Energy Transfer LP Unit (NYSE:ET) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Monday, 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. “
A number of other analysts have also recently commented on ET. ValuEngine cut Energy Transfer LP Unit from a “sell” rating to a “strong sell” rating in a research report on Friday, September 6th. Piper Jaffray Companies assumed coverage on Energy Transfer LP Unit in a research report on Wednesday, July 17th. They issued an “overweight” rating and a $22.00 price objective for the company. Citigroup set a $20.00 price objective on Energy Transfer LP Unit and gave the company a “buy” rating in a research report on Monday, August 12th. Wells Fargo & Co boosted their price objective on Energy Transfer LP Unit from $21.00 to $22.00 and gave the company an “outperform” rating in a research report on Friday, August 9th. Finally, Raymond James restated an “average” rating and issued a $19.00 price objective on shares of Energy Transfer LP Unit in a research report on Friday, September 6th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have given a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $19.44.
Shares of Energy Transfer LP Unit stock traded down $0.59 on Monday, reaching $13.43. The company’s stock had a trading volume of 44,210,185 shares, compared to its average volume of 10,645,597. The company has a market capitalization of $36.52 billion, a P/E ratio of 11.68 and a beta of 1.51. Energy Transfer LP Unit has a 52-week low of $11.68 and a 52-week high of $18.17. The stock has a 50-day moving average price of $13.69 and a 200-day moving average price of $14.57. The company has a quick ratio of 0.83, a current ratio of 1.12 and a debt-to-equity ratio of 1.48.
Energy Transfer LP Unit (NYSE:ET) last posted its quarterly earnings data on Wednesday, August 7th. The pipeline company reported $0.33 EPS for the quarter, missing the Zacks’ consensus estimate of $0.36 by ($0.03). The business had revenue of $13.88 billion during the quarter, compared to analysts’ expectations of $14.49 billion. Energy Transfer LP Unit had a net margin of 4.99% and a return on equity of 9.10%. The business’s revenue was down 1.7% compared to the same quarter last year. Sell-side analysts forecast that Energy Transfer LP Unit will post 1.39 earnings per share for the current fiscal year.
Several institutional investors and hedge funds have recently modified their holdings of the stock. River & Mercantile Asset Management LLP purchased a new stake in shares of Energy Transfer LP Unit during the second quarter worth approximately $81,000. RFG Advisory LLC purchased a new stake in shares of Energy Transfer LP Unit during the second quarter worth approximately $305,000. Hodges Capital Management Inc. purchased a new stake in shares of Energy Transfer LP Unit during the second quarter worth approximately $1,011,000. First Dallas Securities Inc. increased its position in shares of Energy Transfer LP Unit by 12.6% during the second quarter. First Dallas Securities Inc. now owns 17,480 shares of the pipeline company’s stock worth $246,000 after purchasing an additional 1,950 shares in the last quarter. Finally, Cresset Asset Management LLC increased its position in shares of Energy Transfer LP Unit by 1,380.2% during the second quarter. Cresset Asset Management LLC now owns 298,844 shares of the pipeline company’s stock worth $4,207,000 after purchasing an additional 278,655 shares in the last quarter. Hedge funds and other institutional investors own 55.33% of the company’s stock.
Energy Transfer LP Unit Company Profile
Energy Transfer LP provides energy-related services in the United States and China. The company owns and operates approximately 9,400 miles of natural gas transportation pipelines and three natural gas storage facilities in Texas; and approximately 12,200 miles of interstate natural gas pipelines. It sells natural gas to electric utilities, independent power plants, local distribution companies, industrial end-users, and other marketing companies.
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