49 Wealth Management LLC Acquires New Stake in Energy Transfer LP (NYSE:ET)

49 Wealth Management LLC purchased a new stake in Energy Transfer LP (NYSE:ET) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 20,799 shares of the pipeline company’s stock, valued at approximately $334,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Tortoise Capital Advisors L.L.C. increased its position in shares of Energy Transfer by 12.7% during the 2nd quarter. Tortoise Capital Advisors L.L.C. now owns 36,668,846 shares of the pipeline company’s stock valued at $594,769,000 after purchasing an additional 4,141,715 shares during the last quarter. International Assets Investment Management LLC boosted its stake in shares of Energy Transfer by 1,491.0% in the 3rd quarter. International Assets Investment Management LLC now owns 4,175,731 shares of the pipeline company’s stock valued at $67,020,000 after purchasing an additional 3,913,266 shares in the last quarter. Pathway Financial Advisers LLC grew its holdings in shares of Energy Transfer by 1,837.4% during the 3rd quarter. Pathway Financial Advisers LLC now owns 1,338,885 shares of the pipeline company’s stock valued at $21,489,000 after purchasing an additional 1,269,778 shares during the last quarter. Merewether Investment Management LP lifted its stake in Energy Transfer by 22.3% in the second quarter. Merewether Investment Management LP now owns 6,591,793 shares of the pipeline company’s stock worth $106,919,000 after purchasing an additional 1,200,501 shares during the last quarter. Finally, Progeny 3 Inc. boosted its position in Energy Transfer by 104.6% during the first quarter. Progeny 3 Inc. now owns 2,205,785 shares of the pipeline company’s stock valued at $34,697,000 after buying an additional 1,127,500 shares during the period. Hedge funds and other institutional investors own 38.22% of the company’s stock.

Energy Transfer Stock Up 4.0 %

Shares of Energy Transfer stock opened at $19.02 on Friday. The company has a 50-day simple moving average of $16.61 and a two-hundred day simple moving average of $16.16. Energy Transfer LP has a 52-week low of $13.11 and a 52-week high of $19.07. The company has a debt-to-equity ratio of 1.40, a quick ratio of 0.88 and a current ratio of 1.08. The stock has a market capitalization of $65.12 billion, a PE ratio of 13.99, a price-to-earnings-growth ratio of 0.55 and a beta of 1.66.

Energy Transfer (NYSE:ET) last posted its earnings results on Wednesday, November 6th. The pipeline company reported $0.32 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.32. Energy Transfer had a net margin of 5.90% and a return on equity of 12.38%. The business had revenue of $20.77 billion for the quarter, compared to analysts’ expectations of $21.59 billion. During the same quarter in the prior year, the business earned $0.31 EPS. The business’s revenue for the quarter was up .2% compared to the same quarter last year. On average, analysts anticipate that Energy Transfer LP will post 1.34 EPS for the current fiscal year.

Energy Transfer Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, November 19th. Investors of record on Friday, November 8th were given a dividend of $0.3225 per share. The ex-dividend date was Friday, November 8th. This represents a $1.29 annualized dividend and a yield of 6.78%. Energy Transfer’s dividend payout ratio (DPR) is 94.85%.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on ET. Royal Bank of Canada increased their price target on shares of Energy Transfer from $19.00 to $20.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Bank of America assumed coverage on Energy Transfer in a research report on Thursday, October 17th. They issued a “buy” rating and a $20.00 price objective on the stock. Finally, UBS Group upped their target price on Energy Transfer from $22.00 to $23.00 and gave the company a “buy” rating in a report on Wednesday, September 18th. Eight research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $20.00.

About Energy Transfer

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.