Goldman Sachs Group Inc. lifted its stake in Energy Transfer LP (NYSE:ET) by 12.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 74,872,227 shares of the pipeline company’s stock after purchasing an additional 8,437,563 shares during the period. Goldman Sachs Group Inc. owned about 2.77% of Energy Transfer worth $575,018,000 at the end of the most recent quarter.
A number of other hedge funds also recently modified their holdings of ET. Morgan Stanley grew its position in shares of Energy Transfer by 29.3% in the 4th quarter. Morgan Stanley now owns 34,769,242 shares of the pipeline company’s stock worth $214,874,000 after buying an additional 7,869,487 shares during the last quarter. Chickasaw Capital Management LLC increased its stake in Energy Transfer by 10.2% during the 1st quarter. Chickasaw Capital Management LLC now owns 26,072,781 shares of the pipeline company’s stock valued at $200,239,000 after purchasing an additional 2,420,309 shares in the last quarter. California Public Employees Retirement System raised its holdings in shares of Energy Transfer by 5.0% in the fourth quarter. California Public Employees Retirement System now owns 5,556,962 shares of the pipeline company’s stock worth $34,342,000 after buying an additional 267,068 shares during the last quarter. Bank of Montreal Can lifted its stake in shares of Energy Transfer by 148.2% during the first quarter. Bank of Montreal Can now owns 5,045,433 shares of the pipeline company’s stock worth $39,758,000 after buying an additional 3,012,609 shares during the period. Finally, Miller Howard Investments Inc. NY raised its stake in Energy Transfer by 27.9% in the 1st quarter. Miller Howard Investments Inc. NY now owns 4,368,708 shares of the pipeline company’s stock worth $33,552,000 after acquiring an additional 952,957 shares during the last quarter. Institutional investors and hedge funds own 37.57% of the company’s stock.
A number of analysts have recently weighed in on the stock. Zacks Investment Research upgraded shares of Energy Transfer from a “hold” rating to a “strong-buy” rating and set a $12.00 price objective on the stock in a research note on Monday. TheStreet upgraded Energy Transfer from a “c” rating to a “b-” rating in a research report on Friday, May 7th. Piper Sandler raised shares of Energy Transfer from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $7.00 to $9.00 in a report on Monday, February 22nd. Citigroup initiated coverage on shares of Energy Transfer in a report on Friday, May 21st. They set a “buy” rating on the stock. Finally, Mizuho assumed coverage on shares of Energy Transfer in a research report on Tuesday, May 4th. They set a “buy” rating and a $12.00 price target on the stock. Thirteen analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $11.31.
Shares of ET traded up $0.26 during mid-day trading on Friday, hitting $11.31. 247,709 shares of the company were exchanged, compared to its average volume of 20,771,139. The stock has a market cap of $30.58 billion, a PE ratio of 8.91 and a beta of 2.51. Energy Transfer LP has a 1-year low of $4.98 and a 1-year high of $11.11. The firm’s 50 day simple moving average is $9.22. The company has a current ratio of 1.01, a quick ratio of 0.77 and a debt-to-equity ratio of 1.39.
Energy Transfer (NYSE:ET) last posted its quarterly earnings data on Thursday, May 6th. The pipeline company reported $1.21 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.26 by $0.95. The company had revenue of $17 billion during the quarter, compared to analyst estimates of $11.73 billion. Energy Transfer had a return on equity of 14.78% and a net margin of 7.60%. Energy Transfer’s quarterly revenue was up 46.2% on a year-over-year basis. During the same period in the previous year, the business earned ($0.32) EPS. On average, equities research analysts expect that Energy Transfer LP will post 1.77 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, May 19th. Shareholders of record on Tuesday, May 11th were paid a $0.153 dividend. The ex-dividend date of this dividend was Monday, May 10th. This is an increase from Energy Transfer’s previous quarterly dividend of $0.15. This represents a $0.61 dividend on an annualized basis and a dividend yield of 5.41%. Energy Transfer’s dividend payout ratio (DPR) is -338.89%.
About Energy Transfer
Energy Transfer LP provides energy-related services. The company owns and operates approximately 9,400 miles of natural gas transportation pipelines and three natural gas storage facilities in Texas; and 12,340 miles of interstate natural gas pipelines. It also sells natural gas to electric utilities, independent power plants, local distribution companies, industrial end-users, and other marketing companies.
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