Ameriprise Financial Inc. Raises Stock Position in Energy Transfer LP (NYSE:ET)

Ameriprise Financial Inc. boosted its position in Energy Transfer LP (NYSE:ET - Free Report) by 11.6% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 389,075 shares of the pipeline company's stock after buying an additional 40,329 shares during the quarter. Ameriprise Financial Inc.'s holdings in Energy Transfer were worth $7,622,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of ET. Stonegate Investment Group LLC grew its position in shares of Energy Transfer by 1.4% in the fourth quarter. Stonegate Investment Group LLC now owns 34,320 shares of the pipeline company's stock valued at $672,000 after purchasing an additional 482 shares in the last quarter. Wealthspire Advisors LLC grew its position 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 purchasing an additional 535 shares in the last quarter. Cannell & Spears LLC grew its position in shares of Energy Transfer by 0.4% in the fourth quarter. Cannell & Spears LLC now owns 135,647 shares of the pipeline company's stock valued at $2,657,000 after purchasing an additional 546 shares in the last quarter. Daymark Wealth Partners LLC grew its position in shares of 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 purchasing an additional 547 shares in the last quarter. Finally, Platform Technology Partners grew its position in shares of Energy Transfer by 0.8% in the fourth quarter. Platform Technology Partners now owns 67,299 shares of the pipeline company's stock valued at $1,318,000 after purchasing an additional 553 shares in the last quarter. 38.22% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have issued reports on ET. Citigroup reaffirmed a "buy" rating on shares of Energy Transfer in a research note on Monday, March 24th. Mizuho lifted their price target on Energy Transfer from $22.00 to $23.00 and gave the stock an "outperform" rating in a research note on Tuesday, May 20th. Morgan Stanley lifted 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. Stifel Nicolaus lifted their price target on Energy Transfer from $21.00 to $23.00 and gave the stock a "buy" rating in a research note on Wednesday, February 12th. Finally, Royal Bank of Canada reaffirmed an "outperform" rating and set a $23.00 price target on shares of Energy Transfer in a research note on Tuesday, March 25th. One investment analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $22.64.

Energy Transfer Stock Performance

Shares of NYSE ET traded down $0.04 during midday trading on Friday, hitting $17.84. 7,722,994 shares of the stock traded hands, compared to its average volume of 15,488,193. The firm has a 50-day moving average of $17.41 and a two-hundred day moving average of $18.61. The firm has a market capitalization of $61.22 billion, a P/E ratio of 13.94, a PEG ratio of 0.64 and a beta of 0.77. The company has a debt-to-equity ratio of 1.42, a quick ratio of 0.88 and a current ratio of 1.12. Energy Transfer LP has a one year low of $14.60 and a one year high of $21.45.

Energy Transfer (NYSE:ET - Get Free Report) last issued its quarterly earnings results on Tuesday, May 6th. The pipeline company reported $0.36 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.33 by $0.03. The business had revenue of $21.02 billion during the quarter, compared to analyst estimates of $22.28 billion. Energy Transfer had a return on equity of 11.56% and a net margin of 5.74%. Energy Transfer's revenue for the quarter was down 2.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.32 EPS. On average, equities analysts forecast 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 was paid on Tuesday, May 20th. Stockholders of record on Friday, May 9th were paid a dividend of $0.3275 per share. This represents a $1.31 annualized dividend and a dividend yield of 7.34%. The ex-dividend date was Friday, May 9th. This is an increase from Energy Transfer's previous quarterly dividend of $0.33. Energy Transfer's payout ratio is currently 99.24%.

Energy Transfer Profile

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.