Maryland State Retirement & Pension System Decreases Stake in Energy Transfer LP $ET

Key Points

• Maryland State Retirement & Pension System reduced its Energy Transfer stake by 4.4% in the first quarter, selling 129,983 shares and leaving it with 2,849,140 shares worth about $54.99 million.
• Energy Transfer reported mixed quarterly results: EPS of $0.35 missed estimates, while revenue of $27.77 billion beat expectations and rose 32.1% year over year.
• The company raised its quarterly dividend to $0.3375 per share, equal to an annualized yield of 6.7%, and analysts currently rate the stock a consensus Buy with an average target price of $23.45.

Maryland State Retirement & Pension System cut its stake in shares of Energy Transfer LP (NYSE:ET - Free Report) by 4.4% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 2,849,140 shares of the pipeline company's stock after selling 129,983 shares during the quarter. Energy Transfer comprises about 1.1% of Maryland State Retirement & Pension System's investment portfolio, making the stock its 16th largest position. Maryland State Retirement & Pension System owned approximately 0.08% of Energy Transfer worth $54,988,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also made changes to their positions in ET. Basepoint Wealth LLC purchased a new stake in Energy Transfer during the fourth quarter worth about $25,000. Gables Capital Management Inc. increased its holdings in Energy Transfer by 60.0% in the fourth quarter. Gables Capital Management Inc. now owns 1,600 shares of the pipeline company's stock valued at $26,000 after buying an additional 600 shares in the last quarter. Sarver Vrooman Wealth Advisors acquired a new stake in shares of Energy Transfer during the 4th quarter valued at approximately $32,000. Financial Life Planners acquired a new stake in shares of Energy Transfer during the 1st quarter valued at approximately $40,000. Finally, Navalign LLC purchased a new stake in shares of Energy Transfer during the 4th quarter worth approximately $37,000. Hedge funds and other institutional investors own 38.22% of the company's stock.

Energy Transfer Stock Performance

NYSE ET opened at $20.07 on Wednesday. The stock has a market cap of $69.08 billion, a price-to-earnings ratio of 16.73, a price-to-earnings-growth ratio of 1.17 and a beta of 0.55. The company has a quick ratio of 0.93, a current ratio of 1.17 and a debt-to-equity ratio of 1.50. The business has a fifty day moving average of $19.49 and a 200-day moving average of $18.78. Energy Transfer LP has a fifty-two week low of $16.18 and a fifty-two week high of $20.70.

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

Energy Transfer Increases Dividend

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

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. Raymond James Financial restated a "strong-buy" rating on shares of Energy Transfer in a report on Wednesday, May 6th. Scotiabank reiterated an "outperform" rating on shares of Energy Transfer in a research report on Tuesday, May 12th. Truist Financial began coverage on Energy Transfer in a report on Tuesday, March 24th. They issued a "buy" rating and a $23.00 target price on the stock. Stifel Nicolaus raised their price target on Energy Transfer from $23.00 to $25.00 and gave the company a "buy" rating in a research report on Wednesday, May 6th. Finally, JPMorgan Chase & Co. lifted their price target on Energy Transfer from $22.00 to $24.00 and gave the stock an "overweight" rating in a research note on Tuesday, May 12th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, Energy Transfer has an average rating of "Buy" and an average price target of $23.45.

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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