Evercore Wealth Management LLC Acquires New Position in Energy Transfer LP (NYSE:ET)

Evercore Wealth Management LLC acquired a new stake in shares of Energy Transfer LP (NYSE:ETFree Report) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 11,491 shares of the pipeline company’s stock, valued at approximately $159,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in ET. Mutual Advisors LLC grew its position in Energy Transfer by 112.9% in the fourth quarter. Mutual Advisors LLC now owns 146,943 shares of the pipeline company’s stock worth $2,028,000 after acquiring an additional 77,938 shares in the last quarter. US Bancorp DE grew its position in Energy Transfer by 95.8% in the fourth quarter. US Bancorp DE now owns 145,894 shares of the pipeline company’s stock worth $2,013,000 after acquiring an additional 71,386 shares in the last quarter. Savant Capital LLC grew its position in Energy Transfer by 19.7% in the fourth quarter. Savant Capital LLC now owns 26,335 shares of the pipeline company’s stock worth $363,000 after acquiring an additional 4,340 shares in the last quarter. Envestnet Asset Management Inc. grew its position in Energy Transfer by 230.9% in the third quarter. Envestnet Asset Management Inc. now owns 736,634 shares of the pipeline company’s stock worth $10,335,000 after acquiring an additional 513,989 shares in the last quarter. Finally, Arkadios Wealth Advisors grew its position in Energy Transfer by 3.3% in the fourth quarter. Arkadios Wealth Advisors now owns 28,250 shares of the pipeline company’s stock worth $390,000 after acquiring an additional 903 shares in the last quarter. 38.22% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Citigroup boosted their target price on shares of Energy Transfer from $17.00 to $18.00 and gave the stock a “buy” rating in a research report on Wednesday, February 21st. Stifel Nicolaus upped their price objective on shares of Energy Transfer from $18.00 to $19.00 and gave the stock a “buy” rating in a report on Thursday, May 9th. UBS Group upped their price objective on shares of Energy Transfer from $23.00 to $24.00 and gave the stock a “buy” rating in a report on Wednesday, May 15th. Morgan Stanley upped their price objective on shares of Energy Transfer from $19.00 to $20.00 and gave the stock an “overweight” rating in a report on Monday. Finally, Mizuho reaffirmed a “buy” rating and set a $19.00 price objective (up from $18.00) on shares of Energy Transfer in a report on Thursday, April 18th. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $18.86.

Check Out Our Latest Analysis on Energy Transfer

Energy Transfer Price Performance

NYSE:ET opened at $15.70 on Tuesday. The stock has a market cap of $52.91 billion, a P/E ratio of 14.40, a PEG ratio of 0.42 and a beta of 1.63. Energy Transfer LP has a one year low of $12.46 and a one year high of $16.40. The company has a fifty day moving average price of $15.72 and a 200 day moving average price of $14.82. The company has a debt-to-equity ratio of 1.37, a current ratio of 1.18 and a quick ratio of 1.00.

Energy Transfer (NYSE:ETGet Free Report) last released its earnings results on Wednesday, May 8th. The pipeline company reported $0.32 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.04). The company had revenue of $21.63 billion for the quarter, compared to analyst estimates of $20.91 billion. Energy Transfer had a net margin of 4.85% and a return on equity of 12.22%. Energy Transfer’s revenue for the quarter was up 13.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.32 earnings per share. Analysts anticipate that Energy Transfer LP will post 1.45 earnings per share for the current year.

Energy Transfer Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, May 20th. Investors of record on Monday, May 13th were paid a dividend of $0.317 per share. This is a boost from Energy Transfer’s previous quarterly dividend of $0.32. This represents a $1.27 annualized dividend and a yield of 8.08%. The ex-dividend date was Friday, May 10th. Energy Transfer’s dividend payout ratio is presently 116.51%.

Energy Transfer Profile

(Free Report)

Energy Transfer LP provides energy-related services. The company owns and operates natural gas transportation pipeline, and natural gas storage facilities in Texas and Oklahoma; and approximately 20,090 miles of interstate natural gas pipeline. It also sells natural gas to electric utilities, independent power plants, local distribution and other marketing companies, and industrial end-users.

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Institutional Ownership by Quarter for Energy Transfer (NYSE:ET)

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