The stock of Energy Transfer LP (NYSE:ET) is now priced at $6.43 and the shares are -0.2 points down or -3.02% lower compared to its previous closing price of $6.63. The stock had 24.981 million contracts set over the past session. ET shares’ daily volume is compared to its average trading volume at 27 million shares. However, it has a float of 2310 million and although its performance was -1.83% over the week, it’s one to watch. It means the stock’s downside potential is -100% with the ET share price recently placing at $6.36 to $6.55. However, some brokerage firms have priced the stock below the average, including one that has called $6.

The shorts are running away from the Energy Transfer LP stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the ET shares have declined. Short interest in the stock represents just 1.26% of its float, but the volume has dropped by 0.

In the last trading session, Energy Transfer LP (NYSE:ET) dropped by -$0.12 over the week and lost -$0.01 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $14.13. The stock recorded its established 52-week high on 08/09/19.

Since 03/18/20, the stock has traded to a low of $3.75 at 71.47%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 2.69. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.

Looking at current readings, Energy Transfer LP’s two-week RSI is 41.12. This suggests that the stock is neutral at the moment and that ET shares’ price movement remains stable. The stochastic readings are equally revealing at 45.15% meaning the ET share price is currently in neutral territory.

The technical chart shows that the ET stock will likely settle at between $6.53 and $6.64 per share. However, if the stock dips below $6.34, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $6.26.

Currently, the stock is trading in the green of MACD, with a reading of 0.09. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.

Analysts at RBC Capital Mkts though dropped target price of ET stock from $11 to $10 but maintained Outperform recommendation in their July 27 review. Wells Fargo analysts downgraded their recommendation of the stock from Overweight to Equal Weight while keeping its target price at $8 in a flash note released to investors on July 22. BMO Capital Markets seeing the improvements upgraded the stock from Market Perform to Outperform on June 09, placing it at $13.

The average rating for the ET equity is 1.95 and is currently gathering a bullish momentum. Of 20 analysts tracking Energy Transfer LP polled by Reuters, 7 rated ET as a hold. The remaining 13 analysts were split evenly. However, the split wasn’t equal as a majority (13) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.

Elsewhere, the ET stock price is 5.68X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 12.1 below the group’s average of 42.4. Energy Transfer LP has its P/E ratio at 0.9, which means that the stock is currently trading at a discount relative to the 1.5 industry average.

Zacks Consensus Estimate forecasts that the current-quarter revenues for Energy Transfer LP (NYSE:ET) will increase by about 65.3%, which will see them reach $12130 million. The company’s full-year revenues are, however, expected to diminish by about -7.93%, down from $54210 million to $49910 million. ET’s expected adjusted earnings should drop almost -3.13% to end up at $0.31 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -45.59% to record $0.74/share.


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