Wells Fargo & Company Forecasts Strong Price Appreciation for Energy Transfer (NYSE:ET) Stock

Energy Transfer (NYSE:ET) had its price target raised by Wells Fargo & Company from $20.00 to $21.00 in a report published on Wednesday morning,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the pipeline company’s stock.

Other analysts have also issued research reports about the company. UBS Group lifted their price objective on Energy Transfer from $22.00 to $23.00 and gave the stock a “buy” rating in a report on Wednesday, September 18th. Royal Bank of Canada lifted their price objective on Energy Transfer from $20.00 to $23.00 and gave the company an “outperform” rating in a report on Monday, December 9th. Finally, Bank of America assumed coverage on shares of Energy Transfer in a research report on Thursday, October 17th. They set a “buy” rating and a $20.00 target price for the company. Nine investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $20.44.

Energy Transfer Stock Performance

ET traded up $0.03 during trading on Wednesday, hitting $18.23. The stock had a trading volume of 2,326,192 shares, compared to its average volume of 13,680,142. The company has a current ratio of 1.08, a quick ratio of 0.88 and a debt-to-equity ratio of 1.40. Energy Transfer has a 12 month low of $13.60 and a 12 month high of $20.02. The company has a 50 day simple moving average of $17.72 and a 200-day simple moving average of $16.60. The firm has a market cap of $62.42 billion, a PE ratio of 13.40, a P/E/G ratio of 0.63 and a beta of 1.70.

Energy Transfer (NYSE:ET) last announced its quarterly earnings data on Wednesday, November 6th. The pipeline company reported $0.32 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.32. Energy Transfer had a net margin of 5.90% and a return on equity of 12.38%. The business had revenue of $20.77 billion for the quarter, compared to the consensus estimate of $21.59 billion. During the same quarter last year, the company posted $0.31 earnings per share. Energy Transfer’s quarterly revenue was up .2% on a year-over-year basis. Analysts expect that Energy Transfer will post 1.32 EPS for the current year.

Energy Transfer Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, November 19th. Stockholders of record on Friday, November 8th were paid a $0.3225 dividend. The ex-dividend date was Friday, November 8th. This represents a $1.29 annualized dividend and a dividend yield of 7.08%. Energy Transfer’s dividend payout ratio (DPR) is currently 94.85%.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of ET. Princeton Global Asset Management LLC raised its holdings in Energy Transfer by 65.0% during the 3rd quarter. Princeton Global Asset Management LLC now owns 1,650 shares of the pipeline company’s stock worth $26,000 after buying an additional 650 shares during the period. Assetmark Inc. increased its stake in Energy Transfer by 2,138.5% in the 3rd quarter. Assetmark Inc. now owns 1,746 shares of the pipeline company’s stock valued at $28,000 after buying an additional 1,668 shares during the last quarter. HWG Holdings LP acquired a new position in shares of Energy Transfer during the 2nd quarter worth about $33,000. Sugarloaf Wealth Management LLC grew its stake in Energy Transfer by 43.6% in the third quarter. Sugarloaf Wealth Management LLC now owns 2,472 shares of the pipeline company’s stock valued at $40,000 after purchasing an additional 750 shares in the last quarter. Finally, Continuum Advisory LLC grew its stake in shares of Energy Transfer by 44.8% in the third quarter. Continuum Advisory LLC now owns 2,357 shares of the pipeline company’s stock valued at $40,000 after buying an additional 729 shares in the last quarter. Institutional investors own 38.22% of the company’s stock.

Energy Transfer Company Profile

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.