Energy Transfer LP (NYSE:ET – Get Free Report) shares shot up 2.8% on Tuesday . The company traded as high as $19.97 and last traded at $19.7950. 9,254,710 shares traded hands during trading, a decline of 35% from the average daily volume of 14,325,006 shares. The stock had previously closed at $19.25.
Analyst Upgrades and Downgrades
Several equities research analysts recently commented on the company. Barclays reaffirmed an “overweight” rating and set a $23.00 price objective (up from $22.00) on shares of Energy Transfer in a research report on Thursday, May 14th. Weiss Ratings reiterated a “buy (b)” rating on shares of Energy Transfer in a research note on Friday, June 5th. Citigroup reaffirmed a “buy” rating and set a $23.00 price target (up from $22.00) on shares of Energy Transfer in a report on Thursday, May 7th. JPMorgan Chase & Co. raised their price objective on shares of Energy Transfer from $22.00 to $24.00 and gave the company an “overweight” rating in a research report on Tuesday, May 12th. Finally, UBS Group reaffirmed a “buy” rating on shares of Energy Transfer in a report on Tuesday, May 12th. Two analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $23.45.
Read Our Latest Analysis on ET
Energy Transfer Stock Performance
Energy Transfer (NYSE:ET – Get Free Report) last announced its earnings results on Tuesday, May 5th. The pipeline company reported $0.35 EPS for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.05). The company had revenue of $27.77 billion during the quarter, compared to analysts’ expectations of $25.78 billion. Energy Transfer had a return on equity of 9.77% and a net margin of 4.66%.Energy Transfer’s revenue for the quarter was up 32.1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.36 EPS. As a group, sell-side analysts forecast that Energy Transfer LP will post 1.43 earnings per share for the current year.
Energy Transfer Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Wednesday, May 20th. Stockholders of record on Friday, May 8th were issued a $0.3375 dividend. This is a boost from Energy Transfer’s previous quarterly dividend of $0.34. The ex-dividend date was Friday, May 8th. This represents a $1.35 annualized dividend and a dividend yield of 6.8%. Energy Transfer’s dividend payout ratio (DPR) is 112.50%.
Institutional Inflows and Outflows
Large investors have recently modified their holdings of the business. Basepoint Wealth LLC bought a new position in Energy Transfer in the 4th quarter valued at $25,000. Gables Capital Management Inc. increased its stake in Energy Transfer by 60.0% in the 4th quarter. Gables Capital Management Inc. now owns 1,600 shares of the pipeline company’s stock worth $26,000 after buying an additional 600 shares during the period. Sarver Vrooman Wealth Advisors bought a new stake in Energy Transfer during the 4th quarter valued at about $32,000. Financial Life Planners bought a new position in Energy Transfer in the 3rd quarter worth about $34,000. Finally, Cassaday & Co Wealth Management LLC purchased a new position in shares of Energy Transfer during the first quarter worth approximately $35,000. Hedge funds and other institutional investors 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.
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