Truist Financial Corp Grows Holdings in Energy Transfer LP (NYSE:ET)

Truist Financial Corp raised its position in Energy Transfer LP (NYSE:ET) by 0.4% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 925,211 shares of the pipeline company’s stock after purchasing an additional 3,278 shares during the period. Truist Financial Corp’s holdings in Energy Transfer were worth $12,768,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Rise Advisors LLC lifted its holdings in shares of Energy Transfer by 88.2% during the 4th quarter. Rise Advisors LLC now owns 1,978 shares of the pipeline company’s stock worth $27,000 after acquiring an additional 927 shares during the period. Harbor Investment Advisory LLC lifted its holdings in shares of Energy Transfer by 42.9% during the 4th quarter. Harbor Investment Advisory LLC now owns 2,500 shares of the pipeline company’s stock worth $34,000 after acquiring an additional 750 shares during the period. Community Bank N.A. lifted its holdings in shares of Energy Transfer by 55.9% during the 4th quarter. Community Bank N.A. now owns 2,651 shares of the pipeline company’s stock worth $37,000 after acquiring an additional 951 shares during the period. BluePath Capital Management LLC purchased a new position in shares of Energy Transfer during the 3rd quarter worth about $37,000. Finally, Fortitude Family Office LLC purchased a new position in Energy Transfer in the fourth quarter valued at approximately $40,000. 38.22% of the stock is currently owned by hedge funds and other institutional investors.

Energy Transfer Stock Down 1.6 %

Shares of NYSE:ET opened at $15.48 on Thursday. The company has a quick ratio of 0.88, a current ratio of 1.10 and a debt-to-equity ratio of 1.37. Energy Transfer LP has a 52-week low of $12.18 and a 52-week high of $16.07. The company has a 50 day moving average of $15.42 and a two-hundred day moving average of $14.37. The company has a market capitalization of $52.16 billion, a price-to-earnings ratio of 14.20 and a beta of 1.64.

Energy Transfer (NYSE:ET) last issued its quarterly earnings data on Wednesday, February 14th. The pipeline company reported $0.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.29 by $0.08. Energy Transfer had a net margin of 4.85% and a return on equity of 12.17%. The company had revenue of $20.53 billion during the quarter, compared to the consensus estimate of $21.46 billion. During the same quarter last year, the company earned $0.34 earnings per share. Energy Transfer’s revenue for the quarter was up .2% on a year-over-year basis. As a group, analysts forecast that Energy Transfer LP will post 1.57 earnings per share for the current fiscal year.

Energy Transfer Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, May 20th. Shareholders of record on Monday, May 13th will be given a $0.317 dividend. This is an increase from Energy Transfer’s previous quarterly dividend of $0.32. The ex-dividend date of this dividend is Friday, May 10th. This represents a $1.27 annualized dividend and a yield of 8.19%. Energy Transfer’s dividend payout ratio (DPR) is 115.60%.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. UBS Group cut their price target on shares of Energy Transfer from $23.00 to $22.00 and set a “buy” rating on the stock in a report on Thursday, February 15th. Citigroup raised their price target on shares of Energy Transfer from $17.00 to $18.00 and gave the company a “buy” rating in a report on Wednesday, February 21st. Finally, Mizuho restated a “buy” rating and issued a $19.00 price target (up previously from $18.00) on shares of Energy Transfer in a report on Thursday, April 18th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $18.00.

Energy Transfer 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.