Energy Transfer (NYSE:ET) Stock Price Down 1% – Here’s What Happened

Energy Transfer LP (NYSE:ET)’s share price was down 1% during mid-day trading on Wednesday . The stock traded as low as $21.15 and last traded at $21.1970. 12,552,901 shares changed hands during mid-day trading, a decline of 6% from the average daily volume of 13,352,657 shares. The stock had previously closed at $21.42.

Analysts Set New Price Targets

ET has been the topic of several analyst reports. UBS Group reaffirmed a “buy” rating on shares of Energy Transfer in a report on Tuesday, May 12th. Zacks Research downgraded shares of Energy Transfer from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 11th. Wall Street Zen upgraded shares of Energy Transfer from a “hold” rating to a “buy” rating in a research note on Saturday, August 8th. JPMorgan Chase & Co. upped their target price on shares of Energy Transfer from $22.00 to $24.00 and gave the stock an “overweight” rating in a report on Tuesday, May 12th. Finally, Raymond James Financial reissued a “strong-buy” rating on shares of Energy Transfer in a report on Wednesday, May 6th. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $24.08.

Energy Transfer Stock Down 1.0%

The business has a 50-day moving average of $19.84 and a 200 day moving average of $19.37. The company has a market capitalization of $72.99 billion, a PE ratio of 14.42, a P/E/G ratio of 0.75 and a beta of 0.55. The company has a debt-to-equity ratio of 1.45, a current ratio of 1.16 and a quick ratio of 0.94.

Energy Transfer (NYSE:ET) last released its quarterly earnings results on Tuesday, August 4th. The pipeline company reported $0.59 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.21. Energy Transfer had a return on equity of 11.55% and a net margin of 4.87%.The business had revenue of $34.33 billion during the quarter, compared to analysts’ expectations of $27.71 billion. During the same quarter last year, the business posted $0.32 EPS. The firm’s revenue for the quarter was up 78.4% compared to the same quarter last year. Equities research analysts predict that Energy Transfer LP will post 1.63 earnings per share for the current year.

Energy Transfer Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, August 19th. Investors of record on Friday, August 7th will be paid a dividend of $0.34 per share. The ex-dividend date of this dividend is Friday, August 7th. This is a positive change from Energy Transfer’s previous quarterly dividend of $0.34. This represents a $1.36 dividend on an annualized basis and a yield of 6.4%. Energy Transfer’s payout ratio is currently 92.52%.

Insider Activity at Energy Transfer

In other Energy Transfer news, Director James Richard Perry acquired 12,359 shares of the company’s stock in a transaction on Friday, August 7th. The stock was acquired at an average cost of $20.23 per share, with a total value of $250,022.57. Following the purchase, the director directly owned 208,046 shares of the company’s stock, valued at approximately $4,208,770.58. This represents a 6.32% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. 3.28% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Osbon Capital Management LLC purchased a new stake in Energy Transfer during the second quarter valued at approximately $25,000. Basepoint Wealth LLC bought a new position in shares of Energy Transfer during the 4th quarter valued at approximately $25,000. Gables Capital Management Inc. raised its holdings in Energy Transfer by 60.0% during the 4th quarter. Gables Capital Management Inc. now owns 1,600 shares of the pipeline company’s stock valued at $26,000 after buying an additional 600 shares during the period. Cassaday & Co Wealth Management LLC purchased a new stake in Energy Transfer during the 1st quarter valued at $35,000. Finally, Sarver Vrooman Wealth Advisors bought a new stake in Energy Transfer in the fourth quarter worth $32,000. Institutional investors own 38.22% of the company’s stock.

About Energy Transfer

Energy Transfer (NYSE: ET) is a Dallas-based midstream energy company that develops and operates infrastructure for the transportation, storage and processing of hydrocarbons. The company’s operations focus on moving and storing natural gas, natural gas liquids (NGLs), crude oil and refined products through an integrated network of pipelines, terminals, storage facilities and processing plants. Energy Transfer provides core midstream services such as gathering, compression, fractionation, processing, and bulk transportation to support production and downstream supply chains.

Its asset base spans an extensive network across the United States, connecting producing regions, processing centers, petrochemical hubs and coastal and inland markets.