Energy Transfer (NYSE:ET) Shares Up 1% - Here's Why

Shares of Energy Transfer LP (NYSE:ET - Get Free Report) were up 1% on Wednesday . The company traded as high as $18.29 and last traded at $18.14. Approximately 6,327,873 shares were traded during trading, a decline of 53% from the average daily volume of 13,384,043 shares. The stock had previously closed at $17.96.

Wall Street Analyst Weigh In

ET has been the subject of several analyst reports. Bank of America assumed coverage on Energy Transfer in a research note on Thursday, October 17th. They issued a "buy" rating and a $20.00 price objective for the company. Royal Bank of Canada raised their price objective on Energy Transfer from $19.00 to $20.00 and gave the company an "outperform" rating in a research note on Wednesday, October 16th. Finally, UBS Group upped their target price 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. Eight research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has an average rating of "Buy" and a consensus target price of $20.00.

Energy Transfer Stock Up 1.2 %

The stock has a 50 day moving average price of $16.50 and a 200 day moving average price of $16.13. The company has a debt-to-equity ratio of 1.40, a quick ratio of 0.88 and a current ratio of 1.08. The company has a market capitalization of $62.25 billion, a P/E ratio of 13.34, a PEG ratio of 0.53 and a beta of 1.66.

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 for the quarter, meeting the consensus estimate of $0.32. Energy Transfer had a return on equity of 12.38% and a net margin of 5.90%. The business had revenue of $20.77 billion during the quarter, compared to analyst estimates of $21.59 billion. During the same period in the prior year, the company earned $0.31 earnings per share. Energy Transfer's revenue was up .2% compared to the same quarter last year. Equities research analysts forecast that Energy Transfer LP will post 1.34 earnings per share for the current fiscal year.

Energy Transfer Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, November 19th. Shareholders of record on Friday, November 8th were issued a $0.3225 dividend. This represents a $1.29 annualized dividend and a yield of 7.10%. The ex-dividend date was Friday, November 8th. Energy Transfer's payout ratio is 94.85%.

Insider Activity

In other Energy Transfer news, EVP Gregory G. Mcilwain purchased 20,000 shares of the stock in a transaction on Friday, August 23rd. The stock was acquired at an average cost of $15.68 per share, with a total value of $313,600.00. Following the completion of the purchase, the executive vice president now directly owns 591,211 shares of the company's stock, valued at approximately $9,270,188.48. This trade represents a 3.50 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 3.28% of the company's stock.

Institutional Trading of Energy Transfer

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Tortoise Capital Advisors L.L.C. grew its stake in shares of Energy Transfer by 12.7% in the second quarter. Tortoise Capital Advisors L.L.C. now owns 36,668,846 shares of the pipeline company's stock worth $594,769,000 after purchasing an additional 4,141,715 shares during the last quarter. FMR LLC grew its position in shares of 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 buying an additional 10,195,768 shares during the last quarter. Westwood Holdings Group Inc. increased its stake in shares of Energy Transfer by 1.1% during the second quarter. Westwood Holdings Group Inc. now owns 16,107,470 shares of the pipeline company's stock valued at $261,263,000 after buying an additional 171,720 shares during the period. Chickasaw Capital Management LLC raised its holdings in shares of Energy Transfer by 3.1% during the third quarter. Chickasaw Capital Management LLC now owns 15,350,521 shares of the pipeline company's stock valued at $246,376,000 after acquiring an additional 466,565 shares in the last quarter. Finally, Brookfield Corp ON lifted its stake in Energy Transfer by 2.8% in the third quarter. Brookfield Corp ON now owns 13,139,924 shares of the pipeline company's stock worth $210,896,000 after acquiring an additional 352,625 shares during the period. Institutional investors own 38.22% of the company's stock.

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.

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