Energy Transfer (NYSE:ET) Trading Down 0.3% – Here’s Why

Shares of Energy Transfer LP (NYSE:ET) dropped 0.3% during trading on Tuesday . The stock traded as low as $16.28 and last traded at $16.35. Approximately 2,285,656 shares traded hands during trading, a decline of 83% from the average daily volume of 13,070,174 shares. The stock had previously closed at $16.40.

Analyst Upgrades and Downgrades

A number of research firms recently commented on ET. Bank of America began coverage on shares of Energy Transfer in a research report on Thursday, October 17th. They set a “buy” rating and a $20.00 target price for the company. UBS Group increased 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. Finally, Royal Bank of Canada upped their target price on Energy Transfer from $19.00 to $20.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Eight analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $20.00.

Energy Transfer Stock Performance

The company has a current ratio of 1.14, a quick ratio of 0.92 and a debt-to-equity ratio of 1.38. The company has a market capitalization of $55.18 billion, a PE ratio of 15.02, a PEG ratio of 0.50 and a beta of 1.66. The company has a fifty day simple moving average of $16.15 and a 200-day simple moving average of $15.96.

Energy Transfer (NYSE:ET) last posted its quarterly earnings data on Wednesday, August 7th. The pipeline company reported $0.35 earnings per share for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.01). Energy Transfer had a return on equity of 12.74% and a net margin of 5.19%. The company had revenue of $20.73 billion for the quarter, compared to analysts’ expectations of $22.01 billion. During the same period in the previous year, the business posted $0.25 EPS. The business’s revenue for the quarter was up 13.1% on a year-over-year basis. Analysts predict that Energy Transfer LP will post 1.35 EPS for the current year.

Insider Activity

In other Energy Transfer news, CEO Thomas E. Long bought 20,000 shares of the business’s stock in a transaction dated Monday, August 12th. The shares were acquired at an average price of $15.68 per share, with a total value of $313,600.00. Following the transaction, the chief executive officer now owns 4,308,859 shares of the company’s stock, valued at approximately $67,562,909.12. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, CEO Thomas E. Long bought 20,000 shares of the firm’s stock in a transaction that occurred on Monday, August 12th. The stock was purchased at an average cost of $15.68 per share, with a total value of $313,600.00. Following the transaction, the chief executive officer now directly owns 4,308,859 shares in the company, valued at $67,562,909.12. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Kelcy L. Warren acquired 3,000,000 shares of Energy Transfer stock in a transaction on Monday, August 12th. The stock was purchased at an average price of $15.68 per share, with a total value of $47,040,000.00. Following the purchase, the director now owns 123,385,650 shares of the company’s stock, valued at $1,934,686,992. The trade was a 0.00 % increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders purchased 3,040,000 shares of company stock worth $47,667,200. 3.28% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Energy Transfer

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Tortoise Capital Advisors L.L.C. raised its position in Energy Transfer by 12.7% during the 2nd quarter. Tortoise Capital Advisors L.L.C. now owns 36,668,846 shares of the pipeline company’s stock worth $594,769,000 after buying an additional 4,141,715 shares during the last quarter. International Assets Investment Management LLC boosted its holdings in Energy Transfer by 1,491.0% in the 3rd quarter. International Assets Investment Management LLC now owns 4,175,731 shares of the pipeline company’s stock valued at $67,020,000 after purchasing an additional 3,913,266 shares in the last quarter. Natixis increased its position in Energy Transfer by 20.0% during the 1st quarter. Natixis now owns 18,020,559 shares of the pipeline company’s stock worth $283,463,000 after purchasing an additional 2,999,300 shares during the period. Payden & Rygel Investment Group purchased a new position in shares of Energy Transfer during the 1st quarter worth approximately $20,164,000. Finally, Merewether Investment Management LP lifted its holdings in shares of Energy Transfer by 22.3% in the 2nd quarter. Merewether Investment Management LP now owns 6,591,793 shares of the pipeline company’s stock valued at $106,919,000 after buying an additional 1,200,501 shares during the period. 38.22% of the stock is owned by hedge funds and other 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.