Advisors Capital Management LLC grew its position in Energy Transfer LP (NYSE:ET – Get Rating) by 69.3% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 582,726 shares of the pipeline company’s stock after acquiring an additional 238,525 shares during the quarter. Advisors Capital Management LLC’s holdings in Energy Transfer were worth $7,010,000 as of its most recent SEC filing.
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A number of other institutional investors have also recently made changes to their positions in ET. Bank of New York Mellon Corp increased its holdings in shares of Energy Transfer by 4.6% in the first quarter. Bank of New York Mellon Corp now owns 79,889 shares of the pipeline company’s stock valued at $894,000 after purchasing an additional 3,501 shares during the last quarter. Cibc World Market Inc. lifted its position in Energy Transfer by 0.6% in the first quarter. Cibc World Market Inc. now owns 424,932 shares of the pipeline company’s stock valued at $4,755,000 after buying an additional 2,403 shares during the last quarter. Blair William & Co. IL increased its position in shares of Energy Transfer by 13.7% during the first quarter. Blair William & Co. IL now owns 260,824 shares of the pipeline company’s stock valued at $2,919,000 after acquiring an additional 31,407 shares during the last quarter. Cetera Investment Advisers lifted its holdings in shares of Energy Transfer by 7.3% in the 1st quarter. Cetera Investment Advisers now owns 159,249 shares of the pipeline company’s stock worth $1,782,000 after acquiring an additional 10,856 shares during the last quarter. Finally, NewEdge Advisors LLC boosted its position in shares of Energy Transfer by 43.0% during the 1st quarter. NewEdge Advisors LLC now owns 192,394 shares of the pipeline company’s stock worth $2,153,000 after purchasing an additional 57,880 shares during the period. 37.81% of the stock is owned by institutional investors and hedge funds.
Energy Transfer Stock Performance
NYSE ET opened at $12.34 on Wednesday. The company has a quick ratio of 0.93, a current ratio of 1.17 and a debt-to-equity ratio of 1.39. Energy Transfer LP has a 52-week low of $9.15 and a 52-week high of $13.67. The business’s 50-day moving average price is $12.82 and its 200 day moving average price is $12.21. The firm has a market cap of $38.19 billion, a P/E ratio of 8.88 and a beta of 1.75.
Energy Transfer (NYSE:ET – Get Rating) last announced its quarterly earnings data on Wednesday, February 15th. The pipeline company reported $0.34 earnings per share for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.03). Energy Transfer had a net margin of 5.17% and a return on equity of 13.55%. The business had revenue of $20.50 billion during the quarter, compared to analysts’ expectations of $23.81 billion. During the same period in the prior year, the firm posted $0.29 EPS. Energy Transfer’s revenue for the quarter was up 9.9% compared to the same quarter last year. On average, equities research analysts expect that Energy Transfer LP will post 1.43 earnings per share for the current year.
Energy Transfer Increases Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, February 21st. Shareholders of record on Tuesday, February 7th were issued a $0.305 dividend. This represents a $1.22 dividend on an annualized basis and a yield of 9.89%. The ex-dividend date of this dividend was Monday, February 6th. This is a positive change from Energy Transfer’s previous quarterly dividend of $0.27. Energy Transfer’s payout ratio is currently 87.77%.
Insider Buying and Selling at Energy Transfer
In other news, Director Richard D. Brannon purchased 80,000 shares of the firm’s stock in a transaction dated Thursday, December 15th. The shares were acquired at an average price of $11.55 per share, with a total value of $924,000.00. Following the purchase, the director now directly owns 580,000 shares of the company’s stock, valued at $6,699,000. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, Director Richard D. Brannon purchased 80,000 shares of the firm’s stock in a transaction dated Thursday, December 15th. The shares were acquired at an average price of $11.55 per share, with a total value of $924,000.00. Following the purchase, the director now directly owns 580,000 shares of the company’s stock, valued at $6,699,000. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Chairman Kelcy L. Warren purchased 1,339,398 shares of the firm’s stock in a transaction dated Wednesday, February 22nd. The shares were purchased at an average cost of $12.99 per share, for a total transaction of $17,398,780.02. Following the purchase, the chairman now directly owns 56,917,875 shares in the company, valued at $739,363,196.25. The disclosure for this purchase can be found here. 3.28% of the stock is owned by corporate insiders.
Wall Street Analyst Weigh In
Several analysts have recently issued reports on the stock. Wells Fargo & Company increased their price target on shares of Energy Transfer from $15.00 to $16.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 21st. Morgan Stanley upped their price objective on Energy Transfer from $17.00 to $18.00 and gave the stock an “overweight” rating in a research report on Monday, January 9th. Citigroup started coverage on Energy Transfer in a report on Thursday, December 8th. They issued a “buy” rating and a $16.00 target price for the company. Barclays upped their target price on shares of Energy Transfer from $14.00 to $15.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 18th. Finally, Raymond James boosted their price target on shares of Energy Transfer from $15.00 to $17.00 and gave the stock a “strong-buy” rating in a report on Thursday, February 16th. Seven equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $16.43.
About Energy Transfer
Energy Transfer LP provides natural gas pipeline transportation and transmission services. It 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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