Tortoise Capital Advisors L.L.C. raised its position in Energy Transfer LP (NYSE:ET) by 1,291.5% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 33,080,006 shares of the pipeline company’s stock after purchasing an additional 30,702,751 shares during the quarter. Energy Transfer makes up approximately 4.2% of Tortoise Capital Advisors L.L.C.’s holdings, making the stock its 11th biggest position. Tortoise Capital Advisors L.L.C. owned about 1.22% of Energy Transfer worth $254,055,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Zimmer Partners LP grew its stake in Energy Transfer by 5.0% in the first quarter. Zimmer Partners LP now owns 8,594,255 shares of the pipeline company’s stock valued at $66,004,000 after purchasing an additional 410,309 shares in the last quarter. Eaton Vance Management boosted its stake in shares of Energy Transfer by 11.9% during the 1st quarter. Eaton Vance Management now owns 12,209 shares of the pipeline company’s stock worth $131,000 after acquiring an additional 1,300 shares in the last quarter. EJF Capital LLC bought a new stake in shares of Energy Transfer during the 1st quarter worth about $269,000. Highland Capital Management Fund Advisors L.P. boosted its stake in shares of Energy Transfer by 3.6% during the 1st quarter. Highland Capital Management Fund Advisors L.P. now owns 1,651,662 shares of the pipeline company’s stock worth $12,685,000 after acquiring an additional 57,327 shares in the last quarter. Finally, Evercore Wealth Management LLC bought a new stake in shares of Energy Transfer during the 1st quarter worth about $99,000. Hedge funds and other institutional investors own 37.58% of the company’s stock.
Several analysts have recently issued reports on the company. TheStreet upgraded Energy Transfer from a “c” rating to a “b-” rating in a research note on Friday, May 7th. Wells Fargo & Company upgraded Energy Transfer from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $12.00 to $13.00 in a research note on Thursday, May 13th. Evercore ISI upgraded Energy Transfer from an “in-line” rating to an “outperform” rating in a research note on Wednesday, April 28th. Wolfe Research upgraded Energy Transfer from a “peer perform” rating to an “outperform” rating and increased their target price for the company from $12.00 to $13.00 in a research note on Friday, July 16th. Finally, Raymond James increased their target price on Energy Transfer from $12.00 to $13.00 and gave the company a “strong-buy” rating in a research note on Wednesday. Fourteen analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $12.17.
Energy Transfer (NYSE:ET) last issued its earnings results on Thursday, May 6th. The pipeline company reported $1.21 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.26 by $0.95. Energy Transfer had a return on equity of 14.78% and a net margin of 7.60%. The business had revenue of $17 billion during the quarter, compared to analysts’ expectations of $11.73 billion. During the same period in the prior year, the firm posted ($0.32) EPS. Energy Transfer’s quarterly revenue was up 46.2% compared to the same quarter last year. On average, equities analysts predict that Energy Transfer LP will post 1.77 earnings per share for the current fiscal year.
In other Energy Transfer news, Director Ray W. Washburne purchased 200,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 11th. The shares were acquired at an average cost of $9.53 per share, for a total transaction of $1,906,000.00. Following the transaction, the director now directly owns 123,930 shares in the company, valued at $1,181,052.90. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Bradford D. Whitehurst purchased 5,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 19th. The shares were acquired at an average price of $10.14 per share, for a total transaction of $50,700.00. The disclosure for this purchase can be found here. 3.28% of the stock is owned by corporate insiders.
Energy Transfer Company Profile
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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