Energy Transfer (NYSE:ET) Downgraded by Zacks Investment Research

Energy Transfer (NYSE:ETGet Rating) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a note issued to investors on Tuesday, Zacks.com reports.

According to Zacks, “Energy Transfer LP owns and operates diversified portfolios of energy assets primarily in the United States. The company is a publicly traded limited partnership with core operations which include complementary natural gas midstream, intrastate and interstate transportation and storage assets; crude oil, natural gas liquids and refined product transportation and terminalling assets; NGL fractionation and various acquisition and marketing assets. Energy Transfer LP, formerly known as Energy Transfer Equity L.P., is based in Dallas, United States. “

Several other equities analysts have also recently weighed in on ET. Morgan Stanley lifted their target price on Energy Transfer from $12.00 to $15.00 and gave the company an “overweight” rating in a research note on Tuesday, April 26th. US Capital Advisors reaffirmed a “buy” rating on shares of Energy Transfer in a research note on Wednesday, June 1st. Raymond James lifted their target price on Energy Transfer from $13.00 to $14.00 and gave the company a “strong-buy” rating in a research note on Thursday, February 17th. Finally, Mizuho lifted their target price on Energy Transfer from $13.00 to $14.00 in a research note on Friday, February 18th. One equities research analyst has rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Energy Transfer presently has a consensus rating of “Buy” and a consensus target price of $14.00.

Energy Transfer stock traded up $0.45 during midday trading on Tuesday, hitting $12.31. The company’s stock had a trading volume of 23,833,026 shares, compared to its average volume of 22,321,730. The company has a quick ratio of 1.00, a current ratio of 1.14 and a debt-to-equity ratio of 1.43. The stock’s 50-day moving average price is $11.39 and its 200-day moving average price is $10.09. Energy Transfer has a 12 month low of $7.96 and a 12 month high of $12.48. The company has a market capitalization of $37.98 billion, a PE ratio of 11.61 and a beta of 1.93.

Energy Transfer (NYSE:ETGet Rating) last issued its quarterly earnings results on Wednesday, May 4th. The pipeline company reported $0.37 EPS for the quarter, topping the consensus estimate of $0.25 by $0.12. Energy Transfer had a net margin of 4.58% and a return on equity of 10.25%. The firm had revenue of $20.49 billion for the quarter, compared to analysts’ expectations of $18.79 billion. During the same period in the previous year, the business earned $1.14 earnings per share. Energy Transfer’s revenue for the quarter was up 20.6% compared to the same quarter last year. As a group, equities analysts anticipate that Energy Transfer will post 1.3 EPS for the current year.

In other Energy Transfer news, Director Michael K. Grimm purchased 504,600 shares of the business’s stock in a transaction dated Wednesday, April 6th. The stock was bought at an average cost of $11.21 per share, for a total transaction of $5,656,566.00. Following the completion of the acquisition, the director now directly owns 181,089 shares in the company, valued at $2,030,007.69. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. 3.28% of the stock is owned by insiders.

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Bank of America Corp DE grew its position in Energy Transfer by 105.2% in the fourth quarter. Bank of America Corp DE now owns 33,409,244 shares of the pipeline company’s stock valued at $274,958,000 after acquiring an additional 17,125,811 shares during the period. Goldman Sachs Group Inc. grew its position in Energy Transfer by 22.7% in the fourth quarter. Goldman Sachs Group Inc. now owns 88,490,552 shares of the pipeline company’s stock valued at $728,277,000 after acquiring an additional 16,346,887 shares during the period. Blackstone Inc. grew its position in Energy Transfer by 7.7% in the first quarter. Blackstone Inc. now owns 184,681,477 shares of the pipeline company’s stock valued at $2,066,585,000 after acquiring an additional 13,128,425 shares during the period. Morgan Stanley grew its position in Energy Transfer by 20.4% in the third quarter. Morgan Stanley now owns 44,719,869 shares of the pipeline company’s stock valued at $428,417,000 after acquiring an additional 7,585,837 shares during the period. Finally, Stephens Group LLC bought a new stake in Energy Transfer in the fourth quarter valued at $46,325,000. Institutional investors and hedge funds own 48.40% of the company’s stock.

About Energy Transfer (Get Rating)

Energy Transfer LP provides energy-related services. The company owns and operates approximately 11,600 miles of natural gas transportation pipeline, and three natural gas storage facilities in Texas and two natural gas storage facilities located in the state of Texas and Oklahoma; and 19,830 miles of interstate natural gas pipeline.

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