17 Cheap Stocks Under $20 to Buy Now

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11. Energy Transfer LP (NYSE:ET)

Stock Price: $16.39

Forward P/E: 12.26

Number of Hedge Fund Holders: 35

Energy Transfer LP (NYSE:ET) is one of the top cheap stocks under $20 to buy now. Morgan Stanley analyst Robert Kad reiterated a Hold rating on Energy Transfer LP (NYSE:ET) on December 23 and set a price target of $19.00.

In a separate development, Energy Transfer LP (NYSE:ET) announced on December 18 growth in the transportation capacity of the Transwestern Pipeline’s planned Desert Southwest expansion project in order to meet rising customer demand. Management reported that the positive economic momentum and continual population growth across New Mexico and Arizona would require reliable and efficient energy sources, and the project would serve these markets from the company’s premier asset base in the prolific Permian Basin.

Energy Transfer LP (NYSE:ET) further reported that the project’s mainline pipeline diameter would be upsized from 42 inches to 48 inches to meet the need for additional capacity, expanding the project’s capacity to up to 2.3 billion cubic feet per day, depending on final compression configuration. The project could further benefit from the considerable demand growth in the Desert Southwest region, which includes the potential to retire and or convert coal-fired power plants to natural gas. Management added that the ultimate capacity of the Desert Southwest expansion project will be based on market demand.

Energy Transfer LP (NYSE:ET) offers natural gas pipeline transmission and transportation services. The company operates through the following segments: Intrastate Transportation and Storage, Interstate Transportation and Storage, Midstream, NGL and Refined Products Transportation and Services, Crude Oil Transportation and Services, Investment in Sunoco LP, Investment in USAC, and All Other.

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