Morgan Stanley Forecasts Strong Price Appreciation for Energy Transfer (NYSE:ET) Stock

Key Points

• Morgan Stanley raised Energy Transfer’s price target from $23 to $25, implying 17.84% potential upside from the stock’s $21.21 price, while maintaining an “equal weight” rating.
• Analyst sentiment remains positive overall: Energy Transfer has a “Moderate Buy” consensus rating and an average price target of $24.08, with one Strong Buy, 12 Buy, and two Hold ratings.
• The company reported quarterly earnings of $0.59 per share, beating estimates of $0.38, while revenue rose 78.4% year over year to $34.33 billion.

Energy Transfer (NYSE:ET - Get Free Report) had its price target lifted by research analysts at Morgan Stanley from $23.00 to $25.00 in a report released on Tuesday,Benzinga reports. The brokerage presently has an "equal weight" rating on the pipeline company's stock. Morgan Stanley's price target would indicate a potential upside of 17.84% from the stock's current price.

ET has been the subject of several other research reports. Wall Street Zen upgraded Energy Transfer from a "hold" rating to a "buy" rating in a research note on Saturday, August 8th. Jefferies Financial Group reiterated a "buy" rating on shares of Energy Transfer in a research report on Wednesday, August 5th. TD Cowen reissued a "buy" rating and issued a $25.00 price target (up from $24.00) on shares of Energy Transfer in a report on Monday, August 10th. Raymond James Financial restated a "strong-buy" rating on shares of Energy Transfer in a research report on Wednesday, May 6th. Finally, Royal Bank Of Canada reaffirmed an "outperform" rating and set a $23.00 price objective (up from $21.00) on shares of Energy Transfer in a research note on Tuesday, July 21st. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat, Energy Transfer currently has a consensus rating of "Moderate Buy" and a consensus target price of $24.08.

Energy Transfer Stock Performance

Shares of NYSE:ET traded up $0.28 during trading on Tuesday, hitting $21.21. 1,464,418 shares of the company were exchanged, compared to its average volume of 13,294,045. Energy Transfer has a 52-week low of $16.18 and a 52-week high of $21.32. The stock has a 50 day moving average of $19.80 and a 200 day moving average of $19.35. The company has a debt-to-equity ratio of 1.45, a current ratio of 1.16 and a quick ratio of 0.94. The company has a market cap of $73.05 billion, a PE ratio of 14.43, a P/E/G ratio of 0.75 and a beta of 0.55.

Energy Transfer (NYSE:ET - Get Free Report) last announced its quarterly earnings results on Tuesday, August 4th. The pipeline company reported $0.59 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.21. Energy Transfer had a return on equity of 11.55% and a net margin of 4.87%.The company had revenue of $34.33 billion during the quarter, compared to analysts' expectations of $27.71 billion. During the same period in the previous year, the business earned $0.32 earnings per share. The firm's quarterly revenue was up 78.4% compared to the same quarter last year. As a group, equities research analysts predict that Energy Transfer will post 1.63 EPS for the current year.

Insider Buying and Selling at Energy Transfer

In other Energy Transfer news, Director James Richard Perry purchased 12,359 shares of the company's stock in a transaction dated Friday, August 7th. The stock was purchased at an average price of $20.23 per share, for a total transaction of $250,022.57. Following the transaction, the director owned 208,046 shares in the company, valued at $4,208,770.58. The trade was a 6.32% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 3.28% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Osbon Capital Management LLC bought a new stake in Energy Transfer during the second quarter valued at approximately $25,000. Basepoint Wealth LLC bought a new position in shares of Energy Transfer in the 4th quarter worth $25,000. Gables Capital Management Inc. increased its holdings in shares of Energy Transfer by 60.0% in the 4th quarter. Gables Capital Management Inc. now owns 1,600 shares of the pipeline company's stock worth $26,000 after buying an additional 600 shares during the last quarter. Cassaday & Co Wealth Management LLC bought a new position in shares of Energy Transfer in the 1st quarter worth $35,000. Finally, Sarver Vrooman Wealth Advisors purchased a new stake in shares of Energy Transfer during the 4th quarter valued at $32,000. Hedge funds and other institutional investors own 38.22% of the company's stock.

About Energy Transfer

Energy Transfer NYSE: ET is a Dallas-based midstream energy company that develops and operates infrastructure for the transportation, storage and processing of hydrocarbons. The company's operations focus on moving and storing natural gas, natural gas liquids (NGLs), crude oil and refined products through an integrated network of pipelines, terminals, storage facilities and processing plants. Energy Transfer provides core midstream services such as gathering, compression, fractionation, processing, and bulk transportation to support production and downstream supply chains.

Its asset base spans an extensive network across the United States, connecting producing regions, processing centers, petrochemical hubs and coastal and inland markets.

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