Wells Fargo & Company Lowers Energy Transfer (NYSE:ET) Price Target to $21.00

Energy Transfer (NYSE:ET) had its price objective cut by Wells Fargo & Company from $22.00 to $21.00 in a research note issued to investors on Wednesday morning,Benzinga reports. They currently have an overweight rating on the pipeline company’s stock.

Several other research firms have also issued reports on ET. Stifel Nicolaus lifted their price objective on Energy Transfer from $21.00 to $23.00 and gave the company a “buy” rating in a research note on Wednesday, February 12th. UBS Group restated a “buy” rating on shares of Energy Transfer in a research report on Tuesday, March 4th. Morgan Stanley increased their price target on shares of Energy Transfer from $20.00 to $26.00 and gave the company an “overweight” rating in a research report on Tuesday, March 25th. Citigroup restated a “buy” rating on shares of Energy Transfer in a report on Monday, March 24th. Finally, Barclays boosted their price objective on shares of Energy Transfer from $22.00 to $25.00 and gave the company an “overweight” rating in a research report on Monday, January 13th. One analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $22.09.

Energy Transfer Price Performance

Shares of NYSE ET opened at $17.22 on Wednesday. The stock has a fifty day moving average of $17.46 and a 200-day moving average of $18.50. The stock has a market cap of $59.09 billion, a PE ratio of 13.45, a price-to-earnings-growth ratio of 0.64 and a beta of 0.77. The company has a debt-to-equity ratio of 1.42, a quick ratio of 0.88 and a current ratio of 1.12. 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 Tuesday, May 6th. The pipeline company reported $0.36 earnings per share for the quarter, beating the consensus estimate of $0.33 by $0.03. Energy Transfer had a return on equity of 11.56% and a net margin of 5.74%. The firm had revenue of $21.02 billion for the quarter, compared to analysts’ expectations of $22.28 billion. During the same period in the prior year, the business posted $0.32 earnings per share. The company’s revenue was down 2.8% on a year-over-year basis. Equities research analysts anticipate that Energy Transfer will post 1.46 earnings per share for the current year.

Energy Transfer Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, May 20th. Shareholders of record on Friday, May 9th will be issued a $0.3275 dividend. This represents a $1.31 annualized dividend and a yield of 7.61%. This is an increase from Energy Transfer’s previous quarterly dividend of $0.33. The ex-dividend date of this dividend is Friday, May 9th. Energy Transfer’s payout ratio is 102.34%.

Hedge Funds Weigh In On Energy Transfer

Several large investors have recently modified their holdings of ET. Mountain Hill Investment Partners Corp. bought a new stake in shares of Energy Transfer during the fourth quarter valued at approximately $25,000. Capital A Wealth Management LLC bought a new position in Energy Transfer during the 4th quarter valued at about $26,000. GAMMA Investing LLC purchased a new stake in shares of Energy Transfer during the 4th quarter valued at about $29,000. Fourth Dimension Wealth LLC purchased a new stake in Energy Transfer during the 4th quarter valued at $29,000. Finally, Vision Financial Markets LLC purchased a new stake in Energy Transfer during the first quarter valued at $33,000. 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.