Energy Transfer (NYSE:ET) Stock Price Up 2.4% – Time to Buy?
by Amy Steele · The Cerbat GemEnergy Transfer LP (NYSE:ET – Get Free Report) shares shot up 2.4% on Thursday . The company traded as high as $18.15 and last traded at $18.08. 24,251,102 shares changed hands during trading, an increase of 51% from the average session volume of 16,066,183 shares. The stock had previously closed at $17.65.
Analysts Set New Price Targets
A number of brokerages have commented on ET. Royal Bank Of Canada upgraded Energy Transfer to a “moderate buy” rating in a report on Monday, December 15th. UBS Group reaffirmed a “buy” rating on shares of Energy Transfer in a research note on Wednesday, January 7th. JPMorgan Chase & Co. dropped their price objective on Energy Transfer from $22.00 to $21.00 and set an “overweight” rating for the company in a research report on Monday, November 24th. Scotiabank restated an “outperform” rating on shares of Energy Transfer in a report on Friday, January 16th. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of Energy Transfer in a report on Wednesday, December 24th. Twelve analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $21.50.
Energy Transfer Stock Performance
The company has a market cap of $62.08 billion, a price-to-earnings ratio of 14.46, a P/E/G ratio of 0.91 and a beta of 0.66. The company has a current ratio of 1.41, a quick ratio of 1.14 and a debt-to-equity ratio of 1.50. The stock’s 50 day moving average price is $16.69 and its 200 day moving average price is $17.06.
Energy Transfer (NYSE:ET – Get Free Report) last released its earnings results on Wednesday, November 5th. The pipeline company reported $0.28 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.06). Energy Transfer had a net margin of 5.66% and a return on equity of 10.71%. The company had revenue of $19.95 billion during the quarter, compared to analysts’ expectations of $21.84 billion. During the same quarter in the previous year, the firm posted $0.32 earnings per share. Energy Transfer’s revenue for the quarter was down 3.9% compared to the same quarter last year. On average, analysts expect that Energy Transfer LP will post 1.46 EPS for the current fiscal year.
Energy Transfer Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, November 19th. Stockholders of record on Friday, November 7th were issued a dividend of $0.3325 per share. This represents a $1.33 dividend on an annualized basis and a dividend yield of 7.4%. The ex-dividend date was Friday, November 7th. This is a positive change from Energy Transfer’s previous quarterly dividend of $0.33. Energy Transfer’s payout ratio is currently 106.40%.
Insider Buying and Selling at Energy Transfer
In other news, Director Kelcy L. Warren bought 1,000,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 19th. The shares were acquired at an average cost of $16.95 per share, with a total value of $16,950,000.00. Following the transaction, the director owned 104,577,803 shares of the company’s stock, valued at $1,772,593,760.85. This represents a 0.97% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. 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 made changes to their positions in ET. CNB Bank raised its position in Energy Transfer by 111.1% in the second quarter. CNB Bank now owns 1,900 shares of the pipeline company’s stock valued at $34,000 after purchasing an additional 1,000 shares during the period. Financial Life Planners purchased a new stake in shares of Energy Transfer during the 3rd quarter valued at about $34,000. HHM Wealth Advisors LLC lifted its position in Energy Transfer by 54.4% during the 2nd quarter. HHM Wealth Advisors LLC now owns 2,270 shares of the pipeline company’s stock worth $41,000 after acquiring an additional 800 shares in the last quarter. Crowley Wealth Management Inc. purchased a new position in Energy Transfer in the 2nd quarter worth approximately $44,000. Finally, Core Alternative Capital acquired a new stake in Energy Transfer in the third quarter valued at approximately $46,000. Institutional investors and hedge funds own 38.22% of the company’s stock.
About Energy Transfer
Energy Transfer (NYSE: ET) is a Dallas-based midstream energy company that develops and operates infrastructure for the transportation, storage and processing of hydrocarbons. The company’s operations focus on moving and storing natural gas, natural gas liquids (NGLs), crude oil and refined products through an integrated network of pipelines, terminals, storage facilities and processing plants. Energy Transfer provides core midstream services such as gathering, compression, fractionation, processing, and bulk transportation to support production and downstream supply chains.
Its asset base spans an extensive network across the United States, connecting producing regions, processing centers, petrochemical hubs and coastal and inland markets.