Energy Transfer (NYSE:ET) Trading Up 2.6% – Here’s What Happened

29 Nov 2024, 13:04 by Doug Wharley · The Cerbat Gem

Energy Transfer LP (NYSE:ET – Get Free Report)’s share price was up 2.6% on Friday . The company traded as high as $19.99 and last traded at $19.92. Approximately 6,530,958 shares changed hands during mid-day trading, a decline of 52% from the average daily volume of 13,675,876 shares. The stock had previously closed at $19.42.

Analyst Ratings Changes

A number of research analysts have weighed in on ET shares. Bank of America started coverage on shares of Energy Transfer in a research note on Thursday, October 17th. They issued a “buy” rating and a $20.00 price objective on the stock. UBS Group raised 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. Finally, Royal Bank of Canada increased their target price on shares of Energy Transfer from $19.00 to $20.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Eight analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $20.00.

Check Out Our Latest Analysis on ET

Energy Transfer Price Performance

The stock has a market cap of $68.00 billion, a PE ratio of 14.65, a P/E/G ratio of 0.62 and a beta of 1.66. The company has a debt-to-equity ratio of 1.40, a current ratio of 1.08 and a quick ratio of 0.88. The firm’s 50 day moving average price is $16.91 and its two-hundred day moving average price is $16.27.

Energy Transfer (NYSE:ET – Get Free Report) last released its quarterly earnings data on Wednesday, November 6th. The pipeline company reported $0.32 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 company had revenue of $20.77 billion during the quarter, compared to analyst estimates of $21.59 billion. During the same period last year, the business earned $0.31 earnings per share. Energy Transfer’s revenue was up .2% compared to the same quarter last year. On average, research analysts expect that Energy Transfer LP will post 1.34 earnings per share for the current year.

Energy Transfer Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, November 19th. Stockholders of record on Friday, November 8th were given a $0.3225 dividend. The ex-dividend date was Friday, November 8th. This represents a $1.29 dividend on an annualized basis and a dividend yield of 6.50%. Energy Transfer’s dividend payout ratio (DPR) is currently 94.85%.

Hedge Funds Weigh In On Energy Transfer

A number of large investors have recently modified their holdings of ET. Princeton Global Asset Management LLC lifted its position in Energy Transfer by 65.0% during the third quarter. Princeton Global Asset Management LLC now owns 1,650 shares of the pipeline company’s stock valued at $26,000 after purchasing an additional 650 shares during the last quarter. Assetmark Inc. lifted its holdings in shares of Energy Transfer by 2,138.5% in the 3rd quarter. Assetmark Inc. now owns 1,746 shares of the pipeline company’s stock worth $28,000 after acquiring an additional 1,668 shares during the last quarter. LRI Investments LLC bought a new stake in shares of Energy Transfer in the 1st quarter worth approximately $29,000. HWG Holdings LP bought a new stake in shares of Energy Transfer in the 2nd quarter worth approximately $33,000. Finally, Sugarloaf Wealth Management LLC lifted its holdings in shares of Energy Transfer by 43.6% in the 3rd quarter. Sugarloaf Wealth Management LLC now owns 2,472 shares of the pipeline company’s stock worth $40,000 after acquiring an additional 750 shares during the last quarter. 38.22% of the stock is currently owned by institutional investors.

About Energy Transfer

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