Bank of America Boosts Energy Transfer LP Unit (NYSE:ET) Price Target to $24.00

Energy Transfer LP Unit (NYSE:ET) had its target price lifted by Bank of America from $23.00 to $24.00 in a research report report published on Wednesday, BenzingaRatingsTable reports. The firm currently has a buy rating on the pipeline company’s stock.

Other equities analysts have also issued research reports about the stock. Citigroup set a $20.00 price objective on shares of Energy Transfer LP Unit and gave the company a buy rating in a research report on Monday, August 12th. Piper Jaffray Companies assumed coverage on shares of Energy Transfer LP Unit in a research report on Wednesday, July 17th. They set an overweight rating and a $22.00 price objective for the company. Raymond James reiterated an average rating and set a $19.00 price objective on shares of Energy Transfer LP Unit in a research report on Friday, September 6th. Wells Fargo & Co increased their price objective on shares of 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, Evercore ISI set a $18.00 price objective on shares of Energy Transfer LP Unit and gave the company a buy rating in a research report on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and eight have assigned a buy rating to the stock. The stock presently has a consensus rating of Buy and an average target price of $19.90.

Shares of NYSE:ET opened at $13.72 on Wednesday. The company has a debt-to-equity ratio of 1.48, a quick ratio of 0.83 and a current ratio of 1.12. The firm has a fifty day moving average price of $13.61 and a 200 day moving average price of $14.54. Energy Transfer LP Unit has a fifty-two week low of $11.68 and a fifty-two week high of $18.17. The firm has a market cap of $35.62 billion, a price-to-earnings ratio of 10.61, a P/E/G ratio of 0.59 and a beta of 1.51.

Energy Transfer LP Unit (NYSE:ET) last issued its earnings results on Wednesday, August 7th. The pipeline company reported $0.33 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.36 by ($0.03). Energy Transfer LP Unit had a return on equity of 9.10% and a net margin of 4.99%. The company had revenue of $13.88 billion for the quarter, compared to the consensus estimate of $14.49 billion. The business’s revenue for the quarter was down 1.7% compared to the same quarter last year. As a group, research analysts predict that Energy Transfer LP Unit will post 1.4 earnings per share for the current year.

Several institutional investors have recently added to or reduced their stakes in the company. Westside Investment Management Inc. bought a new stake in shares of Energy Transfer LP Unit in the 2nd quarter worth about $1,981,000. Frontier Wealth Management LLC lifted its holdings in shares of Energy Transfer LP Unit by 4.5% in the 2nd quarter. Frontier Wealth Management LLC now owns 19,209 shares of the pipeline company’s stock worth $270,000 after acquiring an additional 825 shares during the last quarter. Cullen Frost Bankers Inc. lifted its holdings in shares of Energy Transfer LP Unit by 0.3% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 261,315 shares of the pipeline company’s stock worth $3,679,000 after acquiring an additional 886 shares during the last quarter. Bronfman E.L. Rothschild L.P. lifted its holdings in shares of Energy Transfer LP Unit by 3.4% in the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 29,502 shares of the pipeline company’s stock worth $415,000 after acquiring an additional 960 shares during the last quarter. Finally, GAM Holding AG lifted its holdings in shares of Energy Transfer LP Unit by 8.8% in the 2nd quarter. GAM Holding AG now owns 11,904 shares of the pipeline company’s stock worth $168,000 after acquiring an additional 960 shares during the last quarter. Hedge funds and other institutional investors own 55.33% of the company’s stock.

About Energy Transfer LP Unit

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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Analyst Recommendations for Energy Transfer LP Unit (NYSE:ET)

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