Coronation Fund Managers Ltd. Buys Shares of 603,284 Energy Transfer LP $ET

Key Points

• Coronation Fund Managers bought a new stake of 603,284 shares of Energy Transfer (NYSE:ET) in the fourth quarter, valued at about $9.95 million per its latest 13F filing.
• Energy Transfer increased its quarterly dividend to $0.335 (annualized $1.34), yielding 7.0%, though the dividend payout ratio is elevated at about 110.7%, which may raise sustainability questions.
• Analysts' consensus is a "Moderate Buy" with a $21.60 average price target after several firms raised targets (Wells Fargo to $25; Truist initiated at $23); the company recently missed EPS ($0.25 vs. $0.34) while revenue jumped 29.6% year‑over‑year to $25.32 billion.

Coronation Fund Managers Ltd. bought a new stake in shares of Energy Transfer LP (NYSE:ET - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 603,284 shares of the pipeline company's stock, valued at approximately $9,948,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Lee Financial Co increased its holdings in shares of Energy Transfer by 359.7% in the third quarter. Lee Financial Co now owns 193,817 shares of the pipeline company's stock worth $3,326,000 after purchasing an additional 151,657 shares during the period. Eagle Global Advisors LLC increased its holdings in shares of Energy Transfer by 6.0% in the third quarter. Eagle Global Advisors LLC now owns 6,466,059 shares of the pipeline company's stock worth $110,958,000 after purchasing an additional 363,623 shares during the period. Maryland State Retirement & Pension System increased its holdings in shares of Energy Transfer by 5.2% in the third quarter. Maryland State Retirement & Pension System now owns 2,927,436 shares of the pipeline company's stock worth $50,235,000 after purchasing an additional 144,037 shares during the period. Fidelis Capital Partners LLC increased its holdings in shares of Energy Transfer by 150.2% in the third quarter. Fidelis Capital Partners LLC now owns 105,003 shares of the pipeline company's stock worth $1,802,000 after purchasing an additional 63,043 shares during the period. Finally, Miller Howard Investments Inc. NY increased its holdings in shares of Energy Transfer by 2.6% in the third quarter. Miller Howard Investments Inc. NY now owns 5,351,145 shares of the pipeline company's stock worth $91,826,000 after purchasing an additional 136,507 shares during the period. Institutional investors own 38.22% of the company's stock.

Analyst Ratings Changes

Several research firms have recently weighed in on ET. Wells Fargo & Company upped their price target on shares of Energy Transfer from $23.00 to $25.00 and gave the stock an "overweight" rating in a report on Friday, March 13th. UBS Group reaffirmed a "buy" rating on shares of Energy Transfer in a report on Wednesday, January 7th. Morgan Stanley upped their price target on shares of Energy Transfer from $19.00 to $21.00 and gave the stock an "equal weight" rating in a report on Tuesday, March 10th. Truist Financial began coverage on shares of Energy Transfer in a report on Tuesday, March 24th. They issued a "buy" rating and a $23.00 price target on the stock. Finally, Jefferies Financial Group reaffirmed a "hold" rating on shares of Energy Transfer in a report on Wednesday, February 18th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, Energy Transfer presently has an average rating of "Moderate Buy" and a consensus price target of $21.60.

Energy Transfer Stock Down 0.7%

Shares of NYSE:ET opened at $19.03 on Friday. Energy Transfer LP has a 52-week low of $15.80 and a 52-week high of $19.85. The firm has a fifty day moving average of $18.92 and a 200 day moving average of $17.65. The firm has a market capitalization of $65.45 billion, a PE ratio of 15.72, a price-to-earnings-growth ratio of 1.05 and a beta of 0.62. 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 - Get Free Report) last announced its earnings results on Tuesday, February 17th. The pipeline company reported $0.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.34 by ($0.09). Energy Transfer had a return on equity of 10.17% and a net margin of 5.11%.The company had revenue of $25.32 billion during the quarter, compared to analysts' expectations of $23.56 billion. During the same quarter last year, the firm posted $0.29 earnings per share. The firm's revenue was up 29.6% on a year-over-year basis. As a group, research analysts anticipate that Energy Transfer LP will post 1.5 EPS for the current fiscal year.

Energy Transfer Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, February 19th. Investors of record on Friday, February 6th were given a $0.335 dividend. This represents a $1.34 annualized dividend and a yield of 7.0%. This is a boost from Energy Transfer's previous quarterly dividend of $0.33. The ex-dividend date was Friday, February 6th. Energy Transfer's dividend payout ratio (DPR) is presently 110.74%.

Energy Transfer Company Profile

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.

Want to see what other hedge funds are holding ET? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Energy Transfer LP (NYSE:ET - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.