Diversify Wealth Management LLC Invests $1.68 Million in Energy Transfer LP $ET

Key Points

• Diversify Wealth Management LLC bought a new stake in Energy Transfer during the first quarter, acquiring 84,879 shares valued at about $1.68 million.
• Institutional ownership activity has been broadly positive, with several funds increasing their positions; hedge funds and institutions now own 38.22% of the company.
• Energy Transfer reported mixed quarterly results, missing EPS estimates but beating revenue expectations, while also maintaining a high 6.7% dividend yield after its latest payout.

Diversify Wealth Management LLC acquired a new stake in Energy Transfer LP (NYSE:ET - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 84,879 shares of the pipeline company's stock, valued at approximately $1,677,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Brighton Jones LLC lifted its stake in Energy Transfer by 93.4% during the fourth quarter. Brighton Jones LLC now owns 24,530 shares of the pipeline company's stock worth $481,000 after purchasing an additional 11,844 shares during the last quarter. AQR Capital Management LLC increased its stake in Energy Transfer by 62.8% in the first quarter. AQR Capital Management LLC now owns 21,041 shares of the pipeline company's stock valued at $391,000 after purchasing an additional 8,118 shares during the last quarter. Geode Capital Management LLC raised its holdings in Energy Transfer by 6.2% during the second quarter. Geode Capital Management LLC now owns 135,395 shares of the pipeline company's stock worth $2,455,000 after purchasing an additional 7,901 shares in the last quarter. Russell Investments Group Ltd. raised its holdings in Energy Transfer by 436.5% during the second quarter. Russell Investments Group Ltd. now owns 4,179 shares of the pipeline company's stock worth $76,000 after purchasing an additional 3,400 shares in the last quarter. Finally, Guggenheim Capital LLC lifted its position in shares of Energy Transfer by 5.6% during the 2nd quarter. Guggenheim Capital LLC now owns 50,919 shares of the pipeline company's stock worth $923,000 after buying an additional 2,700 shares during the last quarter. Institutional investors and hedge funds own 38.22% of the company's stock.

Energy Transfer Stock Performance

Shares of ET opened at $20.07 on Wednesday. The company's 50 day simple moving average is $19.49 and its 200-day simple moving average is $18.78. The firm has a market cap of $69.08 billion, a PE ratio of 16.73, a price-to-earnings-growth ratio of 1.17 and a beta of 0.55. Energy Transfer LP has a 12-month low of $16.18 and a 12-month high of $20.70. The company has a current ratio of 1.17, a quick ratio of 0.93 and a debt-to-equity ratio of 1.50.

Energy Transfer (NYSE:ET - Get Free Report) last released its quarterly earnings results on Tuesday, May 5th. The pipeline company reported $0.35 EPS for the quarter, missing the consensus estimate of $0.40 by ($0.05). The business had revenue of $27.77 billion during the quarter, compared to analysts' expectations of $25.78 billion. Energy Transfer had a net margin of 4.66% and a return on equity of 9.77%. The firm's revenue for the quarter was up 32.1% compared to the same quarter last year. During the same quarter last year, the company earned $0.36 EPS. As a group, equities analysts predict that Energy Transfer LP will post 1.43 EPS for the current year.

Energy Transfer Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, May 20th. Shareholders of record on Friday, May 8th were paid a $0.3375 dividend. This is a boost from Energy Transfer's previous quarterly dividend of $0.34. This represents a $1.35 dividend on an annualized basis and a yield of 6.7%. The ex-dividend date was Friday, May 8th. Energy Transfer's dividend payout ratio (DPR) is presently 112.50%.

Analyst Ratings Changes

ET has been the subject of several research analyst reports. Morgan Stanley upped their target price 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. Jefferies Financial Group raised shares of Energy Transfer from a "hold" rating to a "buy" rating and set a $23.00 price target for the company in a research report on Tuesday, May 26th. UBS Group restated a "buy" rating on shares of Energy Transfer in a research note on Tuesday, May 12th. Stifel Nicolaus raised their price objective on Energy Transfer from $23.00 to $25.00 and gave the stock a "buy" rating in a report on Wednesday, May 6th. Finally, Truist Financial started coverage on Energy Transfer in a research report on Tuesday, March 24th. They set a "buy" rating and a $23.00 target price on the stock. Two research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $23.45.

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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