Jennison Associates LLC Has $30.57 Million Holdings in Energy Transfer LP $ET

Jennison Associates LLC lifted its stake in shares of Energy Transfer LP (NYSE:ET) by 4.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,584,039 shares of the pipeline company’s stock after purchasing an additional 69,327 shares during the period. Jennison Associates LLC’s holdings in Energy Transfer were worth $30,572,000 at the end of the most recent reporting period.

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

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Citigroup reaffirmed a “buy” rating and set a $23.00 price target (up from $22.00) on shares of Energy Transfer in a research note on Thursday, May 7th. JPMorgan Chase & Co. lifted 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. Morgan Stanley boosted their price objective on Energy Transfer from $21.00 to $23.00 and gave the stock an “equal weight” rating in a report on Wednesday, May 27th. TD Cowen reaffirmed a “buy” rating and issued a $24.00 target price (up from $23.00) on shares of Energy Transfer in a research note on Thursday. Finally, Raymond James Financial reiterated a “strong-buy” rating on shares of Energy Transfer in a research report on Wednesday, May 6th. Three research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, Energy Transfer has a consensus rating of “Buy” and a consensus target price of $23.55.

Energy Transfer Price Performance

Shares of ET opened at $20.28 on Tuesday. The company has a current ratio of 1.17, a quick ratio of 0.93 and a debt-to-equity ratio of 1.50. Energy Transfer LP has a 1 year low of $16.18 and a 1 year high of $20.70. The stock has a market cap of $69.77 billion, a P/E ratio of 16.90, a price-to-earnings-growth ratio of 1.18 and a beta of 0.55. The stock’s 50-day moving average price is $19.53 and its two-hundred day moving average price is $18.88.

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

Energy Transfer Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, May 20th. Shareholders of record on Friday, May 8th were paid a $0.3375 dividend. The ex-dividend date of this dividend was Friday, May 8th. This is a boost from Energy Transfer’s previous quarterly dividend of $0.34. This represents a $1.35 annualized dividend and a yield of 6.7%. Energy Transfer’s payout ratio is currently 112.50%.

Energy Transfer Company Profile

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.