Energy Transfer (NYSE:ET) Stock Price Down 0.7% – Here’s What Happened

Energy Transfer LP (NYSE:ET)’s stock price was down 0.7% during trading on Monday . The stock traded as low as $16.28 and last traded at $16.34. Approximately 3,379,516 shares traded hands during mid-day trading, a decline of 74% from the average daily volume of 12,993,571 shares. The stock had previously closed at $16.45.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on ET shares. Royal Bank of Canada upped their target price on shares of Energy Transfer from $19.00 to $20.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Bank of America initiated coverage on Energy Transfer in a research note on Thursday, October 17th. They set a “buy” rating and a $20.00 price target on the stock. Finally, UBS Group lifted their price objective on Energy Transfer from $22.00 to $23.00 and gave the stock a “buy” rating in a research report on Wednesday, September 18th. Eight research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $20.00.

Energy Transfer Stock Down 0.5 %

The company has a debt-to-equity ratio of 1.38, a current ratio of 1.14 and a quick ratio of 0.92. The business has a 50 day simple moving average of $16.16 and a 200 day simple moving average of $15.97. The stock has a market cap of $55.17 billion, a PE ratio of 14.99, a P/E/G ratio of 0.49 and a beta of 1.66.

Energy Transfer (NYSE:ET) last posted its earnings results on Wednesday, August 7th. The pipeline company reported $0.35 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.01). The business had revenue of $20.73 billion during the quarter, compared to the consensus estimate of $22.01 billion. Energy Transfer had a return on equity of 12.74% and a net margin of 5.19%. The business’s revenue was up 13.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.25 earnings per share. On average, equities research analysts forecast that Energy Transfer LP will post 1.35 EPS for the current fiscal year.

Insider Activity

In other news, EVP Gregory G. Mcilwain bought 20,000 shares of the business’s stock in a transaction on Friday, August 23rd. The stock was purchased at an average price of $15.68 per share, with a total value of $313,600.00. Following the transaction, the executive vice president now directly owns 591,211 shares in the company, valued at approximately $9,270,188.48. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Energy Transfer news, EVP Gregory G. Mcilwain acquired 20,000 shares of Energy Transfer stock in a transaction dated Friday, August 23rd. The stock was bought at an average cost of $15.68 per share, with a total value of $313,600.00. Following the completion of the transaction, the executive vice president now owns 591,211 shares of the company’s stock, valued at $9,270,188.48. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Kelcy L. Warren bought 3,000,000 shares of the business’s stock in a transaction that occurred on Monday, August 12th. The shares were bought at an average price of $15.68 per share, with a total value of $47,040,000.00. Following the completion of the purchase, the director now owns 123,385,650 shares in the company, valued at approximately $1,934,686,992. The trade was a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought a total of 3,040,000 shares of company stock valued at $47,667,200 over the last 90 days. 3.28% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Energy Transfer

A number of hedge funds have recently made changes to their positions in the business. Tortoise Capital Advisors L.L.C. boosted its stake in Energy Transfer by 12.7% in the 2nd quarter. Tortoise Capital Advisors L.L.C. now owns 36,668,846 shares of the pipeline company’s stock valued at $594,769,000 after buying an additional 4,141,715 shares in the last quarter. International Assets Investment Management LLC lifted its holdings 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 valued at $67,020,000 after acquiring an additional 3,913,266 shares during the period. Natixis boosted its stake in shares of Energy Transfer by 20.0% in the 1st quarter. Natixis now owns 18,020,559 shares of the pipeline company’s stock valued at $283,463,000 after purchasing an additional 2,999,300 shares in the last quarter. Payden & Rygel Investment Group bought a new stake in shares of Energy Transfer in the 1st quarter worth about $20,164,000. Finally, Pathway Financial Advisers LLC increased its position in shares of Energy Transfer by 1,837.4% during the 3rd quarter. Pathway Financial Advisers LLC now owns 1,338,885 shares of the pipeline company’s stock worth $21,489,000 after purchasing an additional 1,269,778 shares in the last quarter. Institutional investors and hedge funds 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.