Clear Harbor Asset Management LLC Has $1.81 Million Stake in Energy Transfer LP $ET

Key Points

• Clear Harbor Asset Management more than doubled its Energy Transfer stake in the fourth quarter, buying 55,990 additional shares and lifting its position to 109,627 shares worth about $1.81 million.
• Wall Street remains bullish on Energy Transfer, with several analysts raising price targets and the stock carrying a consensus Buy rating and average target of $23.45.
• Energy Transfer recently reported mixed quarterly results: revenue topped estimates and rose 32.1% year over year, but earnings per share missed expectations; the company also boosted its quarterly dividend, implying a 7.0% yield.

Clear Harbor Asset Management LLC raised its position in shares of Energy Transfer LP (NYSE:ET - Free Report) by 104.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 109,627 shares of the pipeline company's stock after buying an additional 55,990 shares during the period. Clear Harbor Asset Management LLC's holdings in Energy Transfer were worth $1,808,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of the company. Mountain Capital Investment Advisors Inc. increased its holdings in shares of Energy Transfer by 4.9% during the fourth quarter. Mountain Capital Investment Advisors Inc. now owns 12,007 shares of the pipeline company's stock worth $216,000 after buying an additional 560 shares in the last quarter. Marks Wealth LLC increased its holdings in shares of Energy Transfer by 4.7% in the fourth quarter. Marks Wealth LLC now owns 12,560 shares of the pipeline company's stock valued at $207,000 after purchasing an additional 560 shares in the last quarter. SP Asset Management LLC increased its holdings in shares of Energy Transfer by 2.0% in the fourth quarter. SP Asset Management LLC now owns 30,631 shares of the pipeline company's stock valued at $505,000 after purchasing an additional 589 shares in the last quarter. Gables Capital Management Inc. increased its holdings in shares of Energy Transfer by 60.0% in the fourth quarter. Gables Capital Management Inc. now owns 1,600 shares of the pipeline company's stock valued at $26,000 after purchasing an additional 600 shares in the last quarter. Finally, Fiduciary Financial Group LLC increased its holdings in shares of Energy Transfer by 2.2% in the fourth quarter. Fiduciary Financial Group LLC now owns 28,106 shares of the pipeline company's stock valued at $463,000 after purchasing an additional 607 shares in the last quarter. Institutional investors and hedge funds own 38.22% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Wells Fargo & Company raised their price target on shares of Energy Transfer from $23.00 to $25.00 and gave the company an "overweight" rating in a report on Friday, March 13th. Barclays reissued an "overweight" rating and issued a $23.00 price target (up from $22.00) on shares of Energy Transfer in a report on Thursday, May 14th. Truist Financial assumed coverage on shares of Energy Transfer in a report on Tuesday, March 24th. They issued a "buy" rating and a $23.00 price target for the company. JPMorgan Chase & Co. raised their price target on shares of Energy Transfer from $22.00 to $24.00 and gave the company an "overweight" rating in a report on Tuesday, May 12th. Finally, Morgan Stanley raised their price target on shares of Energy Transfer from $21.00 to $23.00 and gave the company an "equal weight" rating in a report on Wednesday, May 27th. Two research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of $23.45.

Energy Transfer Trading Up 0.5%

Shares of NYSE ET opened at $19.26 on Tuesday. The company's fifty day moving average is $19.44 and its 200-day moving average is $18.19. The stock has a market cap of $66.28 billion, a price-to-earnings ratio of 16.05, a P/E/G ratio of 1.12 and a beta of 0.55. Energy Transfer LP has a twelve month low of $16.18 and a twelve month high of $20.70. The company has a quick ratio of 0.93, a current ratio of 1.17 and a debt-to-equity ratio of 1.50.

Energy Transfer (NYSE:ET - Get Free Report) last announced its quarterly earnings results on Tuesday, May 5th. The pipeline company reported $0.35 earnings per share for the quarter, missing analysts' consensus estimates of $0.40 by ($0.05). The firm had revenue of $27.77 billion for the quarter, compared to the consensus estimate of $25.78 billion. Energy Transfer had a return on equity of 9.77% and a net margin of 4.66%.The company's revenue for the quarter was up 32.1% compared to the same quarter last year. During the same period in the prior year, the business earned $0.36 earnings per share. Equities research analysts predict that Energy Transfer LP will post 1.41 EPS for the current year.

Energy Transfer Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, May 20th. Stockholders of record on Friday, May 8th were given a $0.3375 dividend. This is a boost from Energy Transfer's previous quarterly dividend of $0.34. The ex-dividend date of this dividend was Friday, May 8th. This represents a $1.35 dividend on an annualized basis and a dividend yield of 7.0%. Energy Transfer's payout ratio is 112.50%.

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.

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