CIBC Private Wealth Group LLC lowered its stake in Energy Transfer LP (NYSE:ET) by 6.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 19,750,088 shares of the pipeline company’s stock after selling 1,448,739 shares during the quarter. CIBC Private Wealth Group LLC owned approximately 0.73% of Energy Transfer worth $151,682,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Waterfront Wealth Inc. boosted its position in Energy Transfer by 2.4% during the 1st quarter. Waterfront Wealth Inc. now owns 54,872 shares of the pipeline company’s stock worth $431,000 after acquiring an additional 1,295 shares during the period. WASHINGTON TRUST Co boosted its position in Energy Transfer by 13.5% during the 1st quarter. WASHINGTON TRUST Co now owns 12,599 shares of the pipeline company’s stock worth $97,000 after acquiring an additional 1,500 shares during the period. Gill Capital Partners LLC boosted its position in Energy Transfer by 2.3% during the 1st quarter. Gill Capital Partners LLC now owns 70,000 shares of the pipeline company’s stock worth $538,000 after acquiring an additional 1,545 shares during the period. Sheaff Brock Investment Advisors LLC boosted its position in Energy Transfer by 2.2% during the 1st quarter. Sheaff Brock Investment Advisors LLC now owns 76,946 shares of the pipeline company’s stock worth $591,000 after acquiring an additional 1,667 shares during the period. Finally, Barnett & Company Inc. lifted its holdings in shares of Energy Transfer by 9.4% during the 1st quarter. Barnett & Company Inc. now owns 19,863 shares of the pipeline company’s stock valued at $153,000 after buying an additional 1,700 shares during the last quarter. Hedge funds and other institutional investors own 37.57% of the company’s stock.
A number of analysts have recently issued reports on the company. Zacks Investment Research upgraded Energy Transfer from a “hold” rating to a “strong-buy” rating and set a $12.00 price objective on the stock in a research report on Monday. Mizuho initiated coverage on Energy Transfer in a research note on Tuesday, May 4th. They issued a “buy” rating and a $12.00 price target on the stock. Citigroup initiated coverage on Energy Transfer in a research note on Friday, May 21st. They issued a “buy” rating on the stock. Wells Fargo & Company raised Energy Transfer from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $12.00 to $13.00 in a research note on Thursday, May 13th. Finally, Raymond James boosted their price objective on Energy Transfer from $9.00 to $10.00 and gave the stock a “strong-buy” rating in a research note on Thursday, April 15th. Thirteen analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $11.31.
Shares of ET traded up $0.22 during mid-day trading on Friday, reaching $11.27. The company’s stock had a trading volume of 79,747 shares, compared to its average volume of 20,771,139. Energy Transfer LP has a 1-year low of $4.98 and a 1-year high of $11.11. The stock has a market cap of $30.47 billion, a PE ratio of 8.91 and a beta of 2.51. The business’s 50-day moving average price is $9.22. The company has a current ratio of 1.01, a quick ratio of 0.77 and a debt-to-equity ratio of 1.39.
Energy Transfer (NYSE:ET) last released its quarterly earnings data on Thursday, May 6th. The pipeline company reported $1.21 earnings per share (EPS) for the quarter, beating 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 company had revenue of $17 billion during the quarter, compared to analysts’ expectations of $11.73 billion. During the same period last year, the firm posted ($0.32) earnings per share. The business’s revenue was up 46.2% on a year-over-year basis. As a group, research analysts predict that Energy Transfer LP will post 1.77 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, May 19th. Shareholders of record on Tuesday, May 11th were paid a dividend of $0.153 per share. This represents a $0.61 dividend on an annualized basis and a yield of 5.43%. The ex-dividend date was Monday, May 10th. This is a positive change from Energy Transfer’s previous quarterly dividend of $0.15. Energy Transfer’s dividend payout ratio (DPR) is -338.89%.
About Energy Transfer
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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