Brown Brothers Harriman & Co. Raises Position in Energy Transfer LP (NYSE:ET)

Brown Brothers Harriman & Co. lifted its position in shares of Energy Transfer LP (NYSE:ET) by 111.9% during the 3rd quarter, HoldingsChannel reports. The firm owned 67,401 shares of the pipeline company’s stock after acquiring an additional 35,595 shares during the period. Brown Brothers Harriman & Co.’s holdings in Energy Transfer were worth $1,082,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Empowered Funds LLC boosted its holdings in Energy Transfer by 15.0% in the third quarter. Empowered Funds LLC now owns 346,825 shares of the pipeline company’s stock worth $5,567,000 after acquiring an additional 45,172 shares in the last quarter. Kingsview Wealth Management LLC raised its position in shares of Energy Transfer by 30.9% in the 3rd quarter. Kingsview Wealth Management LLC now owns 242,042 shares of the pipeline company’s stock worth $3,885,000 after purchasing an additional 57,184 shares during the last quarter. GFS Advisors LLC boosted its stake in Energy Transfer by 19,380.5% in the 3rd quarter. GFS Advisors LLC now owns 60,000 shares of the pipeline company’s stock worth $963,000 after purchasing an additional 59,692 shares in the last quarter. Icon Wealth Advisors LLC grew its position in Energy Transfer by 239.0% during the 3rd quarter. Icon Wealth Advisors LLC now owns 563,458 shares of the pipeline company’s stock valued at $9,044,000 after purchasing an additional 397,260 shares during the last quarter. Finally, MAI Capital Management increased its stake in Energy Transfer by 5.9% during the 3rd quarter. MAI Capital Management now owns 698,113 shares of the pipeline company’s stock valued at $11,205,000 after purchasing an additional 39,029 shares in the last quarter. Institutional investors own 38.22% of the company’s stock.

Wall Street Analyst Weigh In

ET has been the topic of a number of recent analyst reports. 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 report on Wednesday, October 16th. Bank of America started coverage on Energy Transfer in a research note on Thursday, October 17th. They set a “buy” rating and a $20.00 target price on the stock. Finally, UBS Group boosted their price target on Energy Transfer from $22.00 to $23.00 and gave the stock a “buy” rating in a research note on Wednesday, September 18th. Eight analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $20.00.

Energy Transfer Price Performance

Shares of ET opened at $19.19 on Wednesday. The firm has a market cap of $65.71 billion, a PE ratio of 14.11, a P/E/G ratio of 0.61 and a beta of 1.66. Energy Transfer LP has a 1-year low of $13.11 and a 1-year high of $19.35. The company has a current ratio of 1.08, a quick ratio of 0.88 and a debt-to-equity ratio of 1.40. The firm has a fifty day simple moving average of $16.78 and a two-hundred day simple moving average of $16.22.

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

Energy Transfer Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, November 19th. Investors of record on Friday, November 8th were issued a $0.3225 dividend. This represents a $1.29 dividend on an annualized basis and a dividend yield of 6.72%. The ex-dividend date was Friday, November 8th. Energy Transfer’s payout ratio is 94.85%.

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.