Energy Transfer (NYSE:ET) Stock Price Up 0.9% After Analyst Upgrade

Energy Transfer LP (NYSE:ET)’s stock price rose 0.9% during mid-day trading on Tuesday after Mizuho raised their price target on the stock from $22.00 to $23.00. Mizuho currently has an outperform rating on the stock. Energy Transfer traded as high as $18.19 and last traded at $18.16. Approximately 3,891,949 shares traded hands during mid-day trading, a decline of 75% from the average daily volume of 15,489,989 shares. The stock had previously closed at $18.00.

ET has been the topic of a number of other research reports. Morgan Stanley boosted their price target on Energy Transfer from $20.00 to $26.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 25th. Royal Bank of Canada reissued an “outperform” rating and set a $23.00 price target on shares of Energy Transfer in a research report on Tuesday, March 25th. Citigroup reissued a “buy” rating on shares of Energy Transfer in a research report on Monday, March 24th. Wells Fargo & Company reduced their price objective on Energy Transfer from $22.00 to $21.00 and set an “overweight” rating for the company in a report on Wednesday, May 7th. Finally, UBS Group restated a “buy” rating on shares of Energy Transfer in a report on Tuesday, March 4th. One equities research analyst has rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $22.64.

Institutional Investors Weigh In On Energy Transfer

Several institutional investors have recently made changes to their positions in the stock. Stonegate Investment Group LLC boosted its stake in shares of Energy Transfer by 1.4% in the fourth quarter. Stonegate Investment Group LLC now owns 34,320 shares of the pipeline company’s stock valued at $672,000 after buying an additional 482 shares during the period. United Advisor Group LLC boosted its stake in shares of Energy Transfer by 3.0% in the fourth quarter. United Advisor Group LLC now owns 18,540 shares of the pipeline company’s stock valued at $363,000 after buying an additional 534 shares during the period. Wealthspire Advisors LLC boosted its stake in shares of Energy Transfer by 0.4% in the fourth quarter. Wealthspire Advisors LLC now owns 130,202 shares of the pipeline company’s stock valued at $2,551,000 after buying an additional 535 shares during the period. Cannell & Spears LLC lifted its stake in Energy Transfer by 0.4% during the fourth quarter. Cannell & Spears LLC now owns 135,647 shares of the pipeline company’s stock worth $2,657,000 after purchasing an additional 546 shares during the last quarter. Finally, Daymark Wealth Partners LLC lifted its stake in Energy Transfer by 0.3% during the fourth quarter. Daymark Wealth Partners LLC now owns 160,678 shares of the pipeline company’s stock worth $3,148,000 after purchasing an additional 547 shares during the last quarter. 38.22% of the stock is currently owned by institutional investors.

Energy Transfer Stock Up 0.7%

The firm has a 50 day simple moving average of $17.47 and a two-hundred day simple moving average of $18.58. The company has a quick ratio of 0.88, a current ratio of 1.12 and a debt-to-equity ratio of 1.42. The stock has a market capitalization of $62.17 billion, a P/E ratio of 14.16, a PEG ratio of 0.64 and a beta of 0.77.

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

Energy Transfer Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, May 20th. Shareholders of record on Friday, May 9th were paid a dividend of $0.3275 per share. The ex-dividend date was Friday, May 9th. This is a boost from Energy Transfer’s previous quarterly dividend of $0.33. This represents a $1.31 annualized dividend and a yield of 7.23%. Energy Transfer’s dividend payout ratio is presently 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.