Energy Transfer (NYSE:ET) Shares Down 0% After Analyst Downgrade

Energy Transfer LP (NYSE:ET)’s share price fell 0% on Monday after JPMorgan Chase & Co. lowered their price target on the stock from $25.00 to $23.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Energy Transfer traded as low as $17.79 and last traded at $17.95. 3,372,040 shares were traded during trading, a decline of 78% from the average session volume of 15,504,013 shares. The stock had previously closed at $17.95.

Several other equities research analysts have also weighed in on the company. Morgan Stanley upped their price objective on Energy Transfer from $20.00 to $26.00 and gave the company an “overweight” rating in a research note on Tuesday, March 25th. Citigroup reiterated a “buy” rating on shares of Energy Transfer in a research report on Monday, March 24th. Royal Bank of Canada reissued an “outperform” rating and set a $23.00 price objective on shares of Energy Transfer in a report on Tuesday, March 25th. Stifel Nicolaus upped their target price on shares of Energy Transfer from $21.00 to $23.00 and gave the stock a “buy” rating in a report on Wednesday, February 12th. Finally, Wells Fargo & Company cut their price target on shares of Energy Transfer from $22.00 to $21.00 and set an “overweight” rating for the company in a report on Wednesday, May 7th. One analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat, Energy Transfer currently has an average rating of “Moderate Buy” and an average price target of $22.36.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Empowered Funds LLC grew its holdings in Energy Transfer by 1.1% during the 1st quarter. Empowered Funds LLC now owns 405,820 shares of the pipeline company’s stock worth $7,544,000 after acquiring an additional 4,329 shares during the last quarter. First Dallas Securities Inc. grew its stake in shares of Energy Transfer by 1.8% during the first quarter. First Dallas Securities Inc. now owns 181,899 shares of the pipeline company’s stock valued at $3,381,000 after purchasing an additional 3,145 shares during the last quarter. Laidlaw Wealth Management LLC grew its stake in shares of Energy Transfer by 38.4% during the first quarter. Laidlaw Wealth Management LLC now owns 31,655 shares of the pipeline company’s stock valued at $588,000 after purchasing an additional 8,780 shares during the last quarter. Talon Private Wealth LLC increased its holdings in shares of Energy Transfer by 1.6% in the first quarter. Talon Private Wealth LLC now owns 48,722 shares of the pipeline company’s stock valued at $906,000 after purchasing an additional 767 shares in the last quarter. Finally, Pacific Center for Financial Services raised its position in Energy Transfer by 34.7% in the 1st quarter. Pacific Center for Financial Services now owns 2,586 shares of the pipeline company’s stock worth $48,000 after purchasing an additional 666 shares during the last quarter. 38.22% of the stock is owned by institutional investors.

Energy Transfer Stock Performance

The firm has a fifty day simple moving average of $17.48 and a 200-day simple moving average of $18.58. The company has a current ratio of 1.12, a quick ratio of 0.88 and a debt-to-equity ratio of 1.42. The stock has a market cap of $61.88 billion, a price-to-earnings ratio of 14.09, a P/E/G ratio of 0.64 and a beta of 0.77.

Energy Transfer (NYSE:ET) last released its earnings results on Tuesday, May 6th. The pipeline company reported $0.36 earnings per share for the quarter, topping analysts’ consensus estimates of $0.33 by $0.03. The company had revenue of $21.02 billion during the quarter, compared to the consensus estimate of $22.28 billion. Energy Transfer had a return on equity of 11.56% and a net margin of 5.74%. The firm’s quarterly revenue was down 2.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.32 earnings per share. Analysts forecast that Energy Transfer LP will post 1.46 EPS for the current fiscal year.

Energy Transfer Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, May 20th. Shareholders of record on Friday, May 9th will be given a dividend of $0.3275 per share. The ex-dividend date is Friday, May 9th. This is an increase from Energy Transfer’s previous quarterly dividend of $0.33. This represents a $1.31 dividend on an annualized basis and a yield of 7.26%. Energy Transfer’s dividend payout ratio is presently 99.24%.

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.