Heritage Wealth Management Inc. Purchases New Stake in Energy Transfer LP $ET

Key Points

• Heritage Wealth Management acquired a new position of 55,836 shares of Energy Transfer (NYSE:ET) in Q4, valued at roughly $921,000.
• Analysts have a consensus rating of "Moderate Buy" with a consensus target price of $21.60, with recent notes including Truist initiating coverage at "buy" ($23 PT) and Morgan Stanley raising its target to $21.
• Energy Transfer missed quarterly EPS estimates ($0.25 vs. $0.34) despite revenue rising 29.6% YoY, and increased its quarterly dividend to $0.335 (annualized $1.34) for a ~7.1% yield

Heritage Wealth Management Inc. acquired a new position in shares of Energy Transfer LP (NYSE:ET - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 55,836 shares of the pipeline company's stock, valued at approximately $921,000.

Other hedge funds have also recently bought and sold shares of the company. Financial Life Planners purchased a new position in Energy Transfer during the 3rd quarter worth $34,000. Core Alternative Capital purchased a new position in Energy Transfer during the 3rd quarter worth $46,000. Clearstead Trust LLC purchased a new position in Energy Transfer during the 3rd quarter worth $50,000. Golden State Wealth Management LLC boosted its holdings 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, Global Wealth Strategies & Associates boosted its holdings in Energy Transfer by 196.4% during the 4th quarter. Global Wealth Strategies & Associates now owns 2,964 shares of the pipeline company's stock worth $49,000 after acquiring an additional 1,964 shares during the last quarter. 38.22% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on ET. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Energy Transfer in a report on Wednesday, December 24th. Truist Financial began coverage on shares of Energy Transfer in a report on Tuesday, March 24th. They set a "buy" rating and a $23.00 price objective on the stock. Morgan Stanley lifted their price objective 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. Scotiabank reaffirmed an "outperform" rating on shares of Energy Transfer in a report on Friday, January 16th. 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 issued a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $21.60.

Energy Transfer Trading Up 0.9%

NYSE ET opened at $18.88 on Friday. The stock has a market capitalization of $64.95 billion, a price-to-earnings ratio of 15.60, a PEG ratio of 1.04 and a beta of 0.62. Energy Transfer LP has a one year low of $15.80 and a one year high of $19.85. The company has a debt-to-equity ratio of 1.50, a current ratio of 1.22 and a quick ratio of 0.90. The business's fifty day moving average is $18.83 and its 200-day moving average is $17.57.

Energy Transfer (NYSE:ET - Get Free Report) last released its earnings results on Tuesday, February 17th. The pipeline company reported $0.25 EPS for the quarter, missing analysts' consensus estimates of $0.34 by ($0.09). The business had revenue of $25.32 billion for the quarter, compared to the consensus estimate of $23.56 billion. Energy Transfer had a return on equity of 10.17% and a net margin of 5.11%.The company's revenue for the quarter was up 29.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.29 earnings per share. Equities research analysts predict that Energy Transfer LP will post 1.46 EPS for the current year.

Energy Transfer Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, February 19th. Stockholders of record on Friday, February 6th were paid a dividend of $0.335 per share. This represents a $1.34 dividend on an annualized basis and a dividend yield of 7.1%. The ex-dividend date was Friday, February 6th. This is a positive change from Energy Transfer's previous quarterly dividend of $0.33. 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.

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