Bleakley Financial Group LLC Has $1.09 Million Stock Position in Energy Transfer LP $ET

Bleakley Financial Group LLC lifted its position in shares of Energy Transfer LP (NYSE:ET) by 97.6% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 56,321 shares of the pipeline company’s stock after purchasing an additional 27,815 shares during the period. Bleakley Financial Group LLC’s holdings in Energy Transfer were worth $1,087,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of ET. Basepoint Wealth LLC acquired a new stake in shares of Energy Transfer during the 4th quarter worth $25,000. Gables Capital Management Inc. grew its holdings in Energy Transfer by 60.0% during the 4th quarter. Gables Capital Management Inc. now owns 1,600 shares of the pipeline company’s stock worth $26,000 after acquiring an additional 600 shares during the last quarter. Sarver Vrooman Wealth Advisors acquired a new position in Energy Transfer in the 4th quarter valued at approximately $32,000. Financial Life Planners acquired a new position in Energy Transfer in the 1st quarter valued at approximately $40,000. Finally, Navalign LLC bought a new position in shares of Energy Transfer during the fourth quarter valued at $37,000. Institutional investors and hedge funds own 38.22% of the company’s stock.

Analyst Ratings Changes

Several research analysts have issued reports on the stock. UBS Group restated a “buy” rating on shares of Energy Transfer in a report on Tuesday, May 12th. Stifel Nicolaus upped their target price on shares of Energy Transfer from $23.00 to $25.00 and gave the stock a “buy” rating in a report on Wednesday, May 6th. Barclays reaffirmed an “overweight” rating and issued a $23.00 price target (up from $22.00) on shares of Energy Transfer in a research report on Thursday, May 14th. JPMorgan Chase & Co. boosted their price objective on Energy Transfer from $22.00 to $24.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 12th. Finally, Truist Financial assumed coverage on Energy Transfer in a research report on Tuesday, March 24th. They issued a “buy” rating and a $23.00 price target for the company. Three investment analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $23.55.

Energy Transfer Trading Up 0.5%

ET opened at $20.30 on Friday. Energy Transfer LP has a 52 week low of $16.18 and a 52 week high of $20.70. The stock has a market cap of $69.87 billion, a PE ratio of 16.92, a PEG ratio of 1.17 and a beta of 0.55. The company has a quick ratio of 0.93, a current ratio of 1.17 and a debt-to-equity ratio of 1.50. The business has a 50 day moving average of $19.52 and a 200-day moving average of $18.84.

Energy Transfer (NYSE:ET) last released its earnings results on Tuesday, May 5th. The pipeline company reported $0.35 earnings per share for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.05). The business had revenue of $27.77 billion during the quarter, compared to analysts’ expectations of $25.78 billion. Energy Transfer had a return on equity of 9.77% and a net margin of 4.66%.The firm’s quarterly revenue was up 32.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.36 earnings per share. Equities research analysts predict that Energy Transfer LP will post 1.43 earnings per share for the current fiscal year.

Energy Transfer Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, May 20th. Shareholders of record on Friday, May 8th were issued a $0.3375 dividend. This represents a $1.35 dividend on an annualized basis and a yield of 6.6%. This is a boost from Energy Transfer’s previous quarterly dividend of $0.34. The ex-dividend date was Friday, May 8th. Energy Transfer’s dividend payout ratio is currently 112.50%.

About Energy Transfer

Energy Transfer (NYSE: ET) is a Dallas-based midstream energy company that develops and operates infrastructure for the transportation, storage and processing of hydrocarbons. The company’s operations focus on moving and storing natural gas, natural gas liquids (NGLs), crude oil and refined products through an integrated network of pipelines, terminals, storage facilities and processing plants. Energy Transfer provides core midstream services such as gathering, compression, fractionation, processing, and bulk transportation to support production and downstream supply chains.

Its asset base spans an extensive network across the United States, connecting producing regions, processing centers, petrochemical hubs and coastal and inland markets.