Zacks Reiterates Neutral Rating for Energy Transfer (ETP)
Energy Transfer (NYSE:ETP)‘s stock had its “neutral” rating restated by Zacks in a research report issued on Wednesday, Analyst RN reports. They currently have a $54.00 price target on the stock. Zacks‘ price objective would suggest a potential upside of 5.00% from the company’s current price.
Zacks‘ analyst wrote, “We are maintaining our Neutral recommendation on ETP units, reflecting a balanced risk/reward profile. ETP remains a premier MLP with strategically-positioned assets that serve major North American natural gas-producing basins. We like the partnership’s robust organic growth profile, stable fee-based operating income and strong liquidity position. While the partnership kept its distribution unchanged, we expect growth to resume shortly, driven by the completion of a broad array of organic growth projects. Additionally, the acquisition of Sunoco will help ETP to diversify and recalibrate its pipeline assets. However, we believe that the near- to medium-term outlook for the partnership’s natural gas gathering and processing business continues to be weak, which remains a major liability, in our view.”
Shares of Energy Transfer (NYSE:ETP) traded down 1.32% on Wednesday, hitting $50.75. The stock had a trading volume of 300,974 shares. Energy Transfer has a 52 week low of $40.19 and a 52 week high of $54.85. The stock’s 50-day moving average is $51.74 and its 200-day moving average is $50.4. The company has a market cap of $19.093 billion and a P/E ratio of 33.18.
A number of other analysts have also recently weighed in on ETP. Analysts at Barclays Capital raised their price target on shares of Energy Transfer from $57.00 to $59.00 in a research note to investors on Monday, August 12th. Separately, analysts at Deutsche Bank raised their price target on shares of Energy Transfer from $56.00 to $60.00 in a research note to investors on Friday, August 9th. Finally, analysts at Stifel Nicolaus raised their price target on shares of Energy Transfer from $52.00 to $55.00 in a research note to investors on Friday, August 9th. They now have a “buy” rating on the stock. Four analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $52.50.
Energy Transfer Partners, L.P. (NYSE:ETP) is a limited partnership based in the United States engaged in natural gas operations.
To view Zacks’ full report, visit www.zacks.com
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.