Chase Investment Counsel Corp Buys 161,067 Shares of Energy Transfer LP $ET

Chase Investment Counsel Corp grew its position in Energy Transfer LP (NYSE:ET) by 277.6% in the third quarter, according to its most recent filing with the SEC. The fund owned 219,083 shares of the pipeline company’s stock after acquiring an additional 161,067 shares during the period. Chase Investment Counsel Corp’s holdings in Energy Transfer were worth $3,759,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of the company. HHM Wealth Advisors LLC increased its holdings in Energy Transfer by 54.4% in the 2nd quarter. HHM Wealth Advisors LLC now owns 2,270 shares of the pipeline company’s stock worth $41,000 after purchasing an additional 800 shares in the last quarter. Core Alternative Capital acquired a new position in shares of Energy Transfer in the third quarter valued at approximately $46,000. FSC Wealth Advisors LLC bought a new position in Energy Transfer in the 2nd quarter valued at approximately $50,000. Clearstead Trust LLC bought a new position in Energy Transfer in the 3rd quarter valued at approximately $50,000. Finally, Golden State Wealth Management LLC boosted its position in Energy Transfer by 38.9% during the 3rd quarter. Golden State Wealth Management LLC now owns 2,918 shares of the pipeline company’s stock worth $50,000 after buying an additional 817 shares during the period. Institutional investors and hedge funds own 38.22% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on ET. UBS Group restated a “buy” rating on shares of Energy Transfer in a research report on Wednesday, January 7th. Weiss Ratings reissued a “buy (b-)” rating on shares of Energy Transfer in a research note on Wednesday, December 24th. TD Cowen raised their target price on Energy Transfer from $20.00 to $21.00 and gave the stock a “buy” rating in a research report on Wednesday, February 18th. Barclays reaffirmed an “overweight” rating and set a $22.00 target price (down from $25.00) on shares of Energy Transfer in a report on Monday, January 12th. Finally, Jefferies Financial Group reiterated a “hold” rating on shares of Energy Transfer in a research report on Wednesday, February 18th. Eleven analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, Energy Transfer has a consensus rating of “Moderate Buy” and a consensus price target of $21.27.

Energy Transfer Stock Down 0.9%

Shares of NYSE:ET opened at $18.81 on Tuesday. The firm has a market cap of $64.73 billion, a P/E ratio of 15.55, a PEG ratio of 0.97 and a beta of 0.66. Energy Transfer LP has a 52-week low of $14.60 and a 52-week high of $19.51. The business’s 50 day simple moving average is $17.48 and its two-hundred day simple moving average is $17.17. The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.90 and a current ratio of 1.22.

Energy Transfer (NYSE:ET) last issued its earnings results on Tuesday, February 17th. The pipeline company reported $0.25 earnings per share for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.09). Energy Transfer had a return on equity of 10.17% and a net margin of 5.11%.The firm had revenue of $25.32 billion for the quarter, compared to analyst estimates of $23.56 billion. During the same period in the previous year, the company earned $0.29 earnings per share. Energy Transfer’s revenue for the quarter was up 29.6% compared to the same quarter last year. As a group, research analysts forecast that Energy Transfer LP will post 1.46 EPS for the current fiscal year.

Energy Transfer Increases Dividend

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

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.