Energy Transfer LP $ET is Energy Income Partners LLC’s 2nd Largest Position

Energy Income Partners LLC increased its stake in shares of Energy Transfer LP (NYSE:ET) by 1.8% during the 2nd quarter, Holdings Channel.com reports. The fund owned 25,654,536 shares of the pipeline company’s stock after purchasing an additional 447,081 shares during the quarter. Energy Transfer accounts for approximately 7.7% of Energy Income Partners LLC’s portfolio, making the stock its 2nd largest position. Energy Income Partners LLC’s holdings in Energy Transfer were worth $490,515,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Basepoint Wealth LLC purchased a new stake in shares of Energy Transfer during the fourth quarter valued at approximately $25,000. Gables Capital Management Inc. raised its holdings in Energy Transfer by 60.0% during the 4th quarter. Gables Capital Management Inc. now owns 1,600 shares of the pipeline company’s stock valued at $26,000 after buying an additional 600 shares during the last quarter. Sarver Vrooman Wealth Advisors purchased a new stake in Energy Transfer during the 4th quarter valued at $32,000. Cassaday & Co Wealth Management LLC bought a new stake in Energy Transfer in the 1st quarter worth $35,000. Finally, Navalign LLC purchased a new position in shares of Energy Transfer in the fourth quarter valued at about $37,000. 38.22% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

ET has been the subject of a number of analyst reports. Royal Bank Of Canada reiterated an “outperform” rating and set a $23.00 target price (up from $21.00) on shares of Energy Transfer in a report on Tuesday, July 21st. TD Cowen reiterated a “buy” rating and issued a $25.00 price objective (up from $24.00) on shares of Energy Transfer in a report on Monday, August 10th. JPMorgan Chase & Co. boosted their target price on Energy Transfer from $22.00 to $24.00 and gave the company an “overweight” rating in a research note on Tuesday, May 12th. Truist Financial raised their price target on Energy Transfer from $23.00 to $25.00 and gave the stock a “buy” rating in a research note on Wednesday, August 12th. Finally, Scotiabank reissued an “outperform” rating on shares of Energy Transfer in a research report on Tuesday, May 12th. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $24.08.

Energy Transfer Trading Up 2.3%

NYSE:ET opened at $21.41 on Wednesday. Energy Transfer LP has a one year low of $16.18 and a one year high of $21.43. The company’s 50-day simple moving average is $19.84 and its 200 day simple moving average is $19.37. The firm has a market capitalization of $73.74 billion, a P/E ratio of 14.57, a PEG ratio of 0.75 and a beta of 0.55. The company has a debt-to-equity ratio of 1.45, a current ratio of 1.16 and a quick ratio of 0.94.

Energy Transfer (NYSE:ET) last released its earnings results on Tuesday, August 4th. The pipeline company reported $0.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.21. Energy Transfer had a net margin of 4.87% and a return on equity of 11.55%. The firm had revenue of $34.33 billion during the quarter, compared to analyst estimates of $27.71 billion. During the same period last year, the business earned $0.32 earnings per share. The business’s revenue was up 78.4% on a year-over-year basis. As a group, analysts forecast that Energy Transfer LP will post 1.63 EPS for the current fiscal year.

Energy Transfer Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, August 19th. Shareholders of record on Friday, August 7th will be issued a $0.34 dividend. This represents a $1.36 annualized dividend and a yield of 6.4%. This is a positive change from Energy Transfer’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend is Friday, August 7th. Energy Transfer’s dividend payout ratio is presently 92.52%.

Insider Activity at Energy Transfer

In related news, Director James Richard Perry bought 12,359 shares of the business’s stock in a transaction dated Friday, August 7th. The shares were purchased at an average cost of $20.23 per share, with a total value of $250,022.57. Following the completion of the purchase, the director owned 208,046 shares in the company, valued at approximately $4,208,770.58. The trade was a 6.32% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 3.28% of the company’s stock.

Energy Transfer Company 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.