Energy Transfer (NYSE:ET) Shares Up 1.2% After Dividend Announcement

Energy Transfer LP (NYSE:ET)’s stock price traded up 1.2% on Tuesday following a dividend announcement from the company. The company traded as high as $20.11 and last traded at $20.05. 5,262,764 shares changed hands during trading, a decline of 69% from the average session volume of 17,081,656 shares. The stock had previously closed at $19.81.

The newly announced dividend which will be paid on Wednesday, February 19th. Stockholders of record on Friday, February 7th will be given a dividend of $0.325 per share. The ex-dividend date of this dividend is Friday, February 7th. This is an increase from Energy Transfer’s previous quarterly dividend of $0.32. This represents a $1.30 dividend on an annualized basis and a dividend yield of 6.38%. Energy Transfer’s payout ratio is currently 94.85%.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on ET. Bank of America assumed coverage on shares of Energy Transfer in a research report on Thursday, October 17th. They issued a “buy” rating and a $20.00 price target for the company. Royal Bank of Canada boosted their target price on Energy Transfer from $20.00 to $23.00 and gave the company an “outperform” rating in a report on Monday, December 9th. Barclays raised their price target on Energy Transfer from $22.00 to $25.00 and gave the stock an “overweight” rating in a research note on Monday, January 13th. Wells Fargo & Company boosted their price objective on Energy Transfer from $20.00 to $21.00 and gave the company an “overweight” rating in a research note on Wednesday, December 18th. Finally, The Goldman Sachs Group raised their target price on shares of Energy Transfer from $17.00 to $20.00 and gave the stock a “neutral” rating in a research report on Thursday, December 19th. One equities research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $20.82.

Energy Transfer Stock Performance

The company has a 50 day moving average price of $19.43 and a 200 day moving average price of $17.39. The company has a market capitalization of $69.72 billion, a PE ratio of 14.97, a PEG ratio of 0.55 and a beta of 1.70. The company has a debt-to-equity ratio of 1.40, a quick ratio of 0.88 and a current ratio of 1.08.

Energy Transfer (NYSE:ET) last announced its quarterly earnings data on Wednesday, November 6th. The pipeline company reported $0.32 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.32. The business had revenue of $20.77 billion during the quarter, compared to the consensus estimate of $21.59 billion. Energy Transfer had a net margin of 5.90% and a return on equity of 12.38%. The company’s revenue for the quarter was up .2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.31 EPS. Equities analysts forecast that Energy Transfer LP will post 1.37 EPS for the current year.

Institutional Trading of Energy Transfer

A number of institutional investors have recently made changes to their positions in ET. GAMMA Investing LLC acquired a new position in shares of Energy Transfer in the 4th quarter worth $29,000. Princeton Global Asset Management LLC raised its stake in shares of Energy Transfer by 65.0% during the 3rd quarter. Princeton Global Asset Management LLC now owns 1,650 shares of the pipeline company’s stock worth $26,000 after purchasing an additional 650 shares in the last quarter. Assetmark Inc. grew its position in Energy Transfer by 2,138.5% in the third quarter. Assetmark Inc. now owns 1,746 shares of the pipeline company’s stock worth $28,000 after acquiring an additional 1,668 shares in the last quarter. Financial Life Planners acquired a new stake in shares of Energy Transfer in the fourth quarter worth about $37,000. Finally, Golden State Wealth Management LLC acquired a new position in Energy Transfer during the fourth quarter valued at approximately $41,000. 38.22% of the stock is owned by institutional investors and hedge funds.

About Energy Transfer

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.