Cresset Asset Management LLC boosted its position in shares of Energy Transfer LP (NYSE:ET – Get Rating) by 10.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 470,313 shares of the pipeline company’s stock after acquiring an additional 45,323 shares during the period. Cresset Asset Management LLC’s holdings in Energy Transfer were worth $5,264,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in ET. Goldman Sachs Group Inc. increased its stake in Energy Transfer by 22.7% during the fourth quarter. Goldman Sachs Group Inc. now owns 88,490,552 shares of the pipeline company’s stock valued at $728,277,000 after acquiring an additional 16,346,887 shares during the period. RR Advisors LLC grew its stake in shares of Energy Transfer by 74.0% in the 1st quarter. RR Advisors LLC now owns 8,154,000 shares of the pipeline company’s stock valued at $91,238,000 after purchasing an additional 3,469,000 shares during the period. Invesco Ltd. grew its stake in shares of Energy Transfer by 5.5% in the 4th quarter. Invesco Ltd. now owns 65,729,834 shares of the pipeline company’s stock valued at $540,957,000 after purchasing an additional 3,403,732 shares during the period. Beach Investment Counsel Inc. PA bought a new stake in shares of Energy Transfer in the 1st quarter valued at approximately $31,865,000. Finally, Energy Income Partners LLC grew its stake in shares of Energy Transfer by 19.4% in the 4th quarter. Energy Income Partners LLC now owns 17,309,101 shares of the pipeline company’s stock valued at $142,454,000 after purchasing an additional 2,818,173 shares during the period. 38.80% of the stock is currently owned by institutional investors.
Analyst Ratings Changes
Several research firms have recently weighed in on ET. Royal Bank of Canada upped their price objective on Energy Transfer from $15.00 to $16.00 and gave the company an “outperform” rating in a research note on Thursday, August 18th. US Capital Advisors reiterated a “buy” rating on shares of Energy Transfer in a research note on Wednesday, June 1st. Finally, Barclays increased their price target on Energy Transfer from $13.00 to $14.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 16th. Eight research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $14.63.
Energy Transfer Stock Performance
Energy Transfer (NYSE:ET – Get Rating) last posted its quarterly earnings results on Wednesday, August 3rd. The pipeline company reported $0.39 earnings per share for the quarter, beating analysts’ consensus estimates of $0.29 by $0.10. The company had revenue of $25.95 billion for the quarter, compared to the consensus estimate of $21.88 billion. Energy Transfer had a return on equity of 11.98% and a net margin of 4.83%. Equities research analysts forecast that Energy Transfer LP will post 1.38 EPS for the current year.
Energy Transfer Increases Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 19th. Investors of record on Monday, August 8th were paid a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a yield of 7.72%. The ex-dividend date of this dividend was Friday, August 5th. This is an increase from Energy Transfer’s previous quarterly dividend of $0.20. Energy Transfer’s dividend payout ratio (DPR) is presently 73.60%.
Insider Buying and Selling
In other Energy Transfer news, Director Richard D. Brannon acquired 26,027 shares of the company’s stock in a transaction that occurred on Thursday, July 14th. The shares were acquired at an average price of $9.47 per share, with a total value of $246,475.69. Following the purchase, the director now owns 388,347 shares of the company’s stock, valued at approximately $3,677,646.09. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Chairman Kelcy L. Warren bought 1,591,092 shares of the stock in a transaction on Tuesday, August 9th. The stock was purchased at an average price of $10.94 per share, for a total transaction of $17,406,546.48. Following the acquisition, the chairman now owns 49,578,477 shares in the company, valued at $542,388,538.38. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Richard D. Brannon bought 26,027 shares of the stock in a transaction on Thursday, July 14th. The shares were purchased at an average price of $9.47 per share, with a total value of $246,475.69. Following the acquisition, the director now owns 388,347 shares in the company, valued at approximately $3,677,646.09. The disclosure for this purchase can be found here. 3.28% of the stock is currently owned by company insiders.
About Energy Transfer
Energy Transfer LP provides energy-related services. The company owns and operates approximately 11,600 miles of natural gas transportation pipeline, and three natural gas storage facilities in Texas and two natural gas storage facilities located in the state of Texas and Oklahoma; and 19,830 miles of interstate natural gas pipeline.
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