Energy Transfer (NYSE:ET) Sets New 1-Year High – Here’s What Happened

Energy Transfer LP (NYSE:ET) hit a new 52-week high during trading on Wednesday . The stock traded as high as $20.22 and last traded at $20.08, with a volume of 754359 shares. The stock had previously closed at $19.93.

Wall Street Analyst Weigh In

ET has been the topic of several analyst reports. Royal Bank of Canada upped their price target on Energy Transfer from $20.00 to $23.00 and gave the company an “outperform” rating in a research report on Monday, December 9th. Barclays boosted their target price on Energy Transfer from $22.00 to $25.00 and gave the stock an “overweight” rating in a research report on Monday. Bank of America initiated coverage on Energy Transfer in a report on Thursday, October 17th. They set a “buy” rating and a $20.00 price objective for the company. The Goldman Sachs Group lifted their target price on shares of Energy Transfer from $17.00 to $20.00 and gave the company a “neutral” rating in a research report on Thursday, December 19th. Finally, Wells Fargo & Company increased their price target on shares of Energy Transfer from $20.00 to $21.00 and gave the stock an “overweight” rating in a report on Wednesday, December 18th. One equities research analyst has rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, Energy Transfer presently has a consensus rating of “Moderate Buy” and an average target price of $20.82.

Energy Transfer Trading Up 1.0 %

The company has a debt-to-equity ratio of 1.40, a quick ratio of 0.88 and a current ratio of 1.08. The firm has a 50-day moving average of $18.90 and a 200-day moving average of $17.14. The firm has a market capitalization of $69.28 billion, a P/E ratio of 14.88, a price-to-earnings-growth ratio of 0.57 and a beta of 1.70.

Energy Transfer (NYSE:ET) last announced its quarterly earnings results on Wednesday, November 6th. The pipeline company reported $0.32 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.32. The business had revenue of $20.77 billion for the quarter, compared to analyst estimates of $21.59 billion. Energy Transfer had a net margin of 5.90% and a return on equity of 12.38%. The company’s revenue was up .2% on a year-over-year basis. During the same quarter last year, the firm earned $0.31 EPS. On average, equities research analysts anticipate that Energy Transfer LP will post 1.34 EPS for the current fiscal year.

Energy Transfer Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, November 19th. Shareholders of record on Friday, November 8th were given a dividend of $0.3225 per share. This represents a $1.29 dividend on an annualized basis and a yield of 6.38%. The ex-dividend date was Friday, November 8th. Energy Transfer’s payout ratio is 94.85%.

Institutional Investors Weigh In On Energy Transfer

A number of large investors have recently made changes to their positions in the business. Empowered Funds LLC raised its holdings in Energy Transfer by 15.0% in the 3rd quarter. Empowered Funds LLC now owns 346,825 shares of the pipeline company’s stock worth $5,567,000 after purchasing an additional 45,172 shares in the last quarter. Watts Gwilliam & Co. LLC purchased a new stake in Energy Transfer in the fourth quarter worth about $1,297,000. Kingsview Wealth Management LLC grew its holdings in shares of Energy Transfer by 30.9% during the 3rd quarter. Kingsview Wealth Management LLC now owns 242,042 shares of the pipeline company’s stock worth $3,885,000 after acquiring an additional 57,184 shares during the period. FMR LLC grew its holdings in shares of Energy Transfer by 44.0% during the 3rd quarter. FMR LLC now owns 33,379,297 shares of the pipeline company’s stock worth $535,738,000 after acquiring an additional 10,195,768 shares during the period. Finally, Clear Street Derivatives LLC bought a new position in shares of Energy Transfer in the 3rd quarter worth approximately $2,565,000. 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.