Energy Transfer (NYSE:ET) Sets New 12-Month High – Here’s Why

Energy Transfer LP (NYSE:ET)’s share price reached a new 52-week high on Monday . The stock traded as high as $19.35 and last traded at $19.24, with a volume of 1196311 shares trading hands. The stock had previously closed at $19.07.

Wall Street Analyst Weigh In

ET has been the topic of several research reports. UBS Group upped 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. Royal Bank of Canada increased their price target on shares of Energy Transfer from $19.00 to $20.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Finally, Bank of America assumed coverage on shares of Energy Transfer in a research note on Thursday, October 17th. They set a “buy” rating and a $20.00 price target on the stock. Eight equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company has a consensus rating of “Buy” and an average price target of $20.00.

Energy Transfer Stock Down 0.8 %

The business’s 50 day moving average is $16.66 and its 200-day moving average is $16.18. 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 market capitalization of $64.75 billion, a price-to-earnings ratio of 14.03, a price-to-earnings-growth ratio of 0.61 and a beta of 1.66.

Energy Transfer (NYSE:ET) last posted its earnings results on Wednesday, November 6th. The pipeline company reported $0.32 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates 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 analyst estimates of $21.59 billion. During the same period last year, the business posted $0.31 EPS. Energy Transfer’s revenue was up .2% compared to the same quarter last year. Equities analysts anticipate that Energy Transfer LP will post 1.34 EPS for the current fiscal year.

Energy Transfer Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, November 19th. Shareholders of record on Friday, November 8th were issued a $0.3225 dividend. This represents a $1.29 dividend on an annualized basis and a yield of 6.82%. The ex-dividend date of this dividend was Friday, November 8th. Energy Transfer’s dividend payout ratio (DPR) is presently 94.85%.

Institutional Trading of Energy Transfer

A number of hedge funds have recently bought and sold shares of ET. Gamco Investors INC. ET AL lifted its holdings in shares of Energy Transfer by 373.2% during the 1st quarter. Gamco Investors INC. ET AL now owns 88,755 shares of the pipeline company’s stock worth $1,396,000 after acquiring an additional 70,000 shares during the period. SVB Wealth LLC lifted its holdings in shares of Energy Transfer by 40.1% during the 1st quarter. SVB Wealth LLC now owns 31,669 shares of the pipeline company’s stock worth $498,000 after acquiring an additional 9,072 shares during the period. Silvercrest Asset Management Group LLC lifted its holdings in shares of Energy Transfer by 31.8% during the 1st quarter. Silvercrest Asset Management Group LLC now owns 159,264 shares of the pipeline company’s stock worth $2,505,000 after acquiring an additional 38,383 shares during the period. Waverly Advisors LLC lifted its holdings in shares of Energy Transfer by 1.1% during the 1st quarter. Waverly Advisors LLC now owns 225,052 shares of the pipeline company’s stock worth $3,540,000 after acquiring an additional 2,521 shares during the period. Finally, Invenomic Capital Management LP bought a new position in shares of Energy Transfer during the 1st quarter worth about $17,205,000. 38.22% of the stock is owned by institutional investors.

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.