August 7th. Energy Transfer’s dividend payout ratio (DPR) is presently 92.52%.

Insider Transactions at Energy Transfer

In related news, Director James Richard Perry bought 12,359 shares of the stock in a transaction on Friday, August 7th. The shares were purchased at an average price of $20.23 per share, with a total value of $250,022.57. Following the purchase, the director owned 208,046 shares in the company, valued at approximately $4,208,770.58. This represents a 6.32% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. 3.28% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Energy Transfer

Several hedge funds have recently modified their holdings of the company. Morgan Stanley raised its holdings in shares of Energy Transfer by 41.6% in 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 in the last quarter. Alps Advisors Inc. raised its position in Energy Transfer by 8.0% during the fourth quarter. Alps Advisors Inc. now owns 83,843,087 shares of the pipeline company’s stock valued at $1,382,573,000 after buying an additional 6,192,066 shares during the period. Mizuho Markets Americas LLC acquired a new position in Energy Transfer during the first quarter valued at $61,760,000. SCS Capital Management LLC lifted its stake in 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 worth $37,148,000 after acquiring an additional 1,843,771 shares in the last quarter. Finally, Invesco Ltd. lifted its stake in Energy Transfer by 3.2% in the 3rd quarter. Invesco Ltd. now owns 57,862,666 shares of the pipeline company’s stock worth $992,923,000 after acquiring an additional 1,773,042 shares in the last quarter. 38.22% of the stock is currently owned by institutional investors and hedge funds.

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.