Scotiabank Forecasts Strong Price Appreciation for Energy Transfer (NYSE:ET) Stock

Energy Transfer (NYSE:ET) had its price target raised by stock analysts at Scotiabank from $22.00 to $24.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has a “sector outperform” rating on the pipeline company’s stock. Scotiabank’s target price would indicate a potential upside of 20.94% from the company’s current price.

ET has been the topic of several other research reports. JPMorgan Chase & Co. upped their price objective on Energy Transfer from $22.00 to $24.00 and gave the company an “overweight” rating in a research note on Tuesday. Raymond James Financial reiterated a “strong-buy” rating on shares of Energy Transfer in a research note on Wednesday, May 6th. Wells Fargo & Company upped their price objective on Energy Transfer from $23.00 to $25.00 and gave the company an “overweight” rating in a research note on Friday, March 13th. Jefferies Financial Group reiterated a “hold” rating on shares of Energy Transfer in a research note on Wednesday, May 6th. Finally, Barclays reiterated an “overweight” rating and issued a $22.00 price objective (down from $25.00) on shares of Energy Transfer in a research note on Monday, January 12th. Two analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $22.50.

Energy Transfer Stock Performance

Energy Transfer stock traded up $0.24 during trading on Tuesday, hitting $19.85. The stock had a trading volume of 2,911,424 shares, compared to its average volume of 16,277,516. Energy Transfer has a 1 year low of $16.18 and a 1 year high of $20.67. The company has a quick ratio of 0.93, a current ratio of 1.17 and a debt-to-equity ratio of 1.50. The stock’s 50 day moving average is $19.09 and its two-hundred day moving average is $17.86. The stock has a market cap of $68.29 billion, a price-to-earnings ratio of 16.53, a price-to-earnings-growth ratio of 1.08 and a beta of 0.57.

Energy Transfer (NYSE:ET) last posted its quarterly earnings data on Tuesday, May 5th. The pipeline company reported $0.35 EPS for the quarter, missing the consensus estimate of $0.40 by ($0.05). Energy Transfer had a net margin of 4.66% and a return on equity of 9.77%. The firm had revenue of $27.77 billion during the quarter, compared to analysts’ expectations of $25.78 billion. During the same quarter in the previous year, the company posted $0.36 EPS. Energy Transfer’s revenue for the quarter was up 32.1% on a year-over-year basis. As a group, analysts predict that Energy Transfer will post 1.47 EPS for the current year.

Institutional Investors Weigh In On Energy Transfer

Institutional investors have recently made changes to their positions in the stock. Basepoint Wealth LLC purchased a new stake in shares of Energy Transfer during the fourth quarter worth $25,000. Gables Capital Management Inc. lifted its position in shares of Energy Transfer by 60.0% during the fourth quarter. Gables Capital Management Inc. now owns 1,600 shares of the pipeline company’s stock worth $26,000 after acquiring an additional 600 shares in the last quarter. Cassaday & Co Wealth Management LLC purchased a new stake in shares of Energy Transfer during the first quarter worth $35,000. Sarver Vrooman Wealth Advisors purchased a new stake in shares of Energy Transfer during the fourth quarter worth $32,000. Finally, Financial Life Planners purchased a new stake in shares of Energy Transfer during the third quarter worth $34,000. Hedge funds and other institutional investors own 38.22% of the company’s stock.

About Energy Transfer

Energy Transfer (NYSE: ET) is a Dallas-based midstream energy company that develops and operates infrastructure for the transportation, storage and processing of hydrocarbons. The company’s operations focus on moving and storing natural gas, natural gas liquids (NGLs), crude oil and refined products through an integrated network of pipelines, terminals, storage facilities and processing plants. Energy Transfer provides core midstream services such as gathering, compression, fractionation, processing, and bulk transportation to support production and downstream supply chains.

Its asset base spans an extensive network across the United States, connecting producing regions, processing centers, petrochemical hubs and coastal and inland markets.