Summit Securities Group LLC Grows Position in Energy Transfer LP $ET

Summit Securities Group LLC grew its position in Energy Transfer LP (NYSE:ET) by 179.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 162,100 shares of the pipeline company’s stock after purchasing an additional 104,000 shares during the period. Energy Transfer makes up approximately 0.4% of Summit Securities Group LLC’s holdings, making the stock its 12th largest holding. Summit Securities Group LLC’s holdings in Energy Transfer were worth $3,129,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Brighton Jones LLC lifted its position in Energy Transfer by 93.4% during the fourth quarter. Brighton Jones LLC now owns 24,530 shares of the pipeline company’s stock valued at $481,000 after buying an additional 11,844 shares in the last quarter. AQR Capital Management LLC increased its position in shares of Energy Transfer by 62.8% in the first quarter. AQR Capital Management LLC now owns 21,041 shares of the pipeline company’s stock worth $391,000 after acquiring an additional 8,118 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Energy Transfer by 6.2% in the 2nd quarter. Geode Capital Management LLC now owns 135,395 shares of the pipeline company’s stock valued at $2,455,000 after acquiring an additional 7,901 shares during the period. Russell Investments Group Ltd. raised its stake in shares of Energy Transfer by 436.5% in the 2nd quarter. Russell Investments Group Ltd. now owns 4,179 shares of the pipeline company’s stock valued at $76,000 after acquiring an additional 3,400 shares during the period. Finally, Guggenheim Capital LLC raised its stake in shares of Energy Transfer by 5.6% in the 2nd quarter. Guggenheim Capital LLC now owns 50,919 shares of the pipeline company’s stock valued at $923,000 after acquiring an additional 2,700 shares during the period. Hedge funds and other institutional investors own 38.22% of the company’s stock.

Energy Transfer Stock Performance

Shares of ET stock opened at $19.78 on Friday. The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.93 and a current ratio of 1.17. Energy Transfer LP has a one year low of $16.18 and a one year high of $20.70. The company’s 50-day simple moving average is $19.50 and its 200-day simple moving average is $18.70. The stock has a market capitalization of $68.06 billion, a price-to-earnings ratio of 16.48, a PEG ratio of 1.15 and a beta of 0.55.

Energy Transfer (NYSE:ET) last posted its quarterly earnings results on Tuesday, May 5th. The pipeline company reported $0.35 EPS for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.05). The firm had revenue of $27.77 billion during the quarter, compared to analyst estimates of $25.78 billion. Energy Transfer had a return on equity of 9.77% and a net margin of 4.66%.The firm’s revenue for the quarter was up 32.1% on a year-over-year basis. During the same quarter last year, the business posted $0.36 earnings per share. Equities analysts anticipate that Energy Transfer LP will post 1.43 earnings per share for the current fiscal year.

Energy Transfer Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, May 20th. Stockholders of record on Friday, May 8th were given a $0.3375 dividend. This represents a $1.35 annualized dividend and a dividend yield of 6.8%. The ex-dividend date was Friday, May 8th. This is a positive change from Energy Transfer’s previous quarterly dividend of $0.34. Energy Transfer’s payout ratio is 112.50%.

Analyst Ratings Changes

A number of analysts recently weighed in on ET shares. Raymond James Financial reaffirmed a “strong-buy” rating on shares of Energy Transfer in a research report on Wednesday, May 6th. Truist Financial started coverage on Energy Transfer in a research report on Tuesday, March 24th. They issued a “buy” rating and a $23.00 price objective on the stock. UBS Group restated a “buy” rating on shares of Energy Transfer in a research note on Tuesday, May 12th. Scotiabank reaffirmed an “outperform” rating on shares of Energy Transfer in a research report on Tuesday, May 12th. Finally, Jefferies Financial Group upgraded Energy Transfer from a “hold” rating to a “buy” rating and set a $23.00 target price for the company in a research note on Tuesday, May 26th. Two analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $23.45.

Energy Transfer Profile

Energy Transfer (NYSE: ET) is a Dallas-based midstream energy company that develops and operates infrastructure for the transportation, storage and processing of hydrocarbons. The company’s operations focus on moving and storing natural gas, natural gas liquids (NGLs), crude oil and refined products through an integrated network of pipelines, terminals, storage facilities and processing plants. Energy Transfer provides core midstream services such as gathering, compression, fractionation, processing, and bulk transportation to support production and downstream supply chains.

Its asset base spans an extensive network across the United States, connecting producing regions, processing centers, petrochemical hubs and coastal and inland markets.