Royal Palms Capital LLC Invests $2.66 Million in Energy Transfer LP $ET

Royal Palms Capital LLC purchased a new position in Energy Transfer LP (NYSE:ET) during the fourth quarter, HoldingsChannel reports. The firm purchased 161,170 shares of the pipeline company’s stock, valued at approximately $2,658,000. Energy Transfer makes up about 3.2% of Royal Palms Capital LLC’s investment portfolio, making the stock its 18th largest position.

A number of other institutional investors and hedge funds have also recently modified their holdings of ET. Gables Capital Management Inc. boosted its stake in shares of Energy Transfer by 60.0% in the 4th quarter. Gables Capital Management Inc. now owns 1,600 shares of the pipeline company’s stock worth $26,000 after buying an additional 600 shares during the last quarter. Financial Life Planners purchased a new position in shares of Energy Transfer in the 3rd quarter worth $34,000. Navalign LLC purchased a new position in shares of Energy Transfer in the 4th quarter worth $37,000. Core Alternative Capital purchased a new position in shares of Energy Transfer in the 3rd quarter worth $46,000. Finally, Tucker Asset Management LLC purchased a new position in shares of Energy Transfer in the 4th quarter worth $47,000. 38.22% of the stock is currently owned by hedge funds and other institutional investors.

Energy Transfer Price Performance

Shares of Energy Transfer stock opened at $19.60 on Wednesday. Energy Transfer LP has a one year low of $16.18 and a one year high of $20.70. The stock’s fifty day moving average is $19.40 and its 200 day moving average is $18.12. The stock has a market cap of $67.45 billion, a P/E ratio of 16.33, a P/E/G ratio of 1.21 and a beta of 0.57. 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 (NYSE:ET) last announced its 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 company had revenue of $27.77 billion during the quarter, compared to the consensus estimate of $25.78 billion. Energy Transfer had a return on equity of 9.77% and a net margin of 4.66%.Energy Transfer’s revenue for the quarter was up 32.1% compared to the same quarter last year. During the same period in the prior year, the business posted $0.36 earnings per share. Sell-side analysts anticipate that Energy Transfer LP will post 1.37 earnings per share for the current year.

Energy Transfer Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, May 20th. Shareholders of record on Friday, May 8th were issued a dividend of $0.3375 per share. This is a boost from Energy Transfer’s previous quarterly dividend of $0.34. This represents a $1.35 dividend on an annualized basis and a yield of 6.9%. The ex-dividend date of this dividend was Friday, May 8th. Energy Transfer’s payout ratio is 112.50%.

Wall Street Analyst Weigh In

A number of brokerages recently commented on ET. Raymond James Financial reaffirmed a “strong-buy” rating on shares of Energy Transfer in a report on Wednesday, May 6th. JPMorgan Chase & Co. raised their target price on Energy Transfer from $22.00 to $24.00 and gave the stock an “overweight” rating in a report on Tuesday, May 12th. Barclays reaffirmed an “overweight” rating and issued a $23.00 target price (up from $22.00) on shares of Energy Transfer in a report on Thursday, May 14th. Scotiabank reaffirmed an “outperform” rating on shares of Energy Transfer in a report on Tuesday, May 12th. Finally, UBS Group reaffirmed a “buy” rating on shares of Energy Transfer in a report on Tuesday, May 12th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has given a Hold rating to the company. According to MarketBeat, Energy Transfer presently has an average rating of “Buy” and an average price target of $23.27.

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.