Nuveen LLC Takes $44.88 Million Position in Energy Transfer LP (NYSE:ET)

Key Points

• Nuveen LLC has acquired a significant stake in Energy Transfer LP, purchasing approximately $44.88 million worth of shares, making up about 0.07% of the company.
• Analysts have recently adjusted their outlook for Energy Transfer, with several firms raising their target price to $23.00, indicating a bullish sentiment towards the stock.
• Energy Transfer announced a quarterly dividend increase to $0.33 per share, reflecting a yield of 7.6%, although its dividend payout ratio stands at 102.33%.

Nuveen LLC purchased a new stake in shares of Energy Transfer LP (NYSE:ET - Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 2,414,008 shares of the pipeline company's stock, valued at approximately $44,876,000. Nuveen LLC owned about 0.07% of Energy Transfer at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in the company. United Advisor Group LLC lifted its holdings in shares of Energy Transfer by 3.0% during the 4th quarter. United Advisor Group LLC now owns 18,540 shares of the pipeline company's stock valued at $363,000 after buying an additional 534 shares during the last quarter. Beam Wealth Advisors Inc. lifted its holdings in shares of Energy Transfer by 1.5% during the 1st quarter. Beam Wealth Advisors Inc. now owns 39,934 shares of the pipeline company's stock valued at $742,000 after buying an additional 585 shares during the last quarter. Morton Capital Management LLC CA lifted its holdings in Energy Transfer by 1.3% in the 1st quarter. Morton Capital Management LLC CA now owns 46,382 shares of the pipeline company's stock worth $862,000 after purchasing an additional 593 shares during the last quarter. OneDigital Investment Advisors LLC lifted its holdings in Energy Transfer by 3.0% in the 4th quarter. OneDigital Investment Advisors LLC now owns 20,389 shares of the pipeline company's stock worth $399,000 after purchasing an additional 596 shares during the last quarter. Finally, Summit Trail Advisors LLC lifted its holdings in Energy Transfer by 1.1% in the 1st quarter. Summit Trail Advisors LLC now owns 58,181 shares of the pipeline company's stock worth $1,082,000 after purchasing an additional 649 shares during the last quarter. 38.22% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on ET. Mizuho boosted their target price on Energy Transfer from $22.00 to $23.00 and gave the stock an "outperform" rating in a report on Tuesday, May 20th. Wells Fargo & Company restated an "overweight" rating and issued a $23.00 target price (up from $21.00) on shares of Energy Transfer in a report on Tuesday. JPMorgan Chase & Co. reduced their target price on Energy Transfer from $25.00 to $23.00 and set an "overweight" rating for the company in a report on Monday, May 19th. Cowen began coverage on Energy Transfer in a report on Monday, July 7th. They issued a "buy" rating for the company. Finally, TD Cowen began coverage on Energy Transfer in a report on Monday, July 7th. They issued a "buy" rating and a $22.00 target price for the company. One equities research analyst has rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, Energy Transfer presently has a consensus rating of "Moderate Buy" and a consensus target price of $22.75.

Insider Buying and Selling

In related news, Director James Richard Perry sold 1,369 shares of the firm's stock in a transaction on Friday, June 13th. The stock was sold at an average price of $18.48, for a total value of $25,299.12. Following the completion of the transaction, the director directly owned 24,523 shares of the company's stock, valued at $453,185.04. This trade represents a 5.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 3.28% of the stock is currently owned by company insiders.

Energy Transfer Stock Performance

Shares of NYSE ET opened at $17.37 on Friday. The firm has a market capitalization of $59.62 billion, a price-to-earnings ratio of 13.46, a PEG ratio of 0.91 and a beta of 0.83. Energy Transfer LP has a one year low of $14.60 and a one year high of $21.45. The business has a fifty day simple moving average of $17.76 and a 200 day simple moving average of $18.04. The company has a current ratio of 1.15, a quick ratio of 0.92 and a debt-to-equity ratio of 1.44.

Energy Transfer (NYSE:ET - Get Free Report) last issued its earnings results on Wednesday, August 6th. The pipeline company reported $0.32 EPS for the quarter, hitting the consensus estimate of $0.32. The firm had revenue of $19.24 billion during the quarter, compared to analysts' expectations of $24.07 billion. Energy Transfer had a return on equity of 11.08% and a net margin of 5.80%. Energy Transfer's quarterly revenue was down 7.2% compared to the same quarter last year. During the same period last year, the business earned $0.35 earnings per share. Sell-side analysts expect that Energy Transfer LP will post 1.46 EPS for the current year.

Energy Transfer Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 19th. Investors of record on Friday, August 8th will be given a $0.33 dividend. This represents a $1.32 annualized dividend and a yield of 7.6%. This is an increase from Energy Transfer's previous quarterly dividend of $0.33. The ex-dividend date of this dividend is Friday, August 8th. Energy Transfer's dividend payout ratio (DPR) is 102.33%.

Energy Transfer Company Profile

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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