Brokerages Set Energy Transfer LP (NYSE:ET) Price Target at $23.92

Energy Transfer LP (NYSE:ET) has received an average rating of “Moderate Buy” from the fifteen ratings firms that are currently covering the company, Marketbeat Ratings reports. Two research analysts have rated the stock with a hold recommendation, twelve have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $24.0833.

ET has been the subject of a number of analyst reports. Scotiabank reissued an “outperform” rating on shares of Energy Transfer in a research report on Tuesday, May 12th. JPMorgan Chase & Co. raised their target price 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. Wall Street Zen upgraded shares of Energy Transfer from a “hold” rating to a “buy” rating in a research note on Saturday, August 8th. Weiss Ratings raised Energy Transfer from a “buy (b)” rating to a “buy (b+)” rating in a report on Tuesday, August 11th. Finally, Jefferies Financial Group reissued a “buy” rating on shares of Energy Transfer in a report on Wednesday, August 5th.

Energy Transfer Trading Up 2.3%

NYSE:ET opened at $21.41 on Friday. Energy Transfer has a 12-month low of $16.18 and a 12-month high of $21.43. The firm has a market cap of $73.74 billion, a PE ratio of 14.57, a price-to-earnings-growth ratio of 0.75 and a beta of 0.55. 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 stock has a fifty day moving average price of $19.84 and a 200 day moving average price of $19.37.

Energy Transfer (NYSE:ET) last issued its quarterly earnings results 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. The company had revenue of $34.33 billion for the quarter, compared to the consensus estimate of $27.71 billion. Energy Transfer had a return on equity of 11.55% and a net margin of 4.87%.Energy Transfer’s revenue was up 78.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.32 EPS. Sell-side analysts anticipate that Energy Transfer will post 1.63 earnings per share for the current fiscal year.

Energy Transfer Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, August 19th. Stockholders of record on Friday, August 7th will be given a dividend of $0.34 per share. This is a boost from Energy Transfer’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend is Friday, August 7th. This represents a $1.36 annualized dividend and a dividend yield of 6.4%. Energy Transfer’s dividend payout ratio is 92.52%.

Insiders Place Their Bets

In related news, Director James Richard Perry acquired 12,359 shares of the business’s stock in a transaction on Friday, August 7th. The shares were bought at an average price of $20.23 per share, with a total value of $250,022.57. Following the completion of the acquisition, the director owned 208,046 shares in the company, valued at $4,208,770.58. This trade represents a 6.32% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. 3.28% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Energy Transfer

Institutional investors and hedge funds have recently bought and sold shares of the stock. Osbon Capital Management LLC acquired a new position in Energy Transfer in the 2nd quarter valued at about $25,000. Basepoint Wealth LLC purchased a new stake in Energy Transfer during the 4th quarter valued at approximately $25,000. Gables Capital Management Inc. raised its stake in Energy Transfer by 60.0% during the 4th quarter. Gables Capital Management Inc. now owns 1,600 shares of the pipeline company’s stock valued at $26,000 after acquiring an additional 600 shares during the last quarter. Cassaday & Co Wealth Management LLC acquired a new stake in Energy Transfer during the 1st quarter worth approximately $35,000. Finally, Sarver Vrooman Wealth Advisors purchased a new position in shares of Energy Transfer in the 4th quarter valued at approximately $32,000. 38.22% of the stock is owned by hedge funds and other 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.