Energy Transfer (NYSE:ET) Stock Price Down 1.5% – Here’s What Happened

Energy Transfer LP (NYSE:ET) traded down 1.5% during mid-day trading on Wednesday . The stock traded as low as $18.81 and last traded at $18.9290. Approximately 7,833,230 shares changed hands during mid-day trading, a decline of 47% from the average daily volume of 14,763,099 shares. The stock had previously closed at $19.22.

Wall Street Analysts Forecast Growth

ET has been the subject of a number of recent research reports. Morgan Stanley raised their price objective 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. raised their price target on Energy Transfer from $22.00 to $24.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 12th. Stifel Nicolaus boosted their price objective on shares of Energy Transfer from $23.00 to $25.00 and gave the company a “buy” rating in a research note on Wednesday, May 6th. TD Cowen reissued a “buy” rating and set a $23.00 target price (up from $22.00) on shares of Energy Transfer in a research report on Wednesday, May 13th. Finally, Scotiabank reissued an “outperform” rating on shares of Energy Transfer in a research report on Tuesday, May 12th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $23.45.

Energy Transfer Trading Down 1.5%

The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.93 and a current ratio of 1.17. The business’s 50 day moving average price is $19.42 and its 200-day moving average price is $18.46. The firm has a market cap of $65.14 billion, a price-to-earnings ratio of 15.77, a price-to-earnings-growth ratio of 1.09 and a beta of 0.55.

Energy Transfer (NYSE:ET) last released its quarterly earnings data on Tuesday, May 5th. The pipeline company reported $0.35 earnings per share for the quarter, missing the consensus estimate of $0.40 by ($0.05). The business had revenue of $27.77 billion for the quarter, compared to analyst estimates of $25.78 billion. Energy Transfer had a return on equity of 9.77% and a net margin of 4.66%.Energy Transfer’s revenue was up 32.1% compared to the same quarter last year. During the same quarter last year, the company earned $0.36 EPS. Equities analysts expect that Energy Transfer LP will post 1.43 EPS for the current year.

Energy Transfer Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, May 20th. Shareholders of record on Friday, May 8th were paid a dividend of $0.3375 per share. This represents a $1.35 dividend on an annualized basis and a yield of 7.1%. The ex-dividend date of this dividend was Friday, May 8th. This is a positive change from Energy Transfer’s previous quarterly dividend of $0.34. Energy Transfer’s dividend payout ratio (DPR) is presently 112.50%.

Institutional Investors Weigh In On Energy Transfer

Large investors have recently made changes to their positions in the company. Brighton Jones LLC boosted its position in shares of Energy Transfer by 93.4% during the fourth quarter. Brighton Jones LLC now owns 24,530 shares of the pipeline company’s stock worth $481,000 after buying an additional 11,844 shares during the period. AQR Capital Management LLC increased its position in Energy Transfer by 62.8% in the 1st quarter. AQR Capital Management LLC now owns 21,041 shares of the pipeline company’s stock valued at $391,000 after acquiring an additional 8,118 shares during the period. Geode Capital Management LLC increased its position in Energy Transfer by 6.2% in the 2nd quarter. Geode Capital Management LLC now owns 135,395 shares of the pipeline company’s stock valued at $2,455,000 after acquiring an additional 7,901 shares during the period. Russell Investments Group Ltd. raised its stake in Energy Transfer by 436.5% during the 2nd quarter. Russell Investments Group Ltd. now owns 4,179 shares of the pipeline company’s stock valued at $76,000 after acquiring an additional 3,400 shares in the last quarter. Finally, Guggenheim Capital LLC raised its stake in Energy Transfer by 5.6% during the 2nd quarter. Guggenheim Capital LLC now owns 50,919 shares of the pipeline company’s stock valued at $923,000 after acquiring an additional 2,700 shares in the last quarter. Institutional investors and hedge funds 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.