Capital One Financial assumed coverage on shares of Energy Transfer (NYSE:ET – Free Report) in a research note issued to investors on Tuesday morning, Marketbeat.com reports. The firm issued an overweight rating and a $26.00 price objective on the pipeline company’s stock.
Other equities analysts have also issued research reports about the stock. Weiss Ratings upgraded shares of Energy Transfer from a “buy (b)” rating to a “buy (a-)” rating in a report on Tuesday, September 8th. Melius Research assumed coverage on Energy Transfer in a report on Tuesday. They issued a “hold” rating and a $25.00 price target for the company. Wall Street Zen raised Energy Transfer from a “hold” rating to a “buy” rating in a research report on Saturday, August 8th. Zacks Research cut Energy Transfer from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 11th. Finally, JPMorgan Chase & Co. upped their target price on Energy Transfer from $24.00 to $25.00 and gave the stock an “overweight” rating in a research report on Friday, September 4th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $24.36.
Read Our Latest Analysis on Energy Transfer
Energy Transfer Stock Down 0.7%
Energy Transfer (NYSE:ET – Get Free Report) last announced its quarterly earnings results 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 firm had revenue of $34.33 billion for the quarter, compared to analysts’ expectations of $27.71 billion. During the same period in the previous year, the company posted $0.32 earnings per share. Energy Transfer’s revenue was up 78.4% compared to the same quarter last year. Sell-side analysts expect that Energy Transfer will post 1.73 earnings per share for the current year.
Energy Transfer Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Wednesday, August 19th. Stockholders of record on Friday, August 7th were given a dividend of $0.34 per share. The ex-dividend date of this dividend was Friday, August 7th. This is an increase from Energy Transfer’s previous quarterly dividend of $0.3375. This represents a $1.36 dividend on an annualized basis and a dividend yield of 6.7%. Energy Transfer’s dividend payout ratio is presently 92.52%.
Insider Buying and Selling at Energy Transfer
In other news, Director Kelcy L. Warren purchased 647,968 shares of the company’s stock in a transaction that occurred on Wednesday, August 19th. The shares were purchased at an average price of $21.26 per share, with a total value of $13,775,799.68. Following the purchase, the director directly owned 147,901,879 shares of the company’s stock, valued at approximately $3,144,393,947.54. This represents a 0.44% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director James Perry acquired 12,359 shares of the firm’s stock in a transaction on Friday, August 7th. The stock was purchased at an average cost of $20.23 per share, with a total value of $250,022.57. Following the completion of the transaction, the director owned 208,046 shares in the company, valued at $4,208,770.58. The trade was a 6.32% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders bought 1,012,359 shares of company stock valued at $21,513,543 over the last 90 days. Insiders own 3.28% of the company’s stock.
Institutional Trading of Energy Transfer
Large investors have recently modified their holdings of the business. Alps Advisors Inc. boosted its holdings in Energy Transfer by 8.0% in the fourth quarter. Alps Advisors Inc. now owns 83,843,087 shares of the pipeline company’s stock valued at $1,382,573,000 after purchasing an additional 6,192,066 shares during the last quarter. Bank of America Corp DE increased its holdings in Energy Transfer by 5.7% during the 1st quarter. Bank of America Corp DE now owns 30,956,358 shares of the pipeline company’s stock worth $597,458,000 after purchasing an additional 1,656,609 shares during the last quarter. Energy Income Partners LLC raised its position in shares of Energy Transfer by 1.8% in the 2nd quarter. Energy Income Partners LLC now owns 25,654,536 shares of the pipeline company’s stock valued at $490,515,000 after purchasing an additional 447,081 shares in the last quarter. Clearbridge Investments LLC raised its position in shares of Energy Transfer by 3.0% in the 4th quarter. Clearbridge Investments LLC now owns 13,014,994 shares of the pipeline company’s stock valued at $214,617,000 after purchasing an additional 374,000 shares in the last quarter. Finally, LPL Financial LLC raised its position in shares of Energy Transfer by 3.2% in the 4th quarter. LPL Financial LLC now owns 7,696,319 shares of the pipeline company’s stock valued at $126,912,000 after purchasing an additional 235,863 shares in the last quarter. 38.22% of the stock is currently owned by institutional investors and hedge funds.
About Energy Transfer
Energy Transfer LP (NYSE: ET) is a diversified midstream energy partnership that owns and operates infrastructure used to transport, store, process and market energy commodities. Its assets support the movement of natural gas, crude oil, natural gas liquids (NGLs), refined products and other hydrocarbon-based materials.
The company’s operations include natural gas gathering and processing, interstate and intrastate pipeline transportation, NGL fractionation and storage, crude oil and refined products transportation, and terminal services.
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