NewEdge Wealth LLC Buys 38,792 Shares of Energy Transfer LP $ET

NewEdge Wealth LLC boosted its stake in Energy Transfer LP (NYSE:ET) by 27.7% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 179,014 shares of the pipeline company’s stock after buying an additional 38,792 shares during the quarter. NewEdge Wealth LLC’s holdings in Energy Transfer were worth $3,027,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of ET. CNB Bank boosted its stake in shares of Energy Transfer by 111.1% in the 2nd quarter. CNB Bank now owns 1,900 shares of the pipeline company’s stock valued at $34,000 after purchasing an additional 1,000 shares in the last quarter. HHM Wealth Advisors LLC grew its stake in Energy Transfer by 54.4% during the second quarter. HHM Wealth Advisors LLC now owns 2,270 shares of the pipeline company’s stock worth $41,000 after buying an additional 800 shares during the last quarter. Core Alternative Capital acquired a new stake in shares of Energy Transfer during the third quarter worth approximately $46,000. FSC Wealth Advisors LLC acquired a new stake in shares of Energy Transfer during the second quarter worth approximately $50,000. Finally, Golden State Wealth Management LLC raised its stake in shares of Energy Transfer by 38.9% in the third quarter. Golden State Wealth Management LLC now owns 2,918 shares of the pipeline company’s stock valued at $50,000 after acquiring an additional 817 shares during the last quarter. 38.22% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms recently weighed in on ET. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Energy Transfer in a report on Wednesday, December 24th. JPMorgan Chase & Co. decreased their target price on Energy Transfer from $22.00 to $21.00 and set an “overweight” rating on the stock in a report on Monday, November 24th. Barclays reaffirmed an “overweight” rating and issued a $22.00 price target (down from $25.00) on shares of Energy Transfer in a report on Monday, January 12th. Scotiabank reissued an “outperform” rating on shares of Energy Transfer in a report on Friday, January 16th. Finally, Jefferies Financial Group reaffirmed a “hold” rating on shares of Energy Transfer in a research note on Wednesday. Eleven investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $21.27.

Energy Transfer Price Performance

Energy Transfer stock opened at $18.96 on Friday. The business’s 50-day simple moving average is $17.43 and its 200 day simple moving average is $17.17. The company has a quick ratio of 1.14, a current ratio of 1.41 and a debt-to-equity ratio of 1.50. The stock has a market cap of $65.08 billion, a price-to-earnings ratio of 15.67, a P/E/G ratio of 0.98 and a beta of 0.66. Energy Transfer LP has a 12-month low of $14.60 and a 12-month high of $19.88.

Energy Transfer (NYSE:ET) last announced its quarterly earnings data on Tuesday, February 17th. The pipeline company reported $0.25 earnings per share for the quarter, missing the consensus estimate of $0.34 by ($0.09). Energy Transfer had a return on equity of 10.38% and a net margin of 5.11%.The firm had revenue of $25.32 billion for the quarter, compared to the consensus estimate of $23.56 billion. During the same period in the prior year, the firm posted $0.29 earnings per share. The business’s revenue for the quarter was up 29.6% compared to the same quarter last year. As a group, research analysts anticipate that Energy Transfer LP will post 1.46 earnings per share for the current year.

Energy Transfer Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, February 19th. Investors of record on Friday, February 6th were issued a $0.335 dividend. This is an increase from Energy Transfer’s previous quarterly dividend of $0.33. This represents a $1.34 annualized dividend and a yield of 7.1%. The ex-dividend date was Friday, February 6th. Energy Transfer’s dividend payout ratio (DPR) is currently 110.74%.

Energy Transfer 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.