Energy Transfer (NYSE:ET) Stock Price Down 1.1% – Here’s Why

Energy Transfer LP (NYSE:ET) shares dropped 1.1% on Friday . The company traded as low as $18.98 and last traded at $18.99. Approximately 2,750,684 shares were traded during trading, a decline of 80% from the average daily volume of 13,630,396 shares. The stock had previously closed at $19.21.

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. Royal Bank of Canada raised their price objective on shares of Energy Transfer from $20.00 to $23.00 and gave the company an “outperform” rating in a research note on Monday, December 9th. Bank of America initiated coverage on Energy Transfer in a research report on Thursday, October 17th. They issued a “buy” rating and a $20.00 price target on the stock. Finally, UBS Group upped their price objective on Energy Transfer from $22.00 to $23.00 and gave the company a “buy” rating in a report on Wednesday, September 18th. Eight research analysts have rated the stock with a buy rating, According to MarketBeat.com, Energy Transfer currently has a consensus rating of “Buy” and an average price target of $20.38.

Energy Transfer Stock Performance

The stock’s 50-day moving average is $17.58 and its 200 day moving average is $16.54. 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 cap of $65.19 billion, a P/E ratio of 14.00, a PEG ratio of 0.63 and a beta of 1.70.

Energy Transfer (NYSE:ET) last released its quarterly earnings results on Wednesday, November 6th. The pipeline company reported $0.32 EPS for the quarter, hitting analysts’ consensus estimates of $0.32. Energy Transfer had a return on equity of 12.38% and a net margin of 5.90%. The company had revenue of $20.77 billion for the quarter, compared to analyst estimates of $21.59 billion. During the same quarter last year, the firm posted $0.31 earnings per share. Energy Transfer’s revenue was up .2% compared to the same quarter last year. On average, research analysts predict that Energy Transfer LP will post 1.32 earnings per share for the current year.

Energy Transfer Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, November 19th. Stockholders of record on Friday, November 8th were given a dividend of $0.3225 per share. This represents a $1.29 annualized dividend and a dividend yield of 6.78%. The ex-dividend date was Friday, November 8th. Energy Transfer’s dividend payout ratio is 94.85%.

Institutional Investors Weigh In On Energy Transfer

Institutional investors have recently added to or reduced their stakes in the stock. FFG Partners LLC raised its position in Energy Transfer by 3.3% in the 3rd quarter. FFG Partners LLC now owns 1,636,626 shares of the pipeline company’s stock valued at $26,268,000 after buying an additional 52,302 shares during the last quarter. Fidelity D & D Bancorp Inc. bought a new position in shares of Energy Transfer during the 3rd quarter worth approximately $1,207,000. Peapack Gladstone Financial Corp raised its holdings in shares of Energy Transfer by 6.8% in the third quarter. Peapack Gladstone Financial Corp now owns 15,675 shares of the pipeline company’s stock valued at $251,000 after purchasing an additional 1,000 shares during the last quarter. Synovus Financial Corp lifted its position in shares of Energy Transfer by 69.8% in the third quarter. Synovus Financial Corp now owns 84,530 shares of the pipeline company’s stock worth $1,357,000 after purchasing an additional 34,749 shares in the last quarter. Finally, Tidal Investments LLC boosted its holdings in Energy Transfer by 1.2% during the third quarter. Tidal Investments LLC now owns 101,738 shares of the pipeline company’s stock worth $1,633,000 after purchasing an additional 1,248 shares during the last quarter. 38.22% of the stock is owned by institutional investors.

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.