Energy Transfer (NYSE:ET) Trading Down 0.7% - Here's What Happened

Energy Transfer LP (NYSE:ET - Get Free Report) shares dropped 0.7% on Monday . The stock traded as low as $16.28 and last traded at $16.34. Approximately 3,379,516 shares were traded during mid-day trading, a decline of 74% from the average daily volume of 12,993,571 shares. The stock had previously closed at $16.45.

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. Royal Bank of Canada increased their target price on Energy Transfer from $19.00 to $20.00 and gave the stock an "outperform" rating in a report on Wednesday, October 16th. UBS Group raised their price objective on Energy Transfer from $22.00 to $23.00 and gave the stock a "buy" rating in a research note on Wednesday, September 18th. Finally, Bank of America began coverage on shares of Energy Transfer in a research note on Thursday, October 17th. They set a "buy" rating and a $20.00 target price for the company. Eight research analysts have rated the stock with a buy rating, According to MarketBeat.com, Energy Transfer has a consensus rating of "Buy" and a consensus target price of $20.00.

Energy Transfer Stock Performance

The firm has a market cap of $55.29 billion, a price-to-earnings ratio of 15.05, a PEG ratio of 0.49 and a beta of 1.66. The stock's fifty day moving average is $16.16 and its two-hundred day moving average is $15.97. The company has a debt-to-equity ratio of 1.38, a quick ratio of 0.92 and a current ratio of 1.14.

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

Insiders Place Their Bets

In other news, EVP Gregory G. Mcilwain bought 20,000 shares of the firm's stock in a transaction that occurred on Friday, August 23rd. The stock was acquired at an average price 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 $9,270,188.48. This represents a 0.00 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. In other Energy Transfer news, EVP Gregory G. Mcilwain bought 20,000 shares of the company's stock in a transaction that occurred on Friday, August 23rd. The shares were acquired at an average cost of $15.68 per share, for a total transaction of $313,600.00. Following the acquisition, the executive vice president now directly owns 591,211 shares of the company's stock, valued at $9,270,188.48. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, Director Kelcy L. Warren purchased 3,000,000 shares of the firm's stock in a transaction 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 owns 123,385,650 shares of the company's stock, valued at $1,934,686,992. The trade was a 0.00 % increase in their position. The disclosure for this purchase can be found here. Insiders bought 3,040,000 shares of company stock worth $47,667,200 over the last ninety days. Company insiders own 3.28% of the company's stock.

Institutional Investors Weigh In On Energy Transfer

Hedge funds have recently modified their holdings of the stock. Berkley W R Corp boosted its stake in Energy Transfer by 11.6% in the 1st quarter. Berkley W R Corp now owns 5,334,494 shares of the pipeline company's stock worth $83,912,000 after purchasing an additional 555,445 shares during the period. Cetera Investment Advisers grew its holdings in shares of Energy Transfer by 491.3% during the first quarter. Cetera Investment Advisers now owns 1,290,364 shares of the pipeline company's stock valued at $20,297,000 after buying an additional 1,072,144 shares in the last quarter. International Assets Investment Management LLC raised its position in 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 buying an additional 3,913,266 shares during the period. Wealth Enhancement Advisory Services LLC lifted its stake in Energy Transfer by 2.8% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 549,971 shares of the pipeline company's stock worth $8,651,000 after acquiring an additional 15,097 shares in the last quarter. Finally, Chickasaw Capital Management LLC boosted its position in Energy Transfer by 3.1% during the 3rd quarter. Chickasaw Capital Management LLC now owns 15,350,521 shares of the pipeline company's stock worth $246,376,000 after acquiring an additional 466,565 shares during the period. 38.22% of the stock is owned by hedge funds and other institutional investors.

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.