Zacks Investment Research upgraded shares of Energy Transfer LP Unit (NYSE:ET) from a hold rating to a buy rating in a research note issued to investors on Tuesday, Zacks.com reports. The firm currently has $17.00 price target on the pipeline company’s stock.
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 research firms have also recently weighed in on ET. ValuEngine cut Zumiez from a hold rating to a sell rating in a report on Tuesday, July 2nd. Citigroup set a $86.00 price target on Prologis and gave the stock a buy rating in a report on Wednesday, May 8th. Finally, Raymond James set a $29.00 price target on Seacoast Banking Co. of Florida and gave the stock a buy rating in a report on Friday, June 21st. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and seven have assigned a buy rating to the company. Energy Transfer LP Unit presently has an average rating of Buy and an average target price of $19.50.
Energy Transfer LP Unit (NYSE:ET) last released its quarterly earnings results on Wednesday, May 8th. The pipeline company reported $0.37 earnings per share for the quarter, topping analysts’ consensus estimates of $0.36 by $0.01. The business had revenue of $13.12 billion during the quarter, compared to analysts’ expectations of $14.39 billion. Energy Transfer LP Unit had a return on equity of 7.61% and a net margin of 4.03%. The firm’s quarterly revenue was up 10.4% on a year-over-year basis. Analysts predict that Energy Transfer LP Unit will post 1.44 EPS for the current year.
In related news, EVP Thomas P. Mason sold 75,000 shares of the stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $13.97, for a total transaction of $1,047,750.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Michael K. Grimm bought 3,888 shares of the firm’s stock in a transaction that occurred on Friday, June 14th. The shares were purchased at an average cost of $14.14 per share, for a total transaction of $54,976.32. The disclosure for this purchase can be found here. Corporate insiders own 3.28% of the company’s stock.
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Moors & Cabot Inc. raised its position in Energy Transfer LP Unit by 0.8% in the 2nd quarter. Moors & Cabot Inc. now owns 196,946 shares of the pipeline company’s stock valued at $2,777,000 after purchasing an additional 1,515 shares in the last quarter. Nwam LLC acquired a new stake in Energy Transfer LP Unit in the 2nd quarter valued at about $707,000. American Research & Management Co. acquired a new stake in Energy Transfer LP Unit in the 2nd quarter valued at about $1,223,000. BTR Capital Management Inc. acquired a new stake in Energy Transfer LP Unit in the 2nd quarter valued at about $303,000. Finally, Private Capital Advisors Inc. acquired a new stake in Energy Transfer LP Unit in the 2nd quarter valued at about $530,000. 56.97% of the stock is currently owned by hedge funds and other institutional investors.
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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