Energy Transfer (NYSE:ET) Trading 2.1% Higher - Here's Why

Shares of Energy Transfer LP (NYSE:ET - Get Free Report) rose 2.1% during mid-day trading on Wednesday . The stock traded as high as $17.43 and last traded at $17.26. Approximately 8,538,183 shares traded hands during trading, a decline of 35% from the average daily volume of 13,039,397 shares. The stock had previously closed at $16.90.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Bank of America assumed coverage on Energy Transfer in a research report on Thursday, October 17th. They set a "buy" rating and a $20.00 price target for the company. Royal Bank of Canada lifted their price objective on Energy Transfer from $19.00 to $20.00 and gave the stock an "outperform" rating in a research report 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 company a "buy" rating in a report on Wednesday, September 18th. Eight equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has an average rating of "Buy" and an average target price of $20.00.

Energy Transfer Stock Up 3.1 %

The stock's 50 day simple moving average is $16.25 and its 200 day simple moving average is $16.03. The stock has a market capitalization of $59.63 billion, a P/E ratio of 14.64, a P/E/G ratio of 0.50 and a beta of 1.66. The company has a current ratio of 1.14, a quick ratio of 0.92 and a debt-to-equity ratio of 1.38.

Energy Transfer (NYSE:ET - Get Free Report) last issued its earnings results on Wednesday, August 7th. The pipeline company reported $0.35 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.01). Energy Transfer had a return on equity of 12.74% and a net margin of 5.19%. The company had revenue of $20.73 billion during the quarter, compared to analyst estimates of $22.01 billion. During the same period in the prior year, the business earned $0.25 earnings per share. Energy Transfer's quarterly revenue was up 13.1% on a year-over-year basis. As a group, research analysts predict that Energy Transfer LP will post 1.35 EPS for the current fiscal year.

Energy Transfer Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 19th. Stockholders of record on Friday, November 8th will be paid a $0.3225 dividend. This represents a $1.29 dividend on an annualized basis and a dividend yield of 7.40%. The ex-dividend date of this dividend is Friday, November 8th. Energy Transfer's dividend payout ratio is currently 107.56%.

Insider Buying and Selling

In related news, Director Kelcy L. Warren purchased 3,000,000 shares of the firm's stock in a transaction that occurred on Monday, August 12th. The stock was acquired at an average price of $15.68 per share, for a total transaction of $47,040,000.00. Following the transaction, the director now directly owns 123,385,650 shares of the company's stock, valued at $1,934,686,992. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, Director Kelcy L. Warren purchased 3,000,000 shares of the firm's stock in a transaction that occurred on Monday, August 12th. The stock was acquired at an average cost of $15.68 per share, for a total transaction of $47,040,000.00. Following the completion of the acquisition, the director now owns 123,385,650 shares in the company, valued at $1,934,686,992. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Gregory G. Mcilwain acquired 20,000 shares of the company's stock in a transaction on Friday, August 23rd. The stock was bought at an average price of $15.68 per share, for a total transaction of $313,600.00. Following the purchase, the executive vice president now owns 591,211 shares in the company, valued at approximately $9,270,188.48. This trade represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Insiders have bought a total of 3,040,000 shares of company stock valued at $47,667,200 over the last three months. Company insiders own 3.28% of the company's stock.

Hedge Funds Weigh In On Energy Transfer

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Princeton Global Asset Management LLC lifted its position in shares of Energy Transfer by 65.0% in the third quarter. Princeton Global Asset Management LLC now owns 1,650 shares of the pipeline company's stock worth $26,000 after buying an additional 650 shares during the last quarter. Assetmark Inc. lifted its holdings in Energy Transfer by 2,138.5% in the 3rd quarter. Assetmark Inc. now owns 1,746 shares of the pipeline company's stock worth $28,000 after purchasing an additional 1,668 shares during the last quarter. LRI Investments LLC bought a new stake in Energy Transfer during the first quarter worth approximately $29,000. HWG Holdings LP bought a new position in shares of Energy Transfer in the second quarter valued at approximately $33,000. Finally, Sugarloaf Wealth Management LLC lifted its stake in shares of Energy Transfer by 43.6% in the third quarter. Sugarloaf Wealth Management LLC now owns 2,472 shares of the pipeline company's stock worth $40,000 after buying an additional 750 shares during the last quarter. Institutional investors own 38.22% of the company's stock.

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.

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