Energy Transfer (NYSE:ET) Stock Price Down 0.4% on Disappointing Earnings

Energy Transfer LP (NYSE:ET) dropped 0.4% on Wednesday following a weaker than expected earnings announcement. The company traded as low as $19.26 and last traded at $19.73. Approximately 6,350,670 shares traded hands during mid-day trading, a decline of 63% from the average daily volume of 17,122,715 shares. The stock had previously closed at $19.81.

The pipeline company reported $0.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.35 by ($0.06). Energy Transfer had a net margin of 5.90% and a return on equity of 12.38%.

Energy Transfer Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, February 19th. Shareholders of record on Friday, February 7th will be paid a dividend of $0.325 per share. This is a boost from Energy Transfer’s previous quarterly dividend of $0.32. The ex-dividend date is Friday, February 7th. This represents a $1.30 dividend on an annualized basis and a yield of 6.60%. Energy Transfer’s dividend payout ratio (DPR) is currently 94.85%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on ET. Bank of America started coverage on Energy Transfer in a research note on Thursday, October 17th. They issued a “buy” rating and a $20.00 price objective on the stock. Barclays upped their price target on Energy Transfer from $22.00 to $25.00 and gave the company an “overweight” rating in a research report on Monday, January 13th. The Goldman Sachs Group lifted their price objective on Energy Transfer from $17.00 to $20.00 and gave the company a “neutral” rating in a report on Thursday, December 19th. Wells Fargo & Company boosted their target price on shares of Energy Transfer from $20.00 to $21.00 and gave the company an “overweight” rating in a research note on Wednesday, December 18th. Finally, Stifel Nicolaus increased their target price on shares of Energy Transfer from $21.00 to $23.00 and gave the stock a “buy” rating in a research report on Wednesday. One research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Energy Transfer currently has an average rating of “Moderate Buy” and an average price target of $21.18.

Hedge Funds Weigh In On Energy Transfer

A number of large investors have recently modified their holdings of the stock. FMR LLC raised its position in Energy Transfer by 44.0% in the 3rd quarter. FMR LLC now owns 33,379,297 shares of the pipeline company’s stock worth $535,738,000 after purchasing an additional 10,195,768 shares during the last quarter. International Assets Investment Management LLC raised its position in shares of Energy Transfer by 1,491.0% during the third quarter. International Assets Investment Management LLC now owns 4,175,731 shares of the pipeline company’s stock worth $67,020,000 after acquiring an additional 3,913,266 shares during the last quarter. BNP Paribas Financial Markets lifted its stake in shares of Energy Transfer by 36.7% during the third quarter. BNP Paribas Financial Markets now owns 11,563,478 shares of the pipeline company’s stock valued at $185,594,000 after acquiring an additional 3,106,631 shares during the period. Citigroup Inc. boosted its holdings in Energy Transfer by 45.9% in the third quarter. Citigroup Inc. now owns 9,581,762 shares of the pipeline company’s stock valued at $153,787,000 after acquiring an additional 3,013,973 shares during the last quarter. Finally, Kayne Anderson Capital Advisors LP increased its position in Energy Transfer by 7.7% in the fourth quarter. Kayne Anderson Capital Advisors LP now owns 23,987,750 shares of the pipeline company’s stock worth $469,920,000 after purchasing an additional 1,723,683 shares during the period. 38.22% of the stock is currently owned by institutional investors and hedge funds.

Energy Transfer Price Performance

The company has a current ratio of 1.08, a quick ratio of 0.88 and a debt-to-equity ratio of 1.40. The stock has a market capitalization of $67.45 billion, a P/E ratio of 14.49, a PEG ratio of 0.52 and a beta of 1.69. The company has a fifty day simple moving average of $19.73 and a two-hundred day simple moving average of $17.71.

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.