Energy Transfer (NYSE:ET) Price Target Lowered to $23.00 at Morgan Stanley

Key Points

• Morgan Stanley has reduced its price target for Energy Transfer from $24.00 to $23.00 while maintaining an "overweight" rating, suggesting a potential upside of 31.92% from the last close.
• Other firms, including JPMorgan Chase and Mizuho, have also adjusted their price targets to $23.00, indicating a consensus price target of $22.50 across multiple analysts.
• Energy Transfer stock recently traded at $17.44, down $0.09, and has a market capitalization of $59.85 billion with a P/E ratio of 13.51.

Energy Transfer (NYSE:ET - Get Free Report) had its price target lowered by stock analysts at Morgan Stanley from $24.00 to $23.00 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has an "overweight" rating on the pipeline company's stock. Morgan Stanley's target price suggests a potential upside of 31.92% from the company's previous close.

Several other research firms have also commented on ET. JPMorgan Chase & Co. lowered their price target on shares of Energy Transfer from $25.00 to $23.00 and set an "overweight" rating on the stock in a report on Monday, May 19th. Mizuho raised their price target on shares of Energy Transfer from $22.00 to $23.00 and gave the stock an "outperform" rating in a report on Tuesday, May 20th. Wells Fargo & Company reissued an "overweight" rating and issued a $23.00 price target (up previously from $21.00) on shares of Energy Transfer in a research report on Tuesday, August 12th. TD Cowen initiated coverage on shares of Energy Transfer in a research note on Monday, July 7th. They issued a "buy" rating and a $22.00 price objective on the stock. Finally, Cowen began coverage on shares of Energy Transfer in a report on Monday, July 7th. They issued a "buy" rating on the stock. Twelve investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, Energy Transfer presently has an average rating of "Moderate Buy" and a consensus price target of $22.50.

Energy Transfer Stock Performance

Energy Transfer stock traded down $0.09 during trading on Tuesday, reaching $17.44. The company had a trading volume of 2,009,264 shares, compared to its average volume of 15,439,360. Energy Transfer has a 52 week low of $14.60 and a 52 week high of $21.45. The firm's 50-day simple moving average is $17.66 and its 200 day simple moving average is $17.85. The firm has a market capitalization of $59.85 billion, a price-to-earnings ratio of 13.51, a price-to-earnings-growth ratio of 0.92 and a beta of 0.83. The company has a current ratio of 1.15, a quick ratio of 0.92 and a debt-to-equity ratio of 1.44.

Energy Transfer (NYSE:ET - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The pipeline company reported $0.32 earnings per share for the quarter, meeting analysts' consensus estimates of $0.32. Energy Transfer had a return on equity of 11.08% and a net margin of 5.80%.The firm had revenue of $19.24 billion during the quarter, compared to analyst estimates of $24.07 billion. During the same quarter last year, the business posted $0.35 earnings per share. The business's quarterly revenue was down 7.2% compared to the same quarter last year. Sell-side analysts forecast that Energy Transfer will post 1.46 earnings per share for the current fiscal year.

Insider Transactions at Energy Transfer

In other news, Director Kelcy L. Warren purchased 1,350,000 shares of the business's stock in a transaction that occurred on Wednesday, August 20th. The shares were acquired at an average cost of $17.36 per share, for a total transaction of $23,436,000.00. Following the transaction, the director directly owned 69,178,477 shares of the company's stock, valued at approximately $1,200,938,360.72. The trade was a 1.99% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, Director James Richard Perry sold 1,369 shares of the firm's stock in a transaction that occurred on Friday, June 13th. The stock was sold at an average price of $18.48, for a total transaction of $25,299.12. Following the sale, the director owned 24,523 shares in the company, valued at $453,185.04. This trade represents a 5.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. 3.28% of the stock is owned by corporate insiders.

Institutional Trading of Energy Transfer

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Capital A Wealth Management LLC bought a new position in shares of Energy Transfer during the 4th quarter worth $26,000. Fourth Dimension Wealth LLC purchased a new position in shares of Energy Transfer during the fourth quarter valued at approximately $29,000. Ryan Investment Management Inc. bought a new stake in shares of Energy Transfer during the second quarter valued at approximately $31,000. Vision Financial Markets LLC bought a new stake in Energy Transfer in the first quarter worth $33,000. Finally, CNB Bank lifted its holdings in shares of Energy Transfer by 111.1% during the second quarter. CNB Bank now owns 1,900 shares of the pipeline company's stock valued at $34,000 after purchasing an additional 1,000 shares in the last quarter. Institutional investors and hedge funds own 38.22% of the company's stock.

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.

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