Energy Transfer (NYSE:ET) Stock Price Up 2.7% – Time to Buy?

Energy Transfer LP (NYSE:ET)’s share price rose 2.7% during mid-day trading on Monday . The stock traded as high as $20.21 and last traded at $20.1920. Approximately 9,974,820 shares changed hands during trading, a decline of 29% from the average session volume of 14,130,306 shares. The stock had previously closed at $19.66.

Analyst Ratings Changes

Several brokerages recently issued reports on ET. Weiss Ratings restated a “buy (b)” rating on shares of Energy Transfer in a research report on Friday, June 5th. Morgan Stanley raised their target price on shares of Energy Transfer from $21.00 to $23.00 and gave the stock an “equal weight” rating in a research note on Wednesday, May 27th. Citigroup reissued 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. Truist Financial started coverage on Energy Transfer in a report on Tuesday, March 24th. They issued a “buy” rating and a $23.00 price objective on the stock. Finally, UBS Group reissued a “buy” rating on shares of Energy Transfer in a research note on Tuesday, May 12th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, Energy Transfer has an average rating of “Buy” and a consensus price target of $23.45.

Energy Transfer Price Performance

The company has a market cap of $69.48 billion, a price-to-earnings ratio of 16.83, a price-to-earnings-growth ratio of 1.14 and a beta of 0.55. The company has a fifty day simple moving average of $19.50 and a two-hundred day simple moving average of $18.72. The company has a quick ratio of 0.93, a current ratio of 1.17 and a debt-to-equity ratio of 1.50.

Energy Transfer (NYSE:ET) last announced its quarterly earnings results on Tuesday, May 5th. The pipeline company reported $0.35 earnings per share (EPS) 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 analysts’ expectations of $25.78 billion. Energy Transfer had a net margin of 4.66% and a return on equity of 9.77%. The firm’s revenue for the quarter was up 32.1% on a year-over-year basis. During the same period last year, the company earned $0.36 EPS. On average, equities research analysts anticipate that Energy Transfer LP will post 1.43 earnings per share for the current fiscal year.

Energy Transfer Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, May 20th. Stockholders of record on Friday, May 8th were issued a $0.3375 dividend. This represents a $1.35 dividend on an annualized basis and a dividend yield of 6.7%. This is a positive change from Energy Transfer’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend was Friday, May 8th. Energy Transfer’s payout ratio is presently 112.50%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ET. Basepoint Wealth LLC acquired a new stake in shares of Energy Transfer during the 4th quarter worth about $25,000. Gables Capital Management Inc. lifted its stake in shares of Energy Transfer by 60.0% during the fourth quarter. Gables Capital Management Inc. now owns 1,600 shares of the pipeline company’s stock valued at $26,000 after buying an additional 600 shares during the period. Sarver Vrooman Wealth Advisors acquired a new stake in Energy Transfer during the fourth quarter worth approximately $32,000. Cassaday & Co Wealth Management LLC purchased a new stake in Energy Transfer in the 1st quarter worth approximately $35,000. Finally, Navalign LLC acquired a new position in Energy Transfer in the 4th quarter valued at $37,000. 38.22% of the stock is currently owned by hedge funds and other institutional investors.

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.