Millennium Capital Advisors LLC Makes New $2.33 Million Investment in Energy Transfer LP $ET

Key Points

• Millennium Capital Advisors initiated a new position in Energy Transfer LP during the fourth quarter, buying 141,129 shares valued at about $2.33 million. The stake represents roughly 1.4% of the fund’s portfolio.
• Several other hedge funds also boosted their Energy Transfer holdings, and institutional investors now own 38.22% of the company’s stock. Analyst sentiment remains mostly positive, with a consensus rating of Buy and an average target price of $22.75.
• Energy Transfer reported quarterly EPS of $0.35, missing estimates, but revenue came in at $27.77 billion and rose 32.1% year over year. The company also raised its quarterly dividend to $0.3375 per share, implying a 6.7% annual yield.

Millennium Capital Advisors LLC purchased a new position in Energy Transfer LP (NYSE:ET - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 141,129 shares of the pipeline company's stock, valued at approximately $2,327,000. Energy Transfer makes up approximately 1.4% of Millennium Capital Advisors LLC's investment portfolio, making the stock its 16th biggest holding.

Other hedge funds have also bought and sold shares of the company. Brighton Jones LLC increased its holdings in shares of Energy Transfer by 93.4% in the 4th quarter. Brighton Jones LLC now owns 24,530 shares of the pipeline company's stock worth $481,000 after buying an additional 11,844 shares during the last quarter. AQR Capital Management LLC increased its holdings in shares of Energy Transfer by 62.8% in the 1st quarter. AQR Capital Management LLC now owns 21,041 shares of the pipeline company's stock worth $391,000 after buying an additional 8,118 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Energy Transfer by 6.2% in the 2nd quarter. Geode Capital Management LLC now owns 135,395 shares of the pipeline company's stock worth $2,455,000 after buying an additional 7,901 shares during the last quarter. Russell Investments Group Ltd. increased its holdings in shares of Energy Transfer by 436.5% in the 2nd quarter. Russell Investments Group Ltd. now owns 4,179 shares of the pipeline company's stock worth $76,000 after buying an additional 3,400 shares during the last quarter. Finally, Guggenheim Capital LLC increased its holdings in shares of Energy Transfer by 5.6% in the 2nd quarter. Guggenheim Capital LLC now owns 50,919 shares of the pipeline company's stock worth $923,000 after buying an additional 2,700 shares during the last quarter. Hedge funds and other institutional investors own 38.22% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on ET. Morgan Stanley boosted their target price 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. TD Cowen restated a "buy" rating and issued a $23.00 target price (up from $22.00) on shares of Energy Transfer in a report on Wednesday. Scotiabank restated an "outperform" rating on shares of Energy Transfer in a report on Tuesday. Raymond James Financial restated a "strong-buy" rating on shares of Energy Transfer in a report on Wednesday, May 6th. Finally, Stifel Nicolaus boosted their target price on shares of Energy Transfer from $23.00 to $25.00 and gave the stock a "buy" rating in a report on Wednesday, May 6th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Buy" and a consensus target price of $22.75.

Energy Transfer Stock Performance

Shares of NYSE:ET opened at $20.18 on Friday. The company has a market capitalization of $69.43 billion, a price-to-earnings ratio of 16.81, a PEG ratio of 1.18 and a beta of 0.57. Energy Transfer LP has a 12 month low of $16.18 and a 12 month high of $20.67. The firm's 50-day moving average is $19.19 and its 200 day moving average is $17.95. The company has a current ratio of 1.17, a quick ratio of 0.93 and a debt-to-equity ratio of 1.50.

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 the consensus estimate of $0.40 by ($0.05). The firm had revenue of $27.77 billion for the quarter, compared to the consensus estimate of $25.78 billion. Energy Transfer had a net margin of 4.66% and a return on equity of 9.77%. The business's revenue for the quarter was up 32.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.36 earnings per share. Research analysts predict that Energy Transfer LP will post 1.37 EPS for the current year.

Energy Transfer Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 20th. Investors of record on Friday, May 8th will be issued a dividend of $0.3375 per share. This represents a $1.35 annualized dividend and a yield of 6.7%. The ex-dividend date is Friday, May 8th. This is a positive change from Energy Transfer's previous quarterly dividend of $0.34. Energy Transfer's payout ratio is currently 112.50%.

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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