Energy Transfer (NYSE:ET) Sets New 52-Week High – Here’s What Happened

Energy Transfer LP (NYSE:ET)’s share price reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $16.68 and last traded at $16.66, with a volume of 230640 shares changing hands. The stock had previously closed at $16.51.

Analyst Ratings Changes

A number of research firms have weighed in on ET. 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. UBS Group increased their target price on Energy Transfer from $22.00 to $23.00 and gave the stock a “buy” rating in a research report on Wednesday, September 18th. Finally, Bank of America assumed 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. Eight analysts have rated the stock with a buy rating, According to MarketBeat, the company has an average rating of “Buy” and a consensus price target of $20.00.

Energy Transfer Stock Up 3.1 %

The company has a current ratio of 1.14, a quick ratio of 0.92 and a debt-to-equity ratio of 1.38. The firm has a 50-day moving average of $16.25 and a 200 day moving average of $16.03. The stock has a market capitalization of $59.63 billion, a price-to-earnings ratio of 14.64, a price-to-earnings-growth ratio of 0.50 and a beta of 1.66.

Energy Transfer (NYSE:ET) last announced its earnings results on Wednesday, August 7th. The pipeline company reported $0.35 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.01). Energy Transfer had a net margin of 5.19% and a return on equity of 12.74%. The firm had revenue of $20.73 billion during the quarter, compared to analysts’ expectations of $22.01 billion. During the same quarter last year, the company posted $0.25 earnings per share. Energy Transfer’s revenue for the quarter was up 13.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Energy Transfer LP will post 1.35 earnings per share for the current year.

Energy Transfer Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 19th. Stockholders of record on Friday, November 8th will be paid a dividend of $0.3225 per share. The ex-dividend date is Friday, November 8th. This represents a $1.29 annualized dividend and a dividend yield of 7.40%. Energy Transfer’s dividend payout ratio is presently 107.56%.

Insider Buying and Selling

In other Energy Transfer news, EVP Gregory G. Mcilwain bought 20,000 shares of Energy Transfer stock in a transaction dated Friday, August 23rd. The stock was bought at an average cost of $15.68 per share, for a total transaction of $313,600.00. Following the purchase, the executive vice president now owns 591,211 shares in the company, valued at $9,270,188.48. This represents a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Energy Transfer news, Director Kelcy L. Warren acquired 3,000,000 shares of the company’s stock in a transaction that occurred on Monday, August 12th. The shares were purchased at an average price of $15.68 per share, for a total transaction of $47,040,000.00. Following the completion of the purchase, the director now directly owns 123,385,650 shares in the company, valued at $1,934,686,992. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Gregory G. Mcilwain bought 20,000 shares of the firm’s stock in a transaction on Friday, August 23rd. 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 executive vice president now owns 591,211 shares of the company’s stock, valued at $9,270,188.48. This trade represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders have acquired 3,040,000 shares of company stock worth $47,667,200. 3.28% of the stock is currently owned by corporate insiders.

Institutional Trading of Energy Transfer

Several hedge funds have recently made changes to their positions in ET. Norden Group LLC acquired a new stake in Energy Transfer in the first quarter worth $384,000. GSA Capital Partners LLP acquired a new stake in shares of Energy Transfer in the 1st quarter worth about $1,159,000. Geneos Wealth Management Inc. lifted its position in Energy Transfer by 3.4% in the 1st quarter. Geneos Wealth Management Inc. now owns 80,831 shares of the pipeline company’s stock valued at $1,271,000 after purchasing an additional 2,639 shares during the last quarter. Advisory Services Network LLC grew its position in Energy Transfer by 6.8% in the 1st quarter. Advisory Services Network LLC now owns 284,625 shares of the pipeline company’s stock worth $4,477,000 after purchasing an additional 18,107 shares during the last quarter. Finally, ORG Partners LLC acquired a new stake in shares of Energy Transfer in the first quarter valued at approximately $5,614,000. 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.