Energy Transfer (NYSE:ET) Stock Price Down 0% on Analyst Downgrade

Energy Transfer LP (NYSE:ET) dropped 0% during trading on Monday after JPMorgan Chase & Co. lowered their price target on the stock from $25.00 to $23.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Energy Transfer traded as low as $17.79 and last traded at $17.95. Approximately 3,372,040 shares were traded during mid-day trading, a decline of 78% from the average daily volume of 15,504,013 shares. The stock had previously closed at $17.95.

A number of other equities research analysts have also recently issued reports on ET. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $23.00 target price on shares of Energy Transfer in a report on Tuesday, March 25th. Stifel Nicolaus lifted their target price on Energy Transfer from $21.00 to $23.00 and gave the stock a “buy” rating in a research note on Wednesday, February 12th. Wells Fargo & Company decreased their target price on Energy Transfer from $22.00 to $21.00 and set an “overweight” rating on the stock in a report on Wednesday, May 7th. UBS Group reaffirmed a “buy” rating on shares of Energy Transfer in a report on Tuesday, March 4th. Finally, Citigroup reaffirmed a “buy” rating on shares of Energy Transfer in a research report on Monday, March 24th. One research analyst has rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $22.36.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in ET. Mountain Hill Investment Partners Corp. acquired a new stake in Energy Transfer during the fourth quarter worth approximately $25,000. Capital A Wealth Management LLC bought a new position in shares of Energy Transfer in the fourth quarter worth $26,000. Fourth Dimension Wealth LLC bought a new position in shares of Energy Transfer in the fourth quarter worth $29,000. Vision Financial Markets LLC acquired a new position in Energy Transfer in the first quarter valued at about $33,000. Finally, United Community Bank bought a new stake in Energy Transfer during the fourth quarter worth about $35,000. Institutional investors and hedge funds own 38.22% of the company’s stock.

Energy Transfer Trading Up 0.2%

The firm’s fifty day simple moving average is $17.47 and its 200 day simple moving average is $18.59. The stock has a market capitalization of $61.73 billion, a P/E ratio of 14.05, a price-to-earnings-growth ratio of 0.64 and a beta of 0.77. The company has a debt-to-equity ratio of 1.42, a quick ratio of 0.88 and a current ratio of 1.12.

Energy Transfer (NYSE:ET) last announced its quarterly earnings data on Tuesday, May 6th. The pipeline company reported $0.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 analysts’ expectations of $22.28 billion. During the same period last year, the firm posted $0.32 earnings per share. The firm’s quarterly revenue was down 2.8% compared to the same quarter last year. As a group, equities research analysts forecast that Energy Transfer LP will post 1.46 EPS for the current fiscal year.

Energy Transfer Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, May 20th. Stockholders of record on Friday, May 9th will be issued a dividend of $0.3275 per share. The ex-dividend date is Friday, May 9th. This represents a $1.31 dividend on an annualized basis and a dividend yield of 7.28%. This is a boost from Energy Transfer’s previous quarterly dividend of $0.33. Energy Transfer’s payout ratio is 99.24%.

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.