Nuveen Asset Management LLC grew its position in Energy Transfer LP (NYSE:ET - Free Report) by 62.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,830,861 shares of the pipeline company's stock after buying an additional 1,093,585 shares during the quarter. Nuveen Asset Management LLC owned 0.08% of Energy Transfer worth $55,457,000 at the end of the most recent quarter.
A number of other hedge funds have also made changes to their positions in ET. Mountain Hill Investment Partners Corp. purchased a new position in shares of Energy Transfer in the fourth quarter valued at $25,000. United Community Bank purchased a new position in shares of Energy Transfer in the fourth quarter valued at $35,000. Financial Life Planners purchased a new position in shares of Energy Transfer in the fourth quarter valued at $37,000. Tortoise Investment Management LLC increased its position in shares of Energy Transfer by 111.1% in the fourth quarter. Tortoise Investment Management LLC now owns 1,900 shares of the pipeline company's stock valued at $37,000 after buying an additional 1,000 shares in the last quarter. Finally, Citizens National Bank Trust Department purchased a new position in shares of Energy Transfer in the fourth quarter valued at $39,000. Hedge funds and other institutional investors own 38.22% of the company's stock.
Wall Street Analysts Forecast Growth
A number of analysts recently commented on the company. Wells Fargo & Company dropped their price objective on Energy Transfer from $22.00 to $21.00 and set an "overweight" rating for the company in a research report on Wednesday, May 7th. Morgan Stanley raised their target price on shares of Energy Transfer from $20.00 to $26.00 and gave the stock an "overweight" rating in a research report on Tuesday, March 25th. JPMorgan Chase & Co. decreased their target price on shares of Energy Transfer from $25.00 to $23.00 and set an "overweight" rating on the stock in a research report on Monday. Mizuho raised their price target on Energy Transfer from $22.00 to $23.00 and gave the stock an "outperform" rating in a research note on Tuesday. Finally, Citigroup restated a "buy" rating on shares of Energy Transfer in a report on Monday, March 24th. One equities research analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $22.64.
Check Out Our Latest Research Report on ET
Energy Transfer Trading Up 0.7%
Shares of NYSE ET traded up $0.12 during midday trading on Tuesday, hitting $18.12. The stock had a trading volume of 9,866,340 shares, compared to its average volume of 15,513,163. The company has a market capitalization of $62.17 billion, a price-to-earnings ratio of 14.16, a PEG ratio of 0.64 and a beta of 0.77. Energy Transfer LP has a 1-year low of $14.60 and a 1-year high of $21.45. The company has a quick ratio of 0.88, a current ratio of 1.12 and a debt-to-equity ratio of 1.42. The company has a fifty day moving average price of $17.47 and a 200 day moving average price of $18.59.
Energy Transfer (NYSE:ET - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The pipeline company reported $0.36 EPS for the quarter, topping the consensus estimate of $0.33 by $0.03. The firm had revenue of $21.02 billion for the quarter, compared to analyst estimates of $22.28 billion. Energy Transfer had a return on equity of 11.56% and a net margin of 5.74%. Energy Transfer's revenue for the quarter was down 2.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.32 EPS. On average, analysts predict 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 will be paid on Tuesday, May 20th. Investors of record on Friday, May 9th will be given a dividend of $0.3275 per share. The ex-dividend date of this dividend is Friday, May 9th. This is a positive change from Energy Transfer's previous quarterly dividend of $0.33. This represents a $1.31 annualized dividend and a yield of 7.23%. Energy Transfer's payout ratio is 99.24%.
About Energy Transfer
(
Free Report)
Energy Transfer LP provides energy-related services. The company owns and operates natural gas transportation pipeline, and natural gas storage facilities in Texas and Oklahoma; and approximately 20,090 miles of interstate natural gas pipeline. It also sells natural gas to electric utilities, independent power plants, local distribution and other marketing companies, and industrial end-users.
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