Energy Transfer (NYSE:ET) Stock Price Down 7.6% – Here’s What Happened

Energy Transfer LP (NYSE:ET) shares traded down 7.6% during trading on Friday . The company traded as low as $15.63 and last traded at $16.39. 22,535,972 shares traded hands during mid-day trading, an increase of 53% from the average session volume of 14,695,584 shares. The stock had previously closed at $17.73.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on ET shares. UBS Group restated a “buy” rating on shares of Energy Transfer in a research report on Tuesday, March 4th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $23.00 price objective on shares of Energy Transfer in a research note on Tuesday, March 25th. The Goldman Sachs Group lifted their target price on shares of Energy Transfer from $17.00 to $20.00 and gave the stock a “neutral” rating in a research report on Thursday, December 19th. Morgan Stanley raised their price target on shares of Energy Transfer from $20.00 to $26.00 and gave the company an “overweight” rating in a research note on Tuesday, March 25th. Finally, Wells Fargo & Company boosted their price objective on shares of Energy Transfer from $20.00 to $21.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 18th. One research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Energy Transfer currently has an average rating of “Moderate Buy” and a consensus target price of $22.09.

Energy Transfer Trading Down 9.1 %

The company has a current ratio of 1.12, a quick ratio of 0.88 and a debt-to-equity ratio of 1.42. The firm has a 50-day moving average of $19.28 and a 200 day moving average of $18.43. The company has a market cap of $55.30 billion, a P/E ratio of 12.59, a price-to-earnings-growth ratio of 0.64 and a beta of 1.72.

Energy Transfer (NYSE:ET) last announced its quarterly earnings data on Tuesday, February 11th. The pipeline company reported $0.29 earnings per share for the quarter, missing the consensus estimate of $0.35 by ($0.06). Energy Transfer had a net margin of 5.74% and a return on equity of 11.56%. On average, analysts predict that Energy Transfer LP will post 1.46 earnings per share for the current fiscal year.

Energy Transfer Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, February 19th. Stockholders of record on Friday, February 7th were issued a dividend of $0.325 per share. This is an increase from Energy Transfer’s previous quarterly dividend of $0.32. The ex-dividend date was Friday, February 7th. This represents a $1.30 annualized dividend and a dividend yield of 8.07%. Energy Transfer’s payout ratio is currently 101.56%.

Institutional Trading of Energy Transfer

Several hedge funds have recently bought and sold shares of ET. Stonegate Investment Group LLC increased its position in shares of Energy Transfer by 1.4% during the fourth quarter. Stonegate Investment Group LLC now owns 34,320 shares of the pipeline company’s stock worth $672,000 after acquiring an additional 482 shares in the last quarter. Private Client Services LLC raised its holdings in shares of Energy Transfer by 3.1% in the fourth quarter. Private Client Services LLC now owns 16,915 shares of the pipeline company’s stock valued at $331,000 after purchasing an additional 511 shares during the last quarter. United Advisor Group LLC lifted its position in shares of Energy Transfer by 3.0% during the fourth quarter. United Advisor Group LLC now owns 18,540 shares of the pipeline company’s stock valued at $363,000 after purchasing an additional 534 shares in the last quarter. Wealthspire Advisors LLC boosted its holdings in Energy Transfer by 0.4% during the fourth quarter. Wealthspire Advisors LLC now owns 130,202 shares of the pipeline company’s stock worth $2,551,000 after purchasing an additional 535 shares during the last quarter. Finally, Cannell & Spears LLC increased its stake in Energy Transfer by 0.4% in the 4th quarter. Cannell & Spears LLC now owns 135,647 shares of the pipeline company’s stock valued at $2,657,000 after buying an additional 546 shares during 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.