Scotiabank Cuts Energy Transfer (NYSE:ET) Price Target to $21.00

Energy Transfer (NYSE:ET) had its price objective decreased by Scotiabank from $23.00 to $21.00 in a report published on Thursday morning,Benzinga reports. Scotiabank currently has a sector outperform rating on the pipeline company’s stock.

Other equities analysts have also issued reports about the stock. Jefferies Financial Group set a $17.00 price objective on shares of Energy Transfer and gave the stock a “hold” rating in a report on Tuesday, October 28th. UBS Group restated a “buy” rating and set a $22.00 price target on shares of Energy Transfer in a research note on Wednesday, October 15th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Energy Transfer in a research note on Wednesday, October 8th. Morgan Stanley decreased their target price on Energy Transfer from $24.00 to $23.00 and set an “overweight” rating on the stock in a research note on Tuesday, August 26th. Finally, Barclays reaffirmed an “overweight” rating and issued a $25.00 target price on shares of Energy Transfer in a research report on Wednesday, October 15th. Thirteen investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $22.08.

Energy Transfer Trading Up 2.3%

Shares of Energy Transfer stock opened at $17.01 on Thursday. The stock has a 50 day moving average of $16.95 and a 200 day moving average of $17.39. The company has a debt-to-equity ratio of 1.44, a quick ratio of 0.92 and a current ratio of 1.15. The firm has a market capitalization of $58.41 billion, a price-to-earnings ratio of 13.19, a PEG ratio of 1.01 and a beta of 0.76. Energy Transfer has a fifty-two week low of $14.60 and a fifty-two week high of $21.45.

Energy Transfer (NYSE:ET) last announced its quarterly earnings results on Wednesday, November 5th. The pipeline company reported $0.28 EPS for the quarter, missing the consensus estimate of $0.34 by ($0.06). The business had revenue of $19.95 billion during the quarter, compared to analyst estimates of $21.84 billion. Energy Transfer had a net margin of 5.80% and a return on equity of 11.08%. The business’s revenue for the quarter was down 3.9% on a year-over-year basis. During the same period last year, the company earned $0.32 EPS. As a group, research analysts predict that Energy Transfer will post 1.46 earnings per share for the current year.

Energy Transfer Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 19th. Shareholders of record on Friday, November 7th will be paid a $0.3325 dividend. This is a boost from Energy Transfer’s previous quarterly dividend of $0.33. This represents a $1.33 dividend on an annualized basis and a yield of 7.8%. The ex-dividend date is Friday, November 7th. Energy Transfer’s payout ratio is 106.40%.

Insider Transactions at Energy Transfer

In other Energy Transfer news, Director Kelcy L. Warren purchased 1,350,000 shares of the firm’s stock in a transaction on Wednesday, August 20th. The stock was bought at an average cost of $17.36 per share, with a total value of $23,436,000.00. Following the acquisition, the director directly owned 69,178,477 shares of the company’s stock, valued at approximately $1,200,938,360.72. This represents a 1.99% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 3.28% of the stock is owned by company insiders.

Hedge Funds Weigh In On Energy Transfer

Several hedge funds have recently added to or reduced their stakes in the stock. Ryan Investment Management Inc. acquired a new position in shares of Energy Transfer in the 2nd quarter valued at $31,000. Vision Financial Markets LLC acquired a new position in Energy Transfer in the first quarter valued at $33,000. CNB Bank increased its position 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 worth $34,000 after purchasing an additional 1,000 shares in the last quarter. Financial Life Planners purchased a new stake in shares of Energy Transfer in the 3rd quarter valued at about $34,000. Finally, Stone House Investment Management LLC acquired a new stake in shares of Energy Transfer in the 1st quarter valued at about $38,000. 38.22% of the stock is currently owned by hedge funds and other 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.