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Energy Transfer LP (ET) Stock Slides as Market Rises: Facts to Know Before You Trade

In the latest market close, Energy Transfer LP (ET) reached $15.72, with a -0.63% movement compared to the previous day. This move lagged the S&P 500's daily gain of 0.15%. At the same time, the Dow lost 0.02%, and the tech-heavy Nasdaq gained 0.32%.

Coming into today, shares of the energy-related services provider had gained 5.4% in the past month. In that same time, the Oils-Energy sector gained 8.57%, while the S&P 500 gained 1.65%.

Market participants will be closely following the financial results of Energy Transfer LP in its upcoming release. The company plans to announce its earnings on May 8, 2024. The company is expected to report EPS of $0.31, down 3.13% from the prior-year quarter. Alongside, our most recent consensus estimate is anticipating revenue of $23.44 billion, indicating a 23.4% upward movement from the same quarter last year.

Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $1.44 per share and revenue of $94.24 billion, indicating changes of +32.11% and +19.91%, respectively, compared to the previous year.

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Investors might also notice recent changes to analyst estimates for Energy Transfer LP. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.

Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 0.28% downward. As of now, Energy Transfer LP holds a Zacks Rank of #3 (Hold).

In terms of valuation, Energy Transfer LP is currently trading at a Forward P/E ratio of 11.02. This signifies a discount in comparison to the average Forward P/E of 13.23 for its industry.

The Oil and Gas - Production Pipeline - MLB industry is part of the Oils-Energy sector. This industry, currently bearing a Zacks Industry Rank of 219, finds itself in the bottom 14% echelons of all 250+ industries.

The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

To follow ET in the coming trading sessions, be sure to utilize Zacks.com.

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Energy Transfer LP (ET) : Free Stock Analysis Report

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