Citigroup gives a Buy recommendation for Energy Transfer LP (ET)


In a filing, Energy Transfer LP revealed its Co-CEO MCCREA MARSHALL S III acquired Company’s shares for reported $0.69 million on Sep 05. In the deal valued at $13.79 per share,50,000 shares were bought. As a result of this transaction, MCCREA MARSHALL S III now holds 6,769,267 shares worth roughly $ 93.21 million.

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Then, MCCREA MARSHALL S III bought 50,000 shares, generating $682,000 in total proceeds. Upon buying the shares at $13.64, the Co-CEO now owns 6,719,267 shares.

Before that, Whitehurst Bradford D. bought 10,000 shares. Energy Transfer LP shares valued at $130,000 were divested by the EVP at a price of $13.00 per share. As a result of the transaction, Whitehurst Bradford D. now holds 1,313,055 shares, worth roughly $18.08 million.

Citigroup initiated its Energy Transfer LP [ET] rating to a Buy in a research note published on Monday, December 09, 2022; the price target was $16. PT values the company’s stock at a premium of 13.94 to its Monday closing price.

Price Performance Review of ET

On Monday, Energy Transfer LP [NYSE:ET] saw its stock jump 1.32% to $13.77. On the same session, the stock had its day’s lowest price of $13.585, but rose to a high of $13.82. Over the last five days, the stock has gained 1.25%. Energy Transfer LP shares have risen nearly 16.01% since the year began. Nevertheless, the stocks have risen 14.46% over the past one year. While a 52-week high of $13.87 was reached on 09/11/23, a 52-week low of $10.02 was recorded on 03/24/23. SMA at 50 days reached $13.19, while 200 days put it at $12.71. A total of 10.23 million shares were traded, compared to the trading of 10.76 million shares in the previous session.

Levels Of Support And Resistance For ET Stock

The 24-hour chart illustrates a support level at 13.63, which if violated will result in even more drops to 13.49. On the upside, there is a resistance level at 13.86. A further resistance level may holdings at 13.96. The Relative Strength Index (RSI) on the 14-day chart is 62.68, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 0.03, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bullish at 22.47%. Stochastics %K at 67.75% indicates the stock is a holding.

How much short interest is there in Energy Transfer LP?

A steep rise in short interest was recorded in Energy Transfer LP stocks on Aug 30, 2023, dropping by -9.99 million shares to a total of 46.84 million shares. Yahoo Finance data shows the prior-month short interest on Jul 30, 2023 was 56.83 million shares. There was a decline of -21.33%, which implies that there is a negative sentiment for the stock. In spite of short shares comprising just 1.66% of the overall stock float, the days-to-cover ratio (short ratio) fell to 3.4.

Energy Transfer LP [ET] – Who Are The Largest Shareholders?

In filings from Harvest Fund Advisors LLC, it is revealed that the company now owns 70,957,442 shares, or roughly 2.26% of the outstanding ET shares. In other words, the investor’s shares have fallen by -709,276 from its previous 13-F filing of 71666718.0. Additionally, ALPS Advisors, Inc. decreased -0.40% of its stake after which the total value it holdings stand at $866,453,749, while Invesco Advisers, Inc. reduced -1.05% of its stake to hold $749.62 million in the firm. Over the last quarter, Tortoise Capital Advisors LLC sold -1,683,576 shares of Energy Transfer LP, while Natixis Investment Managers Inter sold 2,767,574 shares. At present, JPMorgan Securities LLC is holding 31,018,570 shares valued at $417.82 million. Goldman Sachs Asset Management LP owned 30,660,559 shares of the company at the time of its most recent 13F filing, worth $413.0 million.

According to FactSet, Energy Transfer LP’s share price will average $17.27 in the next year, based on opinions of analysts polled by the firm. This is up nearly 25.09 percent from its previous closing price of $13.59. Analysts expect Energy Transfer LP stock to reach the higher price of $22.00, while the lowest price estimate is $15.00. However, 17 analysts have rated ET stock as a Buy in their predictions for 2023.


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