Energy Transfer (NYSE:ET) Shares Down 2.2% – Here’s What Happened

Energy Transfer LP (NYSE:ET)’s share price dropped 2.2% during trading on Monday . The stock traded as low as $19.86 and last traded at $19.9050. 13,138,821 shares were traded during trading, a decline of 4% from the average daily volume of 13,702,785 shares. The stock had previously closed at $20.36.

Analyst Ratings Changes

Several research firms recently weighed in on ET. TD Cowen restated a “buy” rating and issued a $24.00 price objective (up from $23.00) on shares of Energy Transfer in a report on Thursday, July 16th. UBS Group reissued a “buy” rating on shares of Energy Transfer in a research report on Tuesday, May 12th. Citigroup restated a “buy” rating and issued a $23.00 price target (up from $22.00) on shares of Energy Transfer in a report on Thursday, May 7th. Zacks Research raised shares of Energy Transfer from a “hold” rating to a “strong-buy” rating in a research report on Monday, July 13th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Energy Transfer in a research note on Friday, June 5th. Three 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 company. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $23.50.

Energy Transfer Trading Up 1.1%

The company’s 50 day simple moving average is $19.54 and its two-hundred day simple moving average is $19.04. The company has a quick ratio of 0.93, a current ratio of 1.17 and a debt-to-equity ratio of 1.50. The company has a market capitalization of $70.29 billion, a price-to-earnings ratio of 17.03, a P/E/G ratio of 1.15 and a beta of 0.55.

Energy Transfer (NYSE:ET) last issued its quarterly earnings results on Tuesday, May 5th. The pipeline company reported $0.35 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.05). Energy Transfer had a return on equity of 9.77% and a net margin of 4.66%.The business had revenue of $27.77 billion for the quarter, compared to analyst estimates of $25.78 billion. During the same period in the previous year, the company posted $0.36 earnings per share. The business’s revenue for the quarter was up 32.1% on a year-over-year basis. As a group, research analysts anticipate that Energy Transfer LP will post 1.44 earnings per share for the current fiscal year.

Energy Transfer Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, August 19th. Investors of record on Friday, August 7th will be given a dividend of $0.34 per share. The ex-dividend date of this dividend is Friday, August 7th. This represents a $1.36 annualized dividend and a yield of 6.7%. This is an increase from Energy Transfer’s previous quarterly dividend of $0.34. Energy Transfer’s dividend payout ratio is currently 112.50%.

Institutional Investors Weigh In On Energy Transfer

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