Energy Transfer LP (NYSE:ET – Get Free Report)’s stock price was down 2.3% during mid-day trading on Tuesday . The company traded as low as $19.54 and last traded at $19.60. Approximately 13,961,014 shares traded hands during trading, a decline of 12% from the average daily volume of 15,939,971 shares. The stock had previously closed at $20.07.
Analysts Set New Price Targets
Several equities research analysts recently issued reports on ET shares. Stifel Nicolaus boosted their price target on Energy Transfer from $23.00 to $25.00 and gave the company a “buy” rating in a research note on Wednesday, May 6th. TD Cowen reissued a “buy” rating and set a $23.00 target price (up from $22.00) on shares of Energy Transfer in a report on Wednesday, May 13th. Barclays reaffirmed an “overweight” rating and issued a $23.00 price target (up from $22.00) on shares of Energy Transfer in a research note on Thursday, May 14th. Morgan Stanley increased their price objective on shares of Energy Transfer from $19.00 to $21.00 and gave the stock an “equal weight” rating in a research note on Tuesday, March 10th. Finally, Wells Fargo & Company boosted their target price on shares of Energy Transfer from $23.00 to $25.00 and gave the company an “overweight” rating in a research report on Friday, March 13th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $23.27.
Check Out Our Latest Stock Report on ET
Energy Transfer Price Performance
Energy Transfer (NYSE:ET – Get Free Report) last released its quarterly earnings data on Tuesday, May 5th. The pipeline company reported $0.35 earnings per share for the quarter, missing the consensus estimate of $0.40 by ($0.05). The business had revenue of $27.77 billion during the quarter, compared to analyst estimates of $25.78 billion. Energy Transfer had a net margin of 4.66% and a return on equity of 9.77%. The business’s quarterly revenue was up 32.1% compared to the same quarter last year. During the same period last year, the business earned $0.36 earnings per share. As a group, research analysts anticipate that Energy Transfer LP will post 1.37 earnings per share for the current year.
Energy Transfer Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Wednesday, May 20th. Investors of record on Friday, May 8th were issued a dividend of $0.3375 per share. This is a boost from Energy Transfer’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend was Friday, May 8th. This represents a $1.35 annualized dividend and a dividend yield of 6.9%. Energy Transfer’s payout ratio is presently 112.50%.
Institutional Trading of Energy Transfer
A number of hedge funds have recently added to or reduced their stakes in ET. Morgan Stanley lifted its stake in shares of Energy Transfer by 41.6% in the 4th quarter. Morgan Stanley now owns 86,310,272 shares of the pipeline company’s stock valued at $1,423,256,000 after acquiring an additional 25,366,594 shares during the last quarter. Alps Advisors Inc. grew its position in Energy Transfer by 8.0% during the 4th quarter. Alps Advisors Inc. now owns 83,843,087 shares of the pipeline company’s stock worth $1,382,573,000 after acquiring an additional 6,192,066 shares during the last quarter. Invesco Ltd. grew its position in Energy Transfer by 3.2% during the 3rd quarter. Invesco Ltd. now owns 57,862,666 shares of the pipeline company’s stock worth $992,923,000 after acquiring an additional 1,773,042 shares during the last quarter. Tortoise Capital Advisors L.L.C. increased its holdings in Energy Transfer by 0.3% in the 4th quarter. Tortoise Capital Advisors L.L.C. now owns 38,675,828 shares of the pipeline company’s stock worth $637,764,000 after purchasing an additional 103,245 shares in the last quarter. Finally, Bank of America Corp DE raised its position in Energy Transfer by 5.7% in the first quarter. Bank of America Corp DE now owns 30,956,358 shares of the pipeline company’s stock valued at $597,458,000 after purchasing an additional 1,656,609 shares during the last quarter. Institutional investors and hedge funds own 38.22% of the company’s stock.
Energy Transfer Company Profile
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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