Diversify Wealth Management LLC Invests $1.68 Million in Energy Transfer LP $ET

Diversify Wealth Management LLC bought a new position in Energy Transfer LP (NYSE:ET) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 84,879 shares of the pipeline company’s stock, valued at approximately $1,677,000.

Several other hedge funds and other institutional investors have also made changes to their positions in ET. Brighton Jones LLC increased its position in Energy Transfer by 93.4% during the 4th quarter. Brighton Jones LLC now owns 24,530 shares of the pipeline company’s stock worth $481,000 after purchasing an additional 11,844 shares during the period. AQR Capital Management LLC boosted its stake in shares of Energy Transfer by 62.8% in the first quarter. AQR Capital Management LLC now owns 21,041 shares of the pipeline company’s stock valued at $391,000 after buying an additional 8,118 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Energy Transfer by 6.2% in the second quarter. Geode Capital Management LLC now owns 135,395 shares of the pipeline company’s stock valued at $2,455,000 after buying an additional 7,901 shares in the last quarter. Russell Investments Group Ltd. grew its holdings in Energy Transfer by 436.5% during the second quarter. Russell Investments Group Ltd. now owns 4,179 shares of the pipeline company’s stock worth $76,000 after acquiring an additional 3,400 shares during the period. Finally, Guggenheim Capital LLC grew its holdings in Energy Transfer by 5.6% during the second quarter. Guggenheim Capital LLC now owns 50,919 shares of the pipeline company’s stock worth $923,000 after acquiring an additional 2,700 shares during the period. Hedge funds and other institutional investors own 38.22% of the company’s stock.

Energy Transfer Stock Down 0.5%

ET opened at $20.07 on Wednesday. The business’s fifty day moving average is $19.49 and its two-hundred day moving average is $18.78. The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.93 and a current ratio of 1.17. The company has a market cap of $69.08 billion, a price-to-earnings ratio of 16.73, a PEG ratio of 1.17 and a beta of 0.55. Energy Transfer LP has a one year low of $16.18 and a one year high of $20.70.

Energy Transfer (NYSE:ET) last announced its quarterly 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 firm had revenue of $27.77 billion during the quarter, compared to analysts’ expectations of $25.78 billion. Energy Transfer had a net margin of 4.66% and a return on equity of 9.77%. The company’s quarterly revenue was up 32.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.36 EPS. Analysts anticipate that Energy Transfer LP will post 1.43 EPS for the current fiscal year.

Energy Transfer Increases Dividend

The firm also recently declared 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 annualized dividend and a dividend yield of 6.7%. This is a boost from Energy Transfer’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend was Friday, May 8th. Energy Transfer’s payout ratio is currently 112.50%.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. TD Cowen reissued a “buy” rating and issued a $23.00 target price (up from $22.00) on shares of Energy Transfer in a report on Wednesday, May 13th. Barclays reaffirmed an “overweight” rating and set a $23.00 price target (up from $22.00) on shares of Energy Transfer in a research note on Thursday, May 14th. Morgan Stanley increased their price target on shares of Energy Transfer from $21.00 to $23.00 and gave the company an “equal weight” rating in a report on Wednesday, May 27th. Raymond James Financial reissued a “strong-buy” rating on shares of Energy Transfer in a report on Wednesday, May 6th. Finally, Scotiabank restated an “outperform” rating on shares of Energy Transfer in a research report on Tuesday, May 12th. Two research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, Energy Transfer presently has an average rating of “Buy” and an average price target of $23.45.

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.