Truist Financial Issues Positive Forecast for Energy Transfer (NYSE:ET) Stock Price

Key Points

• Truist Financial raised Energy Transfer’s price target to $25 from $23 and maintained a “buy” rating, implying roughly 19.7% upside from the reported $20.89 share price.
• Analyst sentiment remains broadly positive: Energy Transfer has an average “Buy” rating and a consensus price target of $23.92, with multiple firms recently raising or reaffirming their targets.
• The company reported strong quarterly results, posting $0.59 in EPS versus the $0.38 estimate and $34.33 billion in revenue, up 78.4% year over year.

Energy Transfer (NYSE:ET - Get Free Report) had its target price raised by investment analysts at Truist Financial from $23.00 to $25.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has a "buy" rating on the pipeline company's stock. Truist Financial's target price indicates a potential upside of 19.67% from the company's current price.

ET has been the topic of a number of other research reports. Jefferies Financial Group restated a "buy" rating on shares of Energy Transfer in a research report on Wednesday, August 5th. TD Cowen reiterated a "buy" rating and set a $25.00 target price (up from $24.00) on shares of Energy Transfer in a report on Monday. Stifel Nicolaus raised their target price on Energy Transfer from $23.00 to $25.00 and gave the stock a "buy" rating in a research note on Wednesday, May 6th. Citigroup restated a "buy" rating and set a $24.00 price target (up from $23.00) on shares of Energy Transfer in a report on Friday, August 7th. Finally, Barclays reaffirmed an "overweight" rating and set a $24.00 price target (up from $23.00) on shares of Energy Transfer in a research report on Wednesday, August 5th. Two research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, Energy Transfer presently has an average rating of "Buy" and an average target price of $23.92.

Energy Transfer Trading Up 0.5%

Shares of NYSE:ET traded up $0.11 during trading on Wednesday, reaching $20.89. 4,385,749 shares of the company traded hands, compared to its average volume of 13,473,486. The firm has a market capitalization of $71.93 billion, a price-to-earnings ratio of 14.21, a P/E/G ratio of 2.02 and a beta of 0.55. Energy Transfer has a 52-week low of $16.18 and a 52-week high of $20.91. The company has a current ratio of 1.16, a quick ratio of 0.94 and a debt-to-equity ratio of 1.45. The business's fifty day moving average is $19.68 and its 200-day moving average is $19.26.

Energy Transfer (NYSE:ET - Get Free Report) last issued its earnings results on Tuesday, August 4th. The pipeline company reported $0.59 EPS for the quarter, topping the consensus estimate of $0.38 by $0.21. Energy Transfer had a net margin of 4.87% and a return on equity of 11.55%. The company had revenue of $34.33 billion for the quarter, compared to the consensus estimate of $27.71 billion. During the same period in the previous year, the firm earned $0.32 earnings per share. The firm's revenue for the quarter was up 78.4% on a year-over-year basis. As a group, analysts forecast that Energy Transfer will post 1.52 EPS for the current year.

Insiders Place Their Bets

In other news, Director James Richard Perry bought 12,359 shares of Energy Transfer stock in a transaction on Friday, August 7th. The shares were purchased at an average price of $20.23 per share, for a total transaction of $250,022.57. Following the acquisition, the director owned 208,046 shares of the company's stock, valued at approximately $4,208,770.58. The trade was a 6.32% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 3.28% of the company's stock.

Institutional Investors Weigh In On Energy Transfer

Hedge funds have recently made changes to their positions in the company. Basepoint Wealth LLC purchased a new position in Energy Transfer during the fourth quarter valued at $25,000. Gables Capital Management Inc. increased its stake 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 acquiring an additional 600 shares in the last quarter. Sarver Vrooman Wealth Advisors bought a new position in shares of Energy Transfer in the 4th quarter worth about $32,000. Cassaday & Co Wealth Management LLC purchased a new position in Energy Transfer during the 1st quarter valued at about $35,000. Finally, Navalign LLC purchased a new position in Energy Transfer during the 4th quarter valued at about $37,000. 38.22% of the stock is currently owned by institutional investors.

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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