Energy Transfer (NYSE:ET) Price Target Raised to $10.00

Energy Transfer (NYSE:ET) had its price objective lifted by research analysts at Wells Fargo & Company from $8.00 to $10.00 in a research report issued on Tuesday, Benzinga reports. The firm currently has an “equal weight” rating on the pipeline company’s stock. Wells Fargo & Company‘s price objective points to a potential upside of 15.87% from the stock’s previous close.

A number of other equities analysts have also recently commented on the company. Zacks Investment Research cut Energy Transfer from a “hold” rating to a “sell” rating in a report on Monday. Mizuho initiated coverage on Energy Transfer in a report on Tuesday. They issued a “buy” rating and a $12.00 target price for the company. Piper Sandler upgraded Energy Transfer from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $7.00 to $9.00 in a report on Monday, March 1st. Credit Suisse Group lifted their target price on Energy Transfer from $10.00 to $11.00 and gave the stock an “outperform” rating in a report on Monday, March 8th. Finally, UBS Group boosted their price objective on Energy Transfer from $15.00 to $16.00 and gave the company a “buy” rating in a report on Thursday, February 25th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $10.73.

Shares of ET opened at $8.63 on Tuesday. The business’s 50 day moving average is $8.04 and its 200 day moving average is $6.95. The company has a market capitalization of $23.32 billion, a PE ratio of -86.30 and a beta of 2.54. Energy Transfer has a 12-month low of $4.98 and a 12-month high of $9.55. The company has a current ratio of 1.02, a quick ratio of 0.73 and a debt-to-equity ratio of 1.64.

Energy Transfer (NYSE:ET) last released its quarterly earnings results on Tuesday, February 16th. The pipeline company reported $0.19 earnings per share for the quarter, missing the consensus estimate of $0.26 by ($0.07). The firm had revenue of $10.03 billion for the quarter, compared to analysts’ expectations of $10.33 billion. Energy Transfer had a negative net margin of 0.64% and a positive return on equity of 8.23%. Equities research analysts predict that Energy Transfer will post 0.88 earnings per share for the current year.

A number of institutional investors have recently bought and sold shares of ET. Morgan Stanley grew its stake in Energy Transfer by 29.3% during the 4th quarter. Morgan Stanley now owns 34,769,242 shares of the pipeline company’s stock valued at $214,874,000 after purchasing an additional 7,869,487 shares during the last quarter. Chickasaw Capital Management LLC grew its position in Energy Transfer by 10.2% in the first quarter. Chickasaw Capital Management LLC now owns 26,072,781 shares of the pipeline company’s stock worth $200,239,000 after acquiring an additional 2,420,309 shares during the period. Jennison Associates LLC boosted its position in shares of Energy Transfer by 103.7% during the fourth quarter. Jennison Associates LLC now owns 3,073,867 shares of the pipeline company’s stock worth $18,996,000 after buying an additional 1,564,920 shares during the period. General American Investors Co. Inc. purchased a new position in Energy Transfer in the first quarter valued at $9,419,000. Finally, FMR LLC purchased a new position in Energy Transfer in the first quarter valued at $16,012,000. Institutional investors and hedge funds own 36.42% of the company’s stock.

About Energy Transfer

Energy Transfer LP provides energy-related services. The company owns and operates approximately 9,400 miles of natural gas transportation pipelines and three natural gas storage facilities in Texas; and 12,340 miles of interstate natural gas pipelines. It also sells natural gas to electric utilities, independent power plants, local distribution companies, industrial end-users, and other marketing companies.

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