Energy Transfer (NYSE:ET) Given New $23.00 Price Target at JPMorgan Chase & Co.

Energy Transfer (NYSE:ET) had its price objective reduced by JPMorgan Chase & Co. from $25.00 to $23.00 in a research note issued to investors on Monday,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the pipeline company’s stock.

Several other research analysts have also issued reports on ET. Stifel Nicolaus raised their price target on shares of Energy Transfer from $21.00 to $23.00 and gave the stock a “buy” rating in a report on Wednesday, February 12th. Morgan Stanley raised their price target on shares of Energy Transfer from $20.00 to $26.00 and gave the stock an “overweight” rating in a report on Tuesday, March 25th. Wells Fargo & Company lowered their price target on shares of Energy Transfer from $22.00 to $21.00 and set an “overweight” rating for the company in a report on Wednesday, May 7th. Citigroup restated a “buy” rating on shares of Energy Transfer in a report on Monday, March 24th. Finally, Royal Bank of Canada restated an “outperform” rating and set a $23.00 price target on shares of Energy Transfer in a report on Tuesday, March 25th. One analyst has rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $22.36.

Energy Transfer Stock Up 0.2%

NYSE:ET opened at $17.99 on Monday. The firm’s 50 day simple moving average is $17.47 and its 200 day simple moving average is $18.59. The company has a debt-to-equity ratio of 1.42, a current ratio of 1.12 and a quick ratio of 0.88. Energy Transfer has a one year low of $14.60 and a one year high of $21.45. The company has a market cap of $61.73 billion, a PE ratio of 14.05, a P/E/G ratio of 0.64 and a beta of 0.77.

Energy Transfer (NYSE:ET) last posted its earnings results on Tuesday, May 6th. The pipeline company reported $0.36 EPS for the quarter, topping the consensus estimate of $0.33 by $0.03. Energy Transfer had a net margin of 5.74% and a return on equity of 11.56%. The business had revenue of $21.02 billion for the quarter, compared to the consensus estimate of $22.28 billion. During the same period last year, the company earned $0.32 EPS. The firm’s revenue was down 2.8% compared to the same quarter last year. On average, research analysts anticipate that Energy Transfer will post 1.46 earnings per share for the current year.

Energy Transfer Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 20th. Stockholders of record on Friday, May 9th will be paid a $0.3275 dividend. The ex-dividend date of this dividend is Friday, May 9th. This represents a $1.31 annualized dividend and a dividend yield of 7.28%. This is a positive change from Energy Transfer’s previous quarterly dividend of $0.33. Energy Transfer’s payout ratio is currently 99.24%.

Institutional Trading of Energy Transfer

Several hedge funds have recently modified their holdings of the stock. Mountain Hill Investment Partners Corp. acquired a new stake in Energy Transfer in the 4th quarter valued at $25,000. Capital A Wealth Management LLC acquired a new stake in Energy Transfer in the 4th quarter valued at $26,000. Fourth Dimension Wealth LLC acquired a new stake in Energy Transfer in the 4th quarter valued at $29,000. Vision Financial Markets LLC acquired a new stake in Energy Transfer in the 1st quarter valued at $33,000. Finally, United Community Bank acquired a new stake in Energy Transfer in the 4th quarter valued at $35,000. 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.