Royal Bank of Canada Raises Energy Transfer (NYSE:ET) Price Target to $23.00

Energy Transfer (NYSE:ET - Free Report) had its target price raised by Royal Bank of Canada from $20.00 to $23.00 in a research note published on Monday morning,Benzinga reports. The brokerage currently has an outperform rating on the pipeline company's stock.

ET has been the topic of several other research reports. UBS Group lifted their price objective on shares of Energy Transfer from $22.00 to $23.00 and gave the stock a "buy" rating in a research note on Wednesday, September 18th. Bank of America assumed coverage on shares of Energy Transfer in a research note on Thursday, October 17th. They set a "buy" rating and a $20.00 price objective on the stock. Eight analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target of $20.38.

Energy Transfer Price Performance

NYSE:ET traded down $0.41 during mid-day trading on Monday, reaching $18.85. 14,262,509 shares of the company were exchanged, compared to its average volume of 13,713,907. Energy Transfer has a 12 month low of $13.11 and a 12 month high of $20.02. The company has a fifty day moving average of $17.35 and a 200 day moving average of $16.44. The company has a quick ratio of 0.88, a current ratio of 1.08 and a debt-to-equity ratio of 1.40. The stock has a market cap of $64.54 billion, a PE ratio of 13.86, a PEG ratio of 0.63 and a beta of 1.70.

Energy Transfer (NYSE:ET - Get Free Report) last issued its quarterly earnings data on Wednesday, November 6th. The pipeline company reported $0.32 EPS for the quarter, hitting analysts' consensus estimates of $0.32. The firm had revenue of $20.77 billion for the quarter, compared to analyst estimates of $21.59 billion. Energy Transfer had a net margin of 5.90% and a return on equity of 12.38%. The company's revenue was up .2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.31 EPS. On average, research analysts anticipate that Energy Transfer will post 1.32 EPS for the current fiscal year.

Energy Transfer Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, November 19th. Shareholders of record on Friday, November 8th were issued a dividend of $0.3225 per share. The ex-dividend date was Friday, November 8th. This represents a $1.29 annualized dividend and a yield of 6.84%. Energy Transfer's dividend payout ratio (DPR) is currently 94.85%.

Institutional Trading of Energy Transfer

A number of hedge funds and other institutional investors have recently made changes to their positions in ET. Empowered Funds LLC increased its holdings in Energy Transfer by 15.0% during the third quarter. Empowered Funds LLC now owns 346,825 shares of the pipeline company's stock worth $5,567,000 after buying an additional 45,172 shares during the last quarter. Kingsview Wealth Management LLC increased its holdings in Energy Transfer by 30.9% during the third quarter. Kingsview Wealth Management LLC now owns 242,042 shares of the pipeline company's stock worth $3,885,000 after buying an additional 57,184 shares during the last quarter. FMR LLC increased its holdings in Energy Transfer by 44.0% during the third quarter. FMR LLC now owns 33,379,297 shares of the pipeline company's stock worth $535,738,000 after buying an additional 10,195,768 shares during the last quarter. Clear Street Derivatives LLC bought a new position in Energy Transfer during the third quarter worth $2,565,000. Finally, GFS Advisors LLC boosted its position in Energy Transfer by 19,380.5% during the third quarter. GFS Advisors LLC now owns 60,000 shares of the pipeline company's stock worth $963,000 after purchasing an additional 59,692 shares during the period. 38.22% of the stock is currently owned by institutional investors and hedge funds.

Energy Transfer Company Profile

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.