Beach Investment Counsel Inc. PA Cuts Position in Energy Transfer LP (NYSE:ET)

Beach Investment Counsel Inc. PA trimmed its stake in Energy Transfer LP (NYSE:ET - Free Report) by 3.1% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 2,666,295 shares of the pipeline company's stock after selling 84,657 shares during the quarter. Energy Transfer makes up about 7.3% of Beach Investment Counsel Inc. PA's investment portfolio, making the stock its 2nd largest holding. Beach Investment Counsel Inc. PA owned about 0.08% of Energy Transfer worth $49,566,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in ET. Brighton Jones LLC lifted its stake in Energy Transfer by 93.4% in the fourth quarter. Brighton Jones LLC now owns 24,530 shares of the pipeline company's stock valued at $481,000 after buying an additional 11,844 shares during the last quarter. Choreo LLC increased its holdings in shares of Energy Transfer by 12.1% during the fourth quarter. Choreo LLC now owns 60,776 shares of the pipeline company's stock valued at $1,190,000 after purchasing an additional 6,541 shares during the period. Financial Advocates Investment Management increased its holdings in shares of Energy Transfer by 12.4% during the fourth quarter. Financial Advocates Investment Management now owns 18,235 shares of the pipeline company's stock valued at $357,000 after purchasing an additional 2,006 shares during the period. Consolidated Portfolio Review Corp acquired a new position in shares of Energy Transfer during the fourth quarter valued at $673,000. Finally, Leo Wealth LLC increased its holdings in shares of Energy Transfer by 7.3% during the fourth quarter. Leo Wealth LLC now owns 40,310 shares of the pipeline company's stock valued at $790,000 after purchasing an additional 2,735 shares during the period. 38.22% of the stock is currently owned by institutional investors.

Energy Transfer Price Performance

NYSE:ET opened at $17.94 on Friday. The business's 50-day moving average price is $17.20 and its 200 day moving average price is $18.62. The firm has a market cap of $61.57 billion, a P/E ratio of 14.02, a PEG ratio of 0.64 and a beta of 0.78. Energy Transfer LP has a 52-week low of $14.60 and a 52-week high of $21.45. The company has a quick ratio of 0.88, a current ratio of 1.12 and a debt-to-equity ratio of 1.42.

Energy Transfer (NYSE:ET - Get Free Report) last released its 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. Energy Transfer had a return on equity of 11.56% and a net margin of 5.74%. The firm had revenue of $21.02 billion for the quarter, compared to analyst estimates of $22.28 billion. During the same period in the previous year, the company earned $0.32 earnings per share. Energy Transfer's revenue was down 2.8% compared to the same quarter last year. As a group, sell-side analysts predict that Energy Transfer LP will post 1.46 earnings per share for the current fiscal year.

Energy Transfer Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, May 20th. Investors of record on Friday, May 9th were given a $0.3275 dividend. This is a positive change from Energy Transfer's previous quarterly dividend of $0.33. The ex-dividend date was Friday, May 9th. This represents a $1.31 dividend on an annualized basis and a dividend yield of 7.30%. Energy Transfer's dividend payout ratio (DPR) is 99.24%.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on ET shares. Wells Fargo & Company lowered their price target on Energy Transfer from $22.00 to $21.00 and set an "overweight" rating on the stock in a report on Wednesday, May 7th. Citigroup reissued a "buy" rating on shares of Energy Transfer in a report on Monday, March 24th. UBS Group reissued a "buy" rating on shares of Energy Transfer in a report on Tuesday, March 4th. Morgan Stanley raised their price target on Energy Transfer from $20.00 to $26.00 and gave the company an "overweight" rating in a report on Tuesday, March 25th. Finally, JPMorgan Chase & Co. lowered their price target on Energy Transfer from $25.00 to $23.00 and set an "overweight" rating on the stock in a report on Monday, May 19th. One analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $22.64.

Energy Transfer Company 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.

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