Energy Transfer (NYSE:ET) Trading Down 0.7% – Here’s What Happened

Shares of Energy Transfer LP (NYSE:ET) were down 0.7% during mid-day trading on Monday . The company traded as low as $16.28 and last traded at $16.34. Approximately 3,379,516 shares changed hands during mid-day trading, a decline of 74% from the average daily volume of 12,993,571 shares. The stock had previously closed at $16.45.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. UBS Group increased their price objective on shares of Energy Transfer from $22.00 to $23.00 and gave the company a “buy” rating in a research note on Wednesday, September 18th. Bank of America began coverage on Energy Transfer in a research report on Thursday, October 17th. They set a “buy” rating and a $20.00 price target for the company. Finally, Royal Bank of Canada boosted their price objective on Energy Transfer from $19.00 to $20.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Eight investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Energy Transfer has a consensus rating of “Buy” and a consensus target price of $20.00.

Energy Transfer Trading Down 0.2 %

The company has a debt-to-equity ratio of 1.38, a current ratio of 1.14 and a quick ratio of 0.92. The firm has a market capitalization of $55.18 billion, a P/E ratio of 15.02, a price-to-earnings-growth ratio of 0.49 and a beta of 1.66. The firm has a fifty day simple moving average of $16.17 and a two-hundred day simple moving average of $15.98.

Energy Transfer (NYSE:ET) last released its quarterly earnings data on Wednesday, August 7th. The pipeline company reported $0.35 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.01). The business had revenue of $20.73 billion for the quarter, compared to analysts’ expectations of $22.01 billion. Energy Transfer had a net margin of 5.19% and a return on equity of 12.74%. Energy Transfer’s revenue for the quarter was up 13.1% compared to the same quarter last year. During the same period last year, the company earned $0.25 earnings per share. On average, equities research analysts anticipate that Energy Transfer LP will post 1.35 earnings per share for the current fiscal year.

Energy Transfer Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 19th. Stockholders of record on Friday, November 8th will be issued a $0.3225 dividend. This represents a $1.29 dividend on an annualized basis and a dividend yield of 7.88%. The ex-dividend date is Friday, November 8th. Energy Transfer’s payout ratio is currently 117.43%.

Insider Activity at Energy Transfer

In related news, Director Kelcy L. Warren bought 3,000,000 shares of the business’s stock in a transaction on Monday, August 12th. The stock was acquired at an average price of $15.68 per share, for a total transaction of $47,040,000.00. Following the purchase, the director now directly owns 123,385,650 shares in the company, valued at $1,934,686,992. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Energy Transfer news, CEO Thomas E. Long acquired 20,000 shares of the company’s stock in a transaction that occurred on Monday, August 12th. The stock was bought at an average price of $15.68 per share, with a total value of $313,600.00. Following the completion of the purchase, the chief executive officer now owns 4,308,859 shares of the company’s stock, valued at approximately $67,562,909.12. This represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Kelcy L. Warren bought 3,000,000 shares of Energy Transfer stock in a transaction that occurred on Monday, August 12th. The shares were acquired at an average price of $15.68 per share, with a total value of $47,040,000.00. Following the completion of the transaction, the director now owns 123,385,650 shares of the company’s stock, valued at $1,934,686,992. This represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders have purchased 3,040,000 shares of company stock worth $47,667,200. 3.28% of the stock is owned by company insiders.

Institutional Trading of Energy Transfer

A number of large investors have recently modified their holdings of ET. Berkley W R Corp raised its stake in Energy Transfer by 11.6% in the first quarter. Berkley W R Corp now owns 5,334,494 shares of the pipeline company’s stock valued at $83,912,000 after purchasing an additional 555,445 shares in the last quarter. Cetera Investment Advisers raised its position in shares of Energy Transfer by 491.3% during the 1st quarter. Cetera Investment Advisers now owns 1,290,364 shares of the pipeline company’s stock valued at $20,297,000 after buying an additional 1,072,144 shares in the last quarter. International Assets Investment Management LLC lifted its holdings in shares of Energy Transfer by 1,491.0% during the 3rd quarter. International Assets Investment Management LLC now owns 4,175,731 shares of the pipeline company’s stock worth $67,020,000 after acquiring an additional 3,913,266 shares during the last quarter. Chickasaw Capital Management LLC grew its position in Energy Transfer by 3.1% in the third quarter. Chickasaw Capital Management LLC now owns 15,350,521 shares of the pipeline company’s stock worth $246,376,000 after acquiring an additional 466,565 shares in the last quarter. Finally, Nicolet Advisory Services LLC increased its stake in Energy Transfer by 48.8% in the first quarter. Nicolet Advisory Services LLC now owns 17,464 shares of the pipeline company’s stock valued at $275,000 after acquiring an additional 5,730 shares during the last quarter. Institutional investors own 38.22% of the company’s stock.

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.