Energy Transfer (NYSE:ET) Stock Price Up 2.1% - Still a Buy?

Key Points

• Energy Transfer LP (NYSE:ET) shares increased by 2.1% to close at $16.89, maintaining approximately the same trading volume as the previous day.
• Analyst ratings give Energy Transfer a consensus rating of "Moderate Buy" with a target price of $22.46, despite Morgan Stanley lowering its price target from $24.00 to $23.00.
• The company announced a quarterly dividend increase to $0.33, resulting in an annualized yield of 7.8%, with a payout ratio of 102.33%.

Energy Transfer LP (NYSE:ET - Get Free Report) shares rose 2.1% on Wednesday . The company traded as high as $16.94 and last traded at $16.89. Approximately 14,905,930 shares traded hands during mid-day trading, a decline of 0% from the average daily volume of 14,931,596 shares. The stock had previously closed at $16.53.

Analyst Ratings Changes

Several research analysts recently issued reports on ET shares. Morgan Stanley cut their price target on shares of Energy Transfer from $24.00 to $23.00 and set an "overweight" rating for the company in a report on Tuesday, August 26th. UBS Group reissued a "buy" rating and set a $22.00 price target on shares of Energy Transfer in a report on Wednesday. Weiss Ratings reissued a "buy (b)" rating on shares of Energy Transfer in a report on Wednesday, October 8th. Cowen assumed coverage on shares of Energy Transfer in a report on Monday, July 7th. They set a "buy" rating for the company. Finally, TD Cowen assumed coverage on shares of Energy Transfer in a research report on Monday, July 7th. They set a "buy" rating and a $22.00 target price on the stock. Fourteen research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $22.46.

Energy Transfer Stock Up 2.1%

The company has a quick ratio of 0.92, a current ratio of 1.15 and a debt-to-equity ratio of 1.44. The firm has a market cap of $57.96 billion, a PE ratio of 13.09, a P/E/G ratio of 0.97 and a beta of 0.78. The firm's 50 day moving average is $17.29 and its 200-day moving average is $17.43.

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

Energy Transfer Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 19th. Stockholders of record on Friday, August 8th were paid a $0.33 dividend. The ex-dividend date of this dividend was Friday, August 8th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 7.8%. This is a boost from Energy Transfer's previous quarterly dividend of $0.33. Energy Transfer's payout ratio is 102.33%.

Insiders Place Their Bets

In other news, Director Kelcy L. Warren purchased 1,350,000 shares of the stock in a transaction that occurred on Wednesday, August 20th. The stock was acquired at an average cost of $17.36 per share, with a total value of $23,436,000.00. Following the acquisition, the director owned 69,178,477 shares in the company, valued at approximately $1,200,938,360.72. This trade represents a 1.99% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 3.28% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of ET. Kingstone Capital Partners Texas LLC bought a new position in shares of Energy Transfer in the 2nd quarter worth about $168,917,000. Alps Advisors Inc. raised its position in shares of Energy Transfer by 12.9% during the 1st quarter. Alps Advisors Inc. now owns 75,353,994 shares of the pipeline company's stock worth $1,400,831,000 after buying an additional 8,613,645 shares in the last quarter. Commerce Bank bought a new stake in shares of Energy Transfer during the 1st quarter worth about $92,607,000. Energy Income Partners LLC grew its stake in shares of Energy Transfer by 12.0% in the 1st quarter. Energy Income Partners LLC now owns 23,120,066 shares of the pipeline company's stock worth $429,802,000 after purchasing an additional 2,471,401 shares during the last quarter. Finally, Nuveen LLC acquired a new position in shares of Energy Transfer in the 1st quarter worth approximately $44,876,000. 38.22% of the stock is currently owned by institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.