Energy Transfer (NYSE:ET) Shares Down 1.2% – Here’s What Happened

Energy Transfer LP (NYSE:ET) was down 1.2% on Wednesday . The company traded as low as $16.44 and last traded at $16.4650. Approximately 12,408,336 shares changed hands during mid-day trading, a decline of 17% from the average daily volume of 14,913,149 shares. The stock had previously closed at $16.67.

Analyst Ratings Changes

Several analysts recently weighed in on the stock. Barclays reaffirmed an “overweight” rating and issued a $25.00 target price on shares of Energy Transfer in a report on Wednesday, October 15th. UBS Group reaffirmed a “buy” rating and set a $22.00 price target on shares of Energy Transfer in a research note on Wednesday, October 15th. Jefferies Financial Group set a $17.00 price target on shares of Energy Transfer and gave the company a “hold” rating in a report on Tuesday, October 28th. Morgan Stanley lowered their target price on shares of Energy Transfer from $21.00 to $19.00 and set an “overweight” rating for the company in a research note on Tuesday, December 2nd. Finally, Scotiabank dropped their price objective on Energy Transfer from $23.00 to $21.00 and set a “sector outperform” rating for the company in a report on Thursday, November 13th. Thirteen investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, Energy Transfer currently has a consensus rating of “Moderate Buy” and a consensus price target of $21.62.

Energy Transfer Price Performance

The company has a market cap of $56.53 billion, a P/E ratio of 13.17, a P/E/G ratio of 1.01 and a beta of 0.65. The company’s 50-day moving average price is $16.72 and its two-hundred day moving average price is $17.31. The company has a current ratio of 1.41, a quick ratio of 1.14 and a debt-to-equity ratio of 1.50.

Energy Transfer (NYSE:ET) last posted its quarterly earnings results on Wednesday, November 5th. The pipeline company reported $0.28 EPS for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.06). Energy Transfer had a return on equity of 10.71% and a net margin of 5.66%.The firm had revenue of $19.95 billion during the quarter, compared to analyst estimates of $21.84 billion. During the same quarter last year, the business posted $0.32 earnings per share. The firm’s revenue for the quarter was down 3.9% on a year-over-year basis. As a group, sell-side analysts expect that Energy Transfer LP will post 1.46 earnings per share for the current year.

Energy Transfer Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, November 19th. Investors of record on Friday, November 7th were given a dividend of $0.3325 per share. The ex-dividend date of this dividend was Friday, November 7th. This represents a $1.33 annualized dividend and a dividend yield of 8.1%. This is an increase from Energy Transfer’s previous quarterly dividend of $0.33. Energy Transfer’s dividend payout ratio is currently 106.40%.

Insider Transactions at Energy Transfer

In other Energy Transfer news, Director Kelcy L. Warren acquired 1,000,000 shares of the firm’s stock in a transaction on Wednesday, November 19th. The stock was purchased at an average price of $16.95 per share, with a total value of $16,950,000.00. Following the completion of the acquisition, the director directly owned 104,577,803 shares in the company, valued at $1,772,593,760.85. This trade represents a 0.97% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 3.28% of the stock is owned by company insiders.

Institutional Investors Weigh In On Energy Transfer

A number of hedge funds have recently added to or reduced their stakes in ET. Chelsea Counsel Co. boosted its position in Energy Transfer by 370.3% during the 2nd quarter. Chelsea Counsel Co. now owns 94,050 shares of the pipeline company’s stock worth $1,705,000 after acquiring an additional 74,050 shares during the period. Ariston Services Group boosted its holdings in Energy Transfer by 126.7% during the second quarter. Ariston Services Group now owns 100,683 shares of the pipeline company’s stock worth $1,825,000 after buying an additional 56,274 shares in the last quarter. Highland Capital Management LLC acquired a new position in shares of Energy Transfer in the 2nd quarter worth $930,000. Focus Partners Wealth raised its holdings in Energy Transfer by 11.9% during the 1st quarter. Focus Partners Wealth now owns 275,698 shares of the pipeline company’s stock worth $5,125,000 after buying an additional 29,404 shares during the period. Finally, Northern Trust Corp lifted its holdings in shares of Energy Transfer by 223.5% in the first quarter. Northern Trust Corp now owns 1,069,534 shares of the pipeline company’s stock valued at $19,883,000 after purchasing an additional 738,885 shares in the last quarter. 38.22% of the stock is currently owned by institutional investors.

About Energy Transfer

Energy Transfer LP provides energy-related services. The company owns and operates natural gas transportation pipeline, and natural gas storage facilities in Texas and Oklahoma; and approximately 20,090 miles of interstate natural gas pipeline. It also sells natural gas to electric utilities, independent power plants, local distribution and other marketing companies, and industrial end-users.