Energy Transfer (NYSE:ET) Sets New 52-Week High - Here's Why

Energy Transfer LP (NYSE:ET - Get Free Report)'s stock price hit a new 52-week high during trading on Wednesday . The stock traded as high as $20.22 and last traded at $20.08, with a volume of 754359 shares changing hands. The stock had previously closed at $19.93.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on ET shares. Bank of America started coverage on Energy Transfer in a report on Thursday, October 17th. They issued a "buy" rating and a $20.00 price target on the stock. The Goldman Sachs Group raised their price target on Energy Transfer from $17.00 to $20.00 and gave the stock a "neutral" rating in a research report on Thursday, December 19th. Royal Bank of Canada increased their target price on shares of Energy Transfer from $20.00 to $23.00 and gave the stock an "outperform" rating in a report on Monday, December 9th. Wells Fargo & Company boosted their price objective on shares of Energy Transfer from $20.00 to $21.00 and gave the company an "overweight" rating in a research report on Wednesday, December 18th. Finally, UBS Group lifted their price target on Energy Transfer from $22.00 to $23.00 and gave the company a "buy" rating in a research report on Wednesday, September 18th. One analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $20.82.

Energy Transfer Stock Up 0.6 %

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 company has a market cap of $68.62 billion, a PE ratio of 14.74, a P/E/G ratio of 0.62 and a beta of 1.70. The business has a 50-day simple moving average of $18.85 and a 200-day simple moving average of $17.12.

Energy Transfer (NYSE:ET - Get Free Report) last announced its quarterly earnings data on Wednesday, November 6th. The pipeline company reported $0.32 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.32. The firm had revenue of $20.77 billion during 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%. Energy Transfer's quarterly revenue was up .2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.31 earnings per share. Equities research analysts anticipate that Energy Transfer LP will post 1.32 EPS for the current year.

Energy Transfer Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, November 19th. Stockholders of record on Friday, November 8th were paid a dividend of $0.3225 per share. This represents a $1.29 annualized dividend and a dividend yield of 6.44%. The ex-dividend date of this dividend was Friday, November 8th. Energy Transfer's dividend payout ratio (DPR) is presently 94.85%.

Institutional Investors Weigh In On Energy Transfer

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. FMR LLC grew its stake in Energy Transfer by 44.0% in the 3rd quarter. FMR LLC now owns 33,379,297 shares of the pipeline company's stock worth $535,738,000 after acquiring an additional 10,195,768 shares during the period. International Assets Investment Management LLC raised its stake in shares of Energy Transfer by 1,491.0% during the third quarter. International Assets Investment Management LLC now owns 4,175,731 shares of the pipeline company's stock valued at $67,020,000 after purchasing an additional 3,913,266 shares during the period. BNP Paribas Financial Markets lifted its holdings in Energy Transfer by 36.7% in the 3rd quarter. BNP Paribas Financial Markets now owns 11,563,478 shares of the pipeline company's stock worth $185,594,000 after buying an additional 3,106,631 shares in the last quarter. Citigroup Inc. grew its stake in Energy Transfer by 45.9% during the 3rd quarter. Citigroup Inc. now owns 9,581,762 shares of the pipeline company's stock valued at $153,787,000 after purchasing an additional 3,013,973 shares in the last quarter. Finally, Pathway Financial Advisers LLC grew its position in shares of Energy Transfer by 1,837.4% during the third quarter. Pathway Financial Advisers LLC now owns 1,338,885 shares of the pipeline company's stock worth $21,489,000 after buying an additional 1,269,778 shares in the last quarter. 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.