Heronetta Management L.P. Has $13.23 Million Stock Position in Energy Transfer LP $ET

Key Points

• Heronetta Management cut its Energy Transfer stake by 9.3% in the fourth quarter, but still held 802,129 shares worth about $13.23 million. Energy Transfer remained its fourth-largest position and made up 8.7% of its portfolio.
• Wall Street remains constructive on Energy Transfer, with analysts maintaining an average Buy rating and an average price target of $22.00. Several firms recently raised targets, including Wells Fargo and Stifel Nicolaus to $25.
• The company recently reported higher revenue but missed earnings expectations, posting $0.35 EPS versus the $0.40 consensus on $27.77 billion in revenue. Energy Transfer also boosted its quarterly dividend to $0.3375, implying a 6.9% yield.

Heronetta Management L.P. trimmed its holdings in Energy Transfer LP (NYSE:ET - Free Report) by 9.3% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 802,129 shares of the pipeline company's stock after selling 82,025 shares during the quarter. Energy Transfer makes up approximately 8.7% of Heronetta Management L.P.'s holdings, making the stock its 4th biggest position. Heronetta Management L.P.'s holdings in Energy Transfer were worth $13,227,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in ET. CIBC Bancorp USA Inc. bought a new position in Energy Transfer in the 3rd quarter worth approximately $264,309,000. Alps Advisors Inc. boosted its stake in Energy Transfer by 4.5% in the 3rd quarter. Alps Advisors Inc. now owns 77,651,021 shares of the pipeline company's stock worth $1,332,492,000 after purchasing an additional 3,366,734 shares during the period. Invesco Ltd. boosted its stake in Energy Transfer by 3.2% in the 3rd quarter. Invesco Ltd. now owns 57,862,666 shares of the pipeline company's stock worth $992,923,000 after purchasing an additional 1,773,042 shares during the period. SG Americas Securities LLC boosted its stake in Energy Transfer by 187.1% in the 4th quarter. SG Americas Securities LLC now owns 1,940,500 shares of the pipeline company's stock worth $31,999,000 after purchasing an additional 1,264,627 shares during the period. Finally, Corient Private Wealth LLC boosted its stake in Energy Transfer by 223.7% in the 2nd quarter. Corient Private Wealth LLC now owns 1,690,769 shares of the pipeline company's stock worth $30,654,000 after purchasing an additional 1,168,438 shares during the period. 38.22% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on ET shares. Morgan Stanley upped their price target on Energy Transfer from $19.00 to $21.00 and gave the stock an "equal weight" rating in a research note on Tuesday, March 10th. Wells Fargo & Company raised their target price on shares of Energy Transfer from $23.00 to $25.00 and gave the company an "overweight" rating in a report on Friday, March 13th. TD Cowen raised their target price 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. Stifel Nicolaus raised their target price on shares of Energy Transfer from $23.00 to $25.00 and gave the company a "buy" rating in a report on Wednesday, May 6th. Finally, Raymond James Financial reissued a "strong-buy" rating on shares of Energy Transfer in a report on Wednesday, May 6th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Buy" and an average target price of $22.00.

Energy Transfer Trading Up 1.6%

ET stock opened at $19.65 on Tuesday. The firm has a fifty day moving average price of $19.09 and a 200 day moving average price of $17.86. Energy Transfer LP has a fifty-two week low of $16.18 and a fifty-two week high of $20.67. The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.93 and a current ratio of 1.17. The firm has a market cap of $67.60 billion, a PE ratio of 16.37, a price-to-earnings-growth ratio of 1.08 and a beta of 0.57.

Energy Transfer (NYSE:ET - Get Free Report) last posted its earnings results on Tuesday, May 5th. The pipeline company reported $0.35 earnings per share for the quarter, missing analysts' consensus estimates of $0.40 by ($0.05). Energy Transfer had a net margin of 4.66% and a return on equity of 9.77%. The business had revenue of $27.77 billion during the quarter, compared to analysts' expectations of $25.78 billion. During the same period last year, the business posted $0.36 earnings per share. The company's revenue for the quarter was up 32.1% compared to the same quarter last year. Sell-side analysts anticipate that Energy Transfer LP will post 1.47 earnings per share for the current fiscal year.

Energy Transfer Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 20th. Investors of record on Friday, May 8th will be given 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 6.9%. The ex-dividend date is Friday, May 8th. Energy Transfer's dividend payout ratio is 112.50%.

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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