Equities researchers at Morgan Stanley have raised their target price for Energy Transfer (NYSE: ET) from $19.00 to $21.00. This adjustment was detailed in a research report issued to clients and investors on February 17, 2024. The firm maintains an “equal weight” rating on the pipeline company’s stock, indicating a potential upside of 14.16% based on the stock’s current price.
Analysts Weigh In on Energy Transfer Stock
Other analysts have also provided insights into Energy Transfer’s market performance. UBS Group reiterated a “buy” rating on the shares on January 7, 2024. Meanwhile, JPMorgan Chase & Co. adjusted its price target from $22.00 to $21.00 while maintaining an “overweight” rating as of November 24, 2023. Additionally, Weiss Ratings reaffirmed a “buy (b-)” rating on December 24, 2023, and TD Cowen lifted its target price to $21.00 on February 18, 2024, also assigning a “buy” rating. Scotiabank confirmed an “outperform” rating in a report on January 16, 2024.
Currently, ten analysts rate Energy Transfer as a “buy,” while two have issued a “hold” rating. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” with an average target price of $21.40.
Recent Financial Performance and Institutional Trading
On February 17, 2024, Energy Transfer reported its quarterly earnings, posting earnings per share (EPS) of $0.25. This figure fell short of analysts’ expectations, which had projected an EPS of $0.34. The company recorded revenues of $25.32 billion, surpassing analyst forecasts of $23.56 billion.
Despite the EPS miss, Energy Transfer’s quarterly revenue was up 29.6% compared to the same period last year. The firm had reported an EPS of $0.29 in the previous year. Analysts predict that Energy Transfer will post an EPS of $1.46 for the current fiscal year.
Recent institutional trading activity reflects growing interest in Energy Transfer. Morgan Stanley increased its stake in the company by 41.6% during the fourth quarter, now holding approximately 86,310,272 shares valued at $1.42 billion. CIBC Bancorp USA Inc. also acquired a new position valued at around $264.3 million in the third quarter.
In the fourth quarter, Alps Advisors Inc. raised its position by 8.0%, owning 83,843,087 shares worth approximately $1.38 billion. Similarly, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake by 9.3%, now owning 21,353,476 shares valued at $387.1 million. Invesco Ltd. also grew its stake by 3.2%, holding 57,862,666 shares worth around $992.9 million.
Currently, institutional investors own 38.22% of Energy Transfer’s shares, indicating strong institutional confidence in the company’s future performance.
About Energy Transfer
Based in Dallas, Energy Transfer (NYSE: ET) specializes in midstream energy services. The company develops and operates infrastructure for the transportation, storage, and processing of hydrocarbons. Its extensive network connects key producing regions, processing centers, and markets across the United States, facilitating the movement of natural gas, crude oil, and refined products.
Energy Transfer provides essential midstream services, including gathering, compression, fractionation, and bulk transportation, which support production and downstream supply chains. The company continues to play a significant role in the energy sector by leveraging its integrated operations.
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