Ellis Investment Partners LLC Raises Holdings in Energy Transfer LP $ET

Ellis Investment Partners LLC lifted its stake in Energy Transfer LP (NYSE:ET) by 4.6% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 15,418 shares of the pipeline company’s stock after buying an additional 684 shares during the quarter. Ellis Investment Partners LLC’s holdings in Energy Transfer were worth $280,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Ryan Investment Management Inc. purchased a new stake in shares of Energy Transfer in the second quarter worth about $31,000. Vision Financial Markets LLC acquired a new position in Energy Transfer in the 1st quarter worth about $33,000. HWG Holdings LP acquired a new position in Energy Transfer in the 1st quarter worth about $38,000. Stone House Investment Management LLC acquired a new position in Energy Transfer in the 1st quarter worth about $38,000. Finally, N.E.W. Advisory Services LLC acquired a new position in Energy Transfer in the 1st quarter worth about $40,000. Hedge funds and other institutional investors own 38.22% of the company’s stock.

Energy Transfer Price Performance

Shares of Energy Transfer stock opened at $16.52 on Tuesday. The business has a 50 day simple moving average of $17.31 and a two-hundred day simple moving average of $17.43. Energy Transfer LP has a 12 month low of $14.60 and a 12 month high of $21.45. The stock has a market capitalization of $56.69 billion, a P/E ratio of 12.80, a PEG ratio of 0.96 and a beta of 0.78. The company has a debt-to-equity ratio of 1.44, a current ratio of 1.15 and a quick ratio of 0.92.

Energy Transfer (NYSE:ET) last announced its earnings results on Wednesday, August 6th. The pipeline company reported $0.32 EPS for the quarter, meeting analysts’ consensus estimates of $0.32. The business had revenue of $19.24 billion during the quarter, compared to analysts’ expectations of $24.07 billion. Energy Transfer had a return on equity of 11.08% and a net margin of 5.80%.The business’s revenue was down 7.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.35 earnings per share. As a group, analysts predict that Energy Transfer LP will post 1.46 EPS for the current fiscal year.

Energy Transfer Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, August 19th. Stockholders of record on Friday, August 8th were given a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 8.0%. This is a boost from Energy Transfer’s previous quarterly dividend of $0.33. The ex-dividend date was Friday, August 8th. Energy Transfer’s dividend payout ratio (DPR) is currently 102.33%.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the company. Cowen assumed coverage on Energy Transfer in a report on Monday, July 7th. They issued a “buy” rating for the company. Wells Fargo & Company reaffirmed an “overweight” rating and issued a $23.00 price target (up previously from $21.00) on shares of Energy Transfer in a report on Tuesday, August 12th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Energy Transfer in a report on Wednesday, October 8th. Morgan Stanley reduced their price target on Energy Transfer from $24.00 to $23.00 and set an “overweight” rating for the company in a report on Tuesday, August 26th. Finally, TD Cowen started coverage on Energy Transfer in a report on Monday, July 7th. They set a “buy” rating and a $22.00 target price for the company. Fourteen analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $22.50.

Insider Activity

In related news, Director Kelcy L. Warren purchased 1,350,000 shares of the company’s stock in a transaction dated Wednesday, August 20th. The stock was acquired at an average cost of $17.36 per share, for a total transaction of $23,436,000.00. Following the completion of the transaction, the director directly owned 69,178,477 shares of the company’s stock, valued at approximately $1,200,938,360.72. This trade represents a 1.99% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 3.28% of the stock is owned by company insiders.

Energy Transfer Company Profile

Energy Transfer LP provides energy-related services. The company owns and operates natural gas transportation pipeline, and natural gas storage facilities in Texas and Oklahoma; and approximately 20,090 miles of interstate natural gas pipeline. It also sells natural gas to electric utilities, independent power plants, local distribution and other marketing companies, and industrial end-users.