Energy Transfer (NYSE:ET) Downgraded by Zacks Research to “Hold”

Zacks Research lowered shares of Energy Transfer (NYSE:ET) from a strong-buy rating to a hold rating in a report published on Tuesday morning,Zacks.com reports.

Several other equities research analysts have also recently weighed in on ET. Citigroup reaffirmed a “buy” rating and issued a $24.00 price target (up from $23.00) on shares of Energy Transfer in a research report on Friday, August 7th. Scotiabank reissued an “outperform” rating on shares of Energy Transfer in a report on Tuesday, May 12th. Raymond James Financial reissued a “strong-buy” rating on shares of Energy Transfer in a research note on Wednesday, May 6th. Truist Financial upped their target price on Energy Transfer from $23.00 to $25.00 and gave the stock a “buy” rating in a report on Wednesday. Finally, JPMorgan Chase & Co. upped their target price on Energy Transfer from $22.00 to $24.00 and gave the stock an “overweight” rating in a report on Tuesday, May 12th. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $23.92.

Energy Transfer Stock Performance

ET stock opened at $20.93 on Tuesday. Energy Transfer has a 1-year low of $16.18 and a 1-year high of $20.96. The business has a 50-day moving average price of $19.71 and a 200 day moving average price of $19.28. The company has a market capitalization of $72.07 billion, a P/E ratio of 14.24, a PEG ratio of 2.04 and a beta of 0.55. The company has a debt-to-equity ratio of 1.45, a current ratio of 1.16 and a quick ratio of 0.94.

Energy Transfer (NYSE:ET) last issued its earnings results on Tuesday, August 4th. The pipeline company reported $0.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.21. The company had revenue of $34.33 billion for the quarter, compared to analysts’ expectations of $27.71 billion. Energy Transfer had a net margin of 4.87% and a return on equity of 11.55%. The firm’s quarterly revenue was up 78.4% on a year-over-year basis. During the same period in the prior year, the business earned $0.32 EPS. As a group, equities research analysts forecast that Energy Transfer will post 1.52 EPS for the current fiscal year.

Energy Transfer Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, August 19th. Shareholders of record on Friday, August 7th will be given a dividend of $0.34 per share. The ex-dividend date of this dividend is Friday, August 7th. This is a positive change from Energy Transfer’s previous quarterly dividend of $0.34. This represents a $1.36 annualized dividend and a dividend yield of 6.5%. Energy Transfer’s payout ratio is currently 92.52%.

Insider Buying and Selling at Energy Transfer

In other news, Director James Richard Perry purchased 12,359 shares of the stock in a transaction dated Friday, August 7th. The shares were acquired at an average cost of $20.23 per share, for a total transaction of $250,022.57. Following the acquisition, the director owned 208,046 shares of the company’s stock, valued at approximately $4,208,770.58. This represents a 6.32% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 3.28% of the company’s stock.

Institutional Investors Weigh In On Energy Transfer

Hedge funds and other institutional investors have recently bought and sold shares of the company. Basepoint Wealth LLC purchased a new position in Energy Transfer in the fourth quarter worth $25,000. Gables Capital Management Inc. lifted its holdings in shares of Energy Transfer by 60.0% during the 4th quarter. Gables Capital Management Inc. now owns 1,600 shares of the pipeline company’s stock valued at $26,000 after purchasing an additional 600 shares during the last quarter. Sarver Vrooman Wealth Advisors purchased a new stake in shares of Energy Transfer during the 4th quarter valued at $32,000. Cassaday & Co Wealth Management LLC acquired a new stake in shares of Energy Transfer in the 1st quarter worth $35,000. Finally, Navalign LLC acquired a new stake in shares of Energy Transfer in the 4th quarter worth $37,000. Hedge funds and other institutional investors own 38.22% of the company’s stock.

Energy Transfer Company Profile

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.