Energy Transfer (NYSE:ET – Get Free Report) had its price objective lifted by research analysts at Truist Financial from $23.00 to $25.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the pipeline company’s stock. Truist Financial’s price target would suggest a potential upside of 19.67% from the company’s previous close.
Other analysts have also issued research reports about the company. JPMorgan Chase & Co. lifted their target price on Energy Transfer from $22.00 to $24.00 and gave the stock an “overweight” rating in a report on Tuesday, May 12th. Scotiabank reiterated an “outperform” rating on shares of Energy Transfer in a report on Tuesday, May 12th. Stifel Nicolaus upped their target price on shares of Energy Transfer from $23.00 to $25.00 and gave the company a “buy” rating in a research note on Wednesday, May 6th. Zacks Research raised shares of Energy Transfer from a “hold” rating to a “strong-buy” rating in a report on Monday, July 13th. Finally, Raymond James Financial restated a “strong-buy” rating on shares of Energy Transfer in a research report on Wednesday, May 6th. Two analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $23.92.
Read Our Latest Research Report on Energy Transfer
Energy Transfer Stock Up 0.5%
Energy Transfer (NYSE:ET – Get Free Report) last released its quarterly earnings data on Tuesday, August 4th. The pipeline company reported $0.59 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.21. Energy Transfer had a net margin of 4.87% and a return on equity of 11.55%. The business had revenue of $34.33 billion during the quarter, compared to analyst estimates of $27.71 billion. During the same period last year, the business earned $0.32 EPS. Energy Transfer’s revenue was up 78.4% compared to the same quarter last year. As a group, research analysts expect that Energy Transfer will post 1.52 earnings per share for the current year.
Insiders Place Their Bets
In related news, Director James Richard Perry purchased 12,359 shares of the business’s stock in a transaction on Friday, August 7th. The stock was acquired at an average price of $20.23 per share, with a total value of $250,022.57. Following the completion of the acquisition, the director owned 208,046 shares of the company’s stock, valued at approximately $4,208,770.58. This trade represents a 6.32% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 3.28% of the company’s stock.
Hedge Funds Weigh In On Energy Transfer
Several large investors have recently added to or reduced their stakes in the company. Arrow Investment Advisors LLC increased its stake in shares of Energy Transfer by 4.9% in the 2nd quarter. Arrow Investment Advisors LLC now owns 10,866 shares of the pipeline company’s stock valued at $208,000 after buying an additional 505 shares during the period. Argent Trust Co lifted its stake in shares of Energy Transfer by 2.1% during the second quarter. Argent Trust Co now owns 26,035 shares of the pipeline company’s stock valued at $498,000 after acquiring an additional 529 shares during the period. State of Wyoming boosted its holdings in Energy Transfer by 2.5% in the second quarter. State of Wyoming now owns 22,822 shares of the pipeline company’s stock valued at $436,000 after acquiring an additional 548 shares during the last quarter. Keybank National Association OH increased its position in Energy Transfer by 0.3% in the first quarter. Keybank National Association OH now owns 219,232 shares of the pipeline company’s stock worth $4,231,000 after purchasing an additional 556 shares during the period. Finally, Mountain Capital Investment Advisors Inc. increased its position in Energy Transfer by 4.9% in the fourth quarter. Mountain Capital Investment Advisors Inc. now owns 12,007 shares of the pipeline company’s stock worth $216,000 after purchasing an additional 560 shares during the period. 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.
Read More
- Five stocks we like better than Energy Transfer
- Legacy Jet Builders Stall While Embraer Accelerates to New Highs
- Intel’s Rally Gave It a $20 Billion Opportunity and Now Comes the Hard Part
- Visa’s AI Opportunity Is Hiding in Every Transaction
- On Holding’s Price Stumble May Be an Opening for a Company Built to Run
Receive News & Ratings for Energy Transfer Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Energy Transfer and related companies with MarketBeat.com's FREE daily email newsletter.
