Energy Transfer LP $ET Stock Position Reduced by Goldentree Asset Management LP

Key Points

• Goldentree Asset Management cut its stake in Energy Transfer by 24.2% in Q3, selling 132,727 shares and leaving it with 415,993 shares worth about $7.14 million (the firm's 21st-largest holding).
• Energy Transfer raised its quarterly dividend to $0.335 (annualized $1.34), implying a ~7.2% yield, though the payout ratio is elevated at about 110.7%.
• The company missed EPS expectations in the latest quarter ($0.25 vs. $0.34) while reporting a revenue beat of $25.32 billion (+29.6% YoY); analysts' consensus is a Moderate Buy with a $21.60 target.

Goldentree Asset Management LP decreased its stake in Energy Transfer LP (NYSE:ET - Free Report) by 24.2% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 415,993 shares of the pipeline company's stock after selling 132,727 shares during the quarter. Energy Transfer makes up about 0.6% of Goldentree Asset Management LP's holdings, making the stock its 21st biggest position. Goldentree Asset Management LP's holdings in Energy Transfer were worth $7,138,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Stillwater Wealth Management Group purchased a new position in shares of Energy Transfer during the 3rd quarter valued at $314,000. Investment Research Partners LLC acquired a new position in shares of Energy Transfer in the third quarter worth $206,000. KERR FINANCIAL PLANNING Corp purchased a new stake in shares of Energy Transfer during the third quarter worth $218,000. CIBC Bancorp USA Inc. purchased a new stake in shares of Energy Transfer during the third quarter worth $264,309,000. Finally, Oarsman Capital Inc. acquired a new stake in Energy Transfer during the third quarter valued at $246,000. Institutional investors and hedge funds own 38.22% of the company's stock.

Energy Transfer Stock Performance

ET opened at $18.72 on Thursday. Energy Transfer LP has a 12-month low of $14.60 and a 12-month high of $19.30. The firm has a market capitalization of $64.39 billion, a P/E ratio of 15.47, a price-to-earnings-growth ratio of 1.04 and a beta of 0.63. The stock's 50 day moving average price is $18.28 and its two-hundred day moving average price is $17.32. The company has a quick ratio of 0.90, a current ratio of 1.22 and a debt-to-equity ratio of 1.50.

Energy Transfer (NYSE:ET - Get Free Report) last posted its quarterly earnings data on Tuesday, February 17th. The pipeline company reported $0.25 earnings per share for the quarter, missing the consensus estimate of $0.34 by ($0.09). The business had revenue of $25.32 billion during the quarter, compared to the consensus estimate of $23.56 billion. Energy Transfer had a net margin of 5.11% and a return on equity of 10.17%. The firm's revenue was up 29.6% compared to the same quarter last year. During the same period in the prior year, the company posted $0.29 earnings per share. On average, equities analysts forecast 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. Shareholders of record on Friday, February 6th were issued a $0.335 dividend. This is a boost from Energy Transfer's previous quarterly dividend of $0.33. The ex-dividend date of this dividend was Friday, February 6th. This represents a $1.34 dividend on an annualized basis and a yield of 7.2%. Energy Transfer's payout ratio is currently 110.74%.

Wall Street Analysts Forecast Growth

ET has been the topic of a number of recent research reports. Barclays restated an "overweight" rating and issued a $22.00 target price (down from $25.00) on shares of Energy Transfer in a research note on Monday, January 12th. Scotiabank reaffirmed an "outperform" rating on shares of Energy Transfer in a research note on Friday, January 16th. Morgan Stanley boosted their price target on Energy Transfer from $19.00 to $21.00 and gave the company an "equal weight" rating in a research note on Tuesday, March 10th. TD Cowen increased their price objective on Energy Transfer from $20.00 to $21.00 and gave the stock a "buy" rating in a report on Wednesday, February 18th. Finally, Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Energy Transfer in a research report on Wednesday, December 24th. Ten analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $21.60.

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.

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