Energy Transfer (NYSE:ET) Receives New Coverage from Analysts at Bank of America

Analysts at Bank of America initiated coverage on shares of Energy Transfer (NYSE:ET) in a report issued on Thursday, StockNewsAPI reports. The brokerage set a “buy” rating and a $20.00 price target on the pipeline company’s stock. Bank of America‘s price target points to a potential upside of 21.95% from the stock’s previous close.

A number of other research analysts have also recently issued reports on ET. JPMorgan Chase & Co. lifted their target price on shares of Energy Transfer from $19.00 to $20.00 and gave the company an “overweight” rating in a research note on Thursday, June 20th. UBS Group lifted their target price 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. Finally, Royal Bank of Canada lifted their target price on shares of Energy Transfer from $19.00 to $20.00 and gave the company an “outperform” rating in a research note on Wednesday. Eight equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Energy Transfer has an average rating of “Buy” and a consensus price target of $20.00.

Energy Transfer Stock Up 0.2 %

Shares of ET opened at $16.40 on Thursday. The stock has a market cap of $55.27 billion, a price-to-earnings ratio of 15.05, a P/E/G ratio of 0.50 and a beta of 1.66. The company has a quick ratio of 0.92, a current ratio of 1.14 and a debt-to-equity ratio of 1.38. Energy Transfer has a 12 month low of $12.90 and a 12 month high of $16.64. The company has a 50-day moving average price of $16.09 and a two-hundred day moving average price of $15.94.

Energy Transfer (NYSE:ET) last announced its quarterly earnings results on Wednesday, August 7th. The pipeline company reported $0.35 EPS for the quarter, missing analysts’ consensus estimates 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 return on equity of 12.74% and a net margin of 5.19%. The firm’s revenue for the quarter was up 13.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.25 EPS. Equities analysts predict that Energy Transfer will post 1.35 EPS for the current fiscal year.

Insider Activity at Energy Transfer

In other Energy Transfer news, EVP Gregory G. Mcilwain bought 20,000 shares of the stock in a transaction on Friday, August 23rd. The stock was purchased at an average price of $15.68 per share, with a total value of $313,600.00. Following the acquisition, the executive vice president now owns 591,211 shares of the company’s stock, valued at approximately $9,270,188.48. The trade was a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Kelcy L. Warren purchased 3,000,000 shares of Energy Transfer stock in a transaction dated Monday, August 12th. The shares were bought at an average cost of $15.68 per share, with a total value of $47,040,000.00. Following the completion of the transaction, the director now directly owns 123,385,650 shares in the company, valued at $1,934,686,992. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Gregory G. Mcilwain purchased 20,000 shares of Energy Transfer stock in a transaction dated Friday, August 23rd. The shares were purchased at an average cost of $15.68 per share, for a total transaction of $313,600.00. Following the completion of the transaction, the executive vice president now owns 591,211 shares of the company’s stock, valued at approximately $9,270,188.48. This represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased a total of 3,040,000 shares of company stock valued at $47,667,200 over the last quarter. Corporate insiders own 3.28% of the company’s stock.

Institutional Investors Weigh In On Energy Transfer

Institutional investors have recently added to or reduced their stakes in the stock. LRI Investments LLC bought a new stake in Energy Transfer in the 1st quarter valued at $29,000. HWG Holdings LP bought a new stake in Energy Transfer during the 2nd quarter worth about $33,000. Sugarloaf Wealth Management LLC lifted its position in Energy Transfer by 43.6% during the 3rd quarter. Sugarloaf Wealth Management LLC now owns 2,472 shares of the pipeline company’s stock worth $40,000 after buying an additional 750 shares in the last quarter. EdgeRock Capital LLC bought a new stake in Energy Transfer during the 2nd quarter worth about $42,000. Finally, Hudson Edge Investment Partners Inc. bought a new stake in Energy Transfer during the 2nd quarter worth about $42,000. 38.22% of the stock is owned by 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.