Energy Transfer (NYSE:ET) Trading 0.3% Higher After Dividend Announcement

Energy Transfer LP (NYSE:ET) traded up 0.3% during mid-day trading on Tuesday following a dividend announcement from the company. The stock traded as high as $16.45 and last traded at $16.45. 2,485,133 shares traded hands during trading, a decline of 81% from the average session volume of 12,979,649 shares. The stock had previously closed at $16.40.

The newly announced dividend which will be paid on Tuesday, November 19th. Shareholders of record on Friday, November 8th will be given a dividend of $0.3225 per share. The ex-dividend date of this dividend is Friday, November 8th. This represents a $1.29 dividend on an annualized basis and a yield of 7.82%. Energy Transfer’s dividend payout ratio is presently 108.40%.

Analyst Upgrades and Downgrades

ET has been the topic of several research reports. UBS Group upped their price target on shares of Energy Transfer from $22.00 to $23.00 and gave the company a “buy” rating in a research note on Wednesday, September 18th. Bank of America initiated coverage on shares of Energy Transfer in a report on Thursday, October 17th. They set a “buy” rating and a $20.00 target price on the stock. Finally, Royal Bank of Canada raised their price target on Energy Transfer from $19.00 to $20.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Eight research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $20.00.

Energy Transfer Stock Performance

The company’s fifty day simple moving average is $16.18 and its 200 day simple moving average is $15.98. The stock has a market capitalization of $56.43 billion, a P/E ratio of 13.83, a P/E/G ratio of 0.49 and a beta of 1.66. The company has a current ratio of 1.14, a quick ratio of 0.92 and a debt-to-equity ratio of 1.38.

Energy Transfer (NYSE:ET) last posted its quarterly earnings data on Wednesday, August 7th. The pipeline company reported $0.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.01). The business had revenue of $20.73 billion for the quarter, compared to the consensus estimate of $22.01 billion. Energy Transfer had a net margin of 5.19% and a return on equity of 12.74%. Energy Transfer’s quarterly revenue was up 13.1% on a year-over-year basis. During the same period in the prior year, the business posted $0.25 EPS. As a group, sell-side analysts forecast that Energy Transfer LP will post 1.35 earnings per share for the current fiscal year.

Insider Transactions at Energy Transfer

In related news, CEO Thomas E. Long purchased 20,000 shares of the firm’s stock in a transaction dated Monday, August 12th. The shares were purchased at an average price of $15.68 per share, with a total value of $313,600.00. Following the acquisition, the chief executive officer now directly owns 4,308,859 shares of the company’s stock, valued at approximately $67,562,909.12. This represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Thomas E. Long purchased 20,000 shares of the company’s stock in a transaction on Monday, August 12th. The stock was purchased at an average price of $15.68 per share, with a total value of $313,600.00. Following the completion of the purchase, the chief executive officer now directly owns 4,308,859 shares in the company, valued at approximately $67,562,909.12. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Kelcy L. Warren acquired 3,000,000 shares of the firm’s stock in a transaction that occurred on Monday, August 12th. The shares were purchased at an average cost of $15.68 per share, for a total transaction of $47,040,000.00. Following the completion of the acquisition, the director now owns 123,385,650 shares in the company, valued at $1,934,686,992. This represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders acquired 3,040,000 shares of company stock valued at $47,667,200. 3.28% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Energy Transfer

Large investors have recently added to or reduced their stakes in the business. Tortoise Capital Advisors L.L.C. grew its stake in shares of Energy Transfer by 12.7% during the second quarter. Tortoise Capital Advisors L.L.C. now owns 36,668,846 shares of the pipeline company’s stock valued at $594,769,000 after buying an additional 4,141,715 shares during the last quarter. International Assets Investment Management LLC increased its position in shares of Energy Transfer by 1,491.0% in the third quarter. International Assets Investment Management LLC now owns 4,175,731 shares of the pipeline company’s stock valued at $67,020,000 after acquiring an additional 3,913,266 shares during the period. Natixis raised its stake in shares of Energy Transfer by 20.0% during the first quarter. Natixis now owns 18,020,559 shares of the pipeline company’s stock valued at $283,463,000 after acquiring an additional 2,999,300 shares during the last quarter. Payden & Rygel Investment Group purchased a new stake in shares of Energy Transfer during the first quarter worth about $20,164,000. Finally, Pathway Financial Advisers LLC grew its stake in shares of Energy Transfer by 1,837.4% in the third quarter. Pathway Financial Advisers LLC now owns 1,338,885 shares of the pipeline company’s stock worth $21,489,000 after purchasing an additional 1,269,778 shares during the last quarter. Hedge funds and other institutional investors own 38.22% of the company’s stock.

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.