Energy Transfer (NYSE:ET) Trading Down 1.9% – Here’s What Happened

Shares of Energy Transfer LP (NYSE:ET) dropped 1.9% during trading on Tuesday . The company traded as low as $20.40 and last traded at $20.5020. Approximately 10,043,792 shares were traded during mid-day trading, a decline of 21% from the average daily volume of 12,646,315 shares. The stock had previously closed at $20.90.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on ET shares. Morgan Stanley raised their target price on shares of Energy Transfer from $23.00 to $25.00 and gave the company an “equal weight” rating in a report on Tuesday, August 18th. Royal Bank Of Canada reiterated an “outperform” rating and set a $23.00 price target (up from $21.00) on shares of Energy Transfer in a research report on Tuesday, July 21st. JPMorgan Chase & Co. lifted their price objective on shares of Energy Transfer from $24.00 to $25.00 and gave the company an “overweight” rating in a research note on Friday, September 4th. Melius Research started coverage on shares of Energy Transfer in a research report on Tuesday. They set a “hold” rating and a $25.00 price objective for the company. Finally, Truist Financial upped their target price on Energy Transfer from $23.00 to $25.00 and gave the stock a “buy” rating in a research note on Wednesday, August 12th. Two research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Energy Transfer presently has a consensus rating of “Moderate Buy” and a consensus target price of $24.36.

Energy Transfer Trading Down 0.2%

The stock has a market cap of $70.40 billion, a P/E ratio of 13.92, a price-to-earnings-growth ratio of 0.68 and a beta of 0.57. The stock’s 50-day moving average is $20.89 and its two-hundred day moving average is $19.86. 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 released its quarterly earnings results on Tuesday, August 4th. The pipeline company reported $0.59 earnings per share for the quarter, beating 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 analysts’ expectations of $27.71 billion. During the same quarter last year, the business posted $0.32 EPS. The firm’s revenue for the quarter was up 78.4% compared to the same quarter last year. Equities research analysts anticipate that Energy Transfer LP will post 1.73 EPS for the current year.

Energy Transfer Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, August 19th. Shareholders of record on Friday, August 7th were issued a $0.34 dividend. This represents a $1.36 annualized dividend and a yield of 6.7%. The ex-dividend date was Friday, August 7th. This is an increase from Energy Transfer’s previous quarterly dividend of $0.34. Energy Transfer’s dividend payout ratio (DPR) is currently 92.52%.

Insider Transactions at Energy Transfer

In related news, Director Kelcy L. Warren bought 647,968 shares of the firm’s stock in a transaction on Wednesday, August 19th. The shares were bought at an average price of $21.26 per share, with a total value of $13,775,799.68. Following the completion of the transaction, the director directly owned 147,901,879 shares of the company’s stock, valued at $3,144,393,947.54. This represents a 0.44% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director James Perry purchased 12,359 shares of the stock in a transaction dated 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 completion of the transaction, the director owned 208,046 shares of the company’s stock, valued at approximately $4,208,770.58. This trade represents a 6.32% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders purchased 1,012,359 shares of company stock valued at $21,513,543 in the last three months. 3.28% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Envestnet Asset Management Inc. raised its stake in Energy Transfer by 8.6% during the 2nd quarter. Envestnet Asset Management Inc. now owns 1,244,157 shares of the pipeline company’s stock valued at $23,788,000 after acquiring an additional 98,624 shares in the last quarter. Bullseye Investment Management LLC acquired a new stake in Energy Transfer in the second quarter worth approximately $42,000. Talon Private Wealth LLC increased its position in shares of Energy Transfer by 1.7% during the 2nd quarter. Talon Private Wealth LLC now owns 53,343 shares of the pipeline company’s stock valued at $1,020,000 after purchasing an additional 888 shares during the period. Sequoia Financial Advisors LLC increased its position in shares of Energy Transfer by 6.1% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 78,368 shares of the pipeline company’s stock valued at $1,498,000 after purchasing an additional 4,491 shares during the period. Finally, Tidal Investments LLC raised its stake in shares of Energy Transfer by 56.7% in the 2nd quarter. Tidal Investments LLC now owns 1,611,509 shares of the pipeline company’s stock worth $30,812,000 after buying an additional 583,196 shares in the last quarter. 38.22% of the stock is owned by hedge funds and other institutional investors.

About Energy Transfer

Energy Transfer LP (NYSE: ET) is a diversified midstream energy partnership that owns and operates infrastructure used to transport, store, process and market energy commodities. Its assets support the movement of natural gas, crude oil, natural gas liquids (NGLs), refined products and other hydrocarbon-based materials.

The company’s operations include natural gas gathering and processing, interstate and intrastate pipeline transportation, NGL fractionation and storage, crude oil and refined products transportation, and terminal services.