Heronetta Management L.P. Cuts Stock Position in Energy Transfer LP $ET

Heronetta Management L.P. trimmed its position in shares of Energy Transfer LP (NYSE:ET) by 9.3% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 802,129 shares of the pipeline company’s stock after selling 82,025 shares during the period. Energy Transfer comprises 8.7% of Heronetta Management L.P.’s holdings, making the stock its 4th biggest holding. Heronetta Management L.P.’s holdings in Energy Transfer were worth $13,227,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in ET. CIBC Bancorp USA Inc. bought a new position in Energy Transfer during the 3rd quarter valued at about $264,309,000. Alps Advisors Inc. grew its holdings in Energy Transfer by 4.5% during the 3rd quarter. Alps Advisors Inc. now owns 77,651,021 shares of the pipeline company’s stock valued at $1,332,492,000 after purchasing an additional 3,366,734 shares during the last quarter. Invesco Ltd. grew its holdings in Energy Transfer by 3.2% during the 3rd quarter. Invesco Ltd. now owns 57,862,666 shares of the pipeline company’s stock valued at $992,923,000 after purchasing an additional 1,773,042 shares during the last quarter. SG Americas Securities LLC grew its holdings in Energy Transfer by 187.1% during the 4th quarter. SG Americas Securities LLC now owns 1,940,500 shares of the pipeline company’s stock valued at $31,999,000 after purchasing an additional 1,264,627 shares during the last quarter. Finally, Corient Private Wealth LLC grew its holdings in Energy Transfer by 223.7% during the 2nd quarter. Corient Private Wealth LLC now owns 1,690,769 shares of the pipeline company’s stock valued at $30,654,000 after purchasing an additional 1,168,438 shares during the last quarter. 38.22% of the stock is currently owned by institutional investors.

Energy Transfer Stock Up 1.6%

NYSE:ET opened at $19.65 on Tuesday. Energy Transfer LP has a twelve month low of $16.18 and a twelve month high of $20.67. The company has a market cap of $67.60 billion, a price-to-earnings ratio of 16.37, a price-to-earnings-growth ratio of 1.08 and a beta of 0.57. The stock has a fifty day simple moving average of $19.09 and a 200-day simple moving average of $17.86. The company has a current ratio of 1.17, a quick ratio of 0.93 and a debt-to-equity ratio of 1.50.

Energy Transfer (NYSE:ET) last released its earnings results on Tuesday, May 5th. The pipeline company reported $0.35 earnings per share for the quarter, missing the consensus estimate of $0.40 by ($0.05). Energy Transfer had a return on equity of 9.77% and a net margin of 4.66%.The business had revenue of $27.77 billion for the quarter, compared to the consensus estimate of $25.78 billion. During the same quarter last year, the business posted $0.36 earnings per share. The firm’s revenue for the quarter was up 32.1% compared to the same quarter last year. Analysts anticipate that Energy Transfer LP will post 1.47 EPS for the current year.

Energy Transfer Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 20th. Investors of record on Friday, May 8th will be issued a $0.3375 dividend. The ex-dividend date is Friday, May 8th. This is an increase from Energy Transfer’s previous quarterly dividend of $0.34. This represents a $1.35 annualized dividend and a dividend yield of 6.9%. Energy Transfer’s dividend payout ratio is presently 112.50%.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on ET. Morgan Stanley upped their price target on shares of Energy Transfer from $19.00 to $21.00 and gave the company an “equal weight” rating in a report on Tuesday, March 10th. Scotiabank reiterated an “outperform” rating on shares of Energy Transfer in a research report on Friday, January 16th. Raymond James Financial reiterated a “strong-buy” rating on shares of Energy Transfer in a research report on Wednesday, May 6th. Citigroup reiterated a “buy” rating and set a $23.00 target price (up from $22.00) on shares of Energy Transfer in a research report on Thursday. Finally, TD Cowen lifted their target price on Energy Transfer from $20.00 to $21.00 and gave the stock a “buy” rating in a research report on Wednesday, February 18th. Two analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $22.00.

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.