Cresset Asset Management LLC Invests $3.78 Million in Energy Transfer LP $ET

Key Points

• Cresset Asset Management purchased a new stake of 220,081 shares of Energy Transfer (NYSE:ET) in Q3, valued at about $3.78 million.
• Analysts have a consensus rating of Moderate Buy (11 Buys, 1 Hold) on ET with a consensus price target of $21.20.
• Energy Transfer raised its quarterly dividend to $0.335 (annualized $1.34), yielding roughly 7.2%, but the dividend payout ratio is high at about 110.7%.

Cresset Asset Management LLC purchased a new stake in shares of Energy Transfer LP (NYSE:ET - Free Report) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 220,081 shares of the pipeline company's stock, valued at approximately $3,777,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. HHM Wealth Advisors LLC increased its holdings in shares of Energy Transfer by 54.4% during the second quarter. HHM Wealth Advisors LLC now owns 2,270 shares of the pipeline company's stock worth $41,000 after buying an additional 800 shares in the last quarter. Core Alternative Capital bought a new position in shares of Energy Transfer in the third quarter valued at approximately $46,000. FSC Wealth Advisors LLC acquired a new position in shares of Energy Transfer in the 2nd quarter worth approximately $50,000. Golden State Wealth Management LLC grew its position in Energy Transfer by 38.9% during the 3rd quarter. Golden State Wealth Management LLC now owns 2,918 shares of the pipeline company's stock worth $50,000 after acquiring an additional 817 shares during the last quarter. Finally, Clearstead Trust LLC bought a new stake in Energy Transfer during the 3rd quarter worth approximately $50,000. 38.22% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on ET shares. UBS Group reiterated a "buy" rating on shares of Energy Transfer in a research report on Wednesday, January 7th. Jefferies Financial Group reissued a "hold" rating on shares of Energy Transfer in a research note on Wednesday, February 18th. TD Cowen raised their price target on shares of Energy Transfer from $20.00 to $21.00 and gave the company a "buy" rating in a report on Wednesday, February 18th. Barclays restated an "overweight" rating and issued a $22.00 price objective (down from $25.00) on shares of Energy Transfer in a research report on Monday, January 12th. Finally, Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Energy Transfer in a report on Wednesday, December 24th. Eleven investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $21.20.

Energy Transfer Trading Up 0.3%

ET opened at $18.73 on Friday. The firm has a 50 day simple moving average of $17.92 and a 200 day simple moving average of $17.26. Energy Transfer LP has a fifty-two week low of $14.60 and a fifty-two week high of $19.30. The company has a market cap of $64.44 billion, a price-to-earnings ratio of 15.48, a price-to-earnings-growth ratio of 0.99 and a beta of 0.63. The company has a debt-to-equity ratio of 1.50, a current ratio of 1.22 and a quick ratio of 0.90.

Energy Transfer (NYSE:ET - Get Free Report) last announced its quarterly earnings data on Tuesday, February 17th. The pipeline company reported $0.25 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.34 by ($0.09). Energy Transfer had a net margin of 5.11% and a return on equity of 10.17%. The business had revenue of $25.32 billion during the quarter, compared to the consensus estimate of $23.56 billion. During the same period in the previous year, the business posted $0.29 earnings per share. Energy Transfer's revenue was up 29.6% compared to the same quarter last year. On average, sell-side analysts anticipate that Energy Transfer LP will post 1.46 earnings per share for the current year.

Energy Transfer Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, February 19th. Stockholders of record on Friday, February 6th were given a $0.335 dividend. The ex-dividend date was Friday, February 6th. This represents a $1.34 annualized dividend and a dividend yield of 7.2%. This is an increase from Energy Transfer's previous quarterly dividend of $0.33. Energy Transfer's dividend payout ratio is 110.74%.

Energy Transfer 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.

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