Cresset Asset Management LLC Buys 256,211 Shares of Energy Transfer LP (NYSE:ET)

Cresset Asset Management LLC grew its position in Energy Transfer LP (NYSE:ET - Free Report) by 201.2% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 383,552 shares of the pipeline company's stock after acquiring an additional 256,211 shares during the period. Cresset Asset Management LLC's holdings in Energy Transfer were worth $7,514,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of the company. Stonegate Investment Group LLC lifted its holdings in shares of Energy Transfer by 1.4% during the fourth quarter. Stonegate Investment Group LLC now owns 34,320 shares of the pipeline company's stock worth $672,000 after purchasing an additional 482 shares during the period. Private Client Services LLC grew its position in shares of Energy Transfer by 3.1% in the 4th quarter. Private Client Services LLC now owns 16,915 shares of the pipeline company's stock valued at $331,000 after buying an additional 511 shares during the last quarter. Wealthspire Advisors LLC increased its stake in shares of Energy Transfer by 0.4% in the fourth quarter. Wealthspire Advisors LLC now owns 130,202 shares of the pipeline company's stock valued at $2,551,000 after buying an additional 535 shares during the period. Cannell & Spears LLC raised its position in shares of Energy Transfer by 0.4% during the fourth quarter. Cannell & Spears LLC now owns 135,647 shares of the pipeline company's stock worth $2,657,000 after acquiring an additional 546 shares during the last quarter. Finally, Daymark Wealth Partners LLC boosted its holdings in Energy Transfer by 0.3% in the fourth quarter. Daymark Wealth Partners LLC now owns 160,678 shares of the pipeline company's stock valued at $3,148,000 after acquiring an additional 547 shares during the last quarter. Institutional investors and hedge funds own 38.22% of the company's stock.

Energy Transfer Trading Up 6.7 %

NYSE ET opened at $16.88 on Thursday. The company has a current ratio of 1.12, a quick ratio of 0.88 and a debt-to-equity ratio of 1.42. The business has a fifty day simple moving average of $17.52 and a 200 day simple moving average of $18.48. Energy Transfer LP has a 12 month low of $14.60 and a 12 month high of $21.45. The firm has a market capitalization of $57.90 billion, a P/E ratio of 13.18, a PEG ratio of 0.64 and a beta of 0.77.

Energy Transfer (NYSE:ET - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The pipeline company reported $0.36 earnings per share for the quarter, beating analysts' consensus estimates of $0.33 by $0.03. The company had revenue of $21.02 billion for the quarter, compared to analyst estimates of $22.28 billion. Energy Transfer had a net margin of 5.74% and a return on equity of 11.56%. The firm's revenue was down 2.8% on a year-over-year basis. During the same period last year, the firm earned $0.32 earnings per share. On average, analysts predict that Energy Transfer LP will post 1.46 EPS for the current fiscal year.

Energy Transfer Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, May 20th. Investors of record on Friday, May 9th will be issued a $0.3275 dividend. This is an increase from Energy Transfer's previous quarterly dividend of $0.33. This represents a $1.31 dividend on an annualized basis and a dividend yield of 7.76%. The ex-dividend date of this dividend is Friday, May 9th. Energy Transfer's payout ratio is 102.34%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on ET. Citigroup reissued a "buy" rating on shares of Energy Transfer in a research note on Monday, March 24th. Wells Fargo & Company dropped their price objective on shares of Energy Transfer from $22.00 to $21.00 and set an "overweight" rating on the stock in a report on Wednesday. Stifel Nicolaus raised their target price on Energy Transfer from $21.00 to $23.00 and gave the company a "buy" rating in a research note on Wednesday, February 12th. Morgan Stanley upped their price target on Energy Transfer from $20.00 to $26.00 and gave the stock an "overweight" rating in a research note on Tuesday, March 25th. Finally, Barclays raised their price objective on Energy Transfer from $22.00 to $25.00 and gave the company an "overweight" rating in a research note on Monday, January 13th. One equities research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $22.09.

About Energy Transfer

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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