Merewether Investment Management LP Purchases 700,000 Shares of Energy Transfer LP (NYSE:ET)

Merewether Investment Management LP raised its stake in Energy Transfer LP (NYSE:ET - Free Report) by 36.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,618,212 shares of the pipeline company's stock after acquiring an additional 700,000 shares during the period. Energy Transfer comprises about 2.1% of Merewether Investment Management LP's investment portfolio, making the stock its 17th largest position. Merewether Investment Management LP owned 0.08% of Energy Transfer worth $51,291,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently bought and sold shares of ET. GAMMA Investing LLC bought a new stake in shares of Energy Transfer during the fourth quarter worth $29,000. Wealth Enhancement Advisory Services LLC grew its holdings in shares of Energy Transfer by 3.2% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 742,147 shares of the pipeline company's stock worth $14,539,000 after purchasing an additional 23,324 shares during the last quarter. Winthrop Advisory Group LLC bought a new stake in shares of Energy Transfer during the fourth quarter worth $245,000. Brookstone Capital Management grew its holdings in shares of Energy Transfer by 4.4% during the fourth quarter. Brookstone Capital Management now owns 225,829 shares of the pipeline company's stock worth $4,424,000 after purchasing an additional 9,471 shares during the last quarter. Finally, Eastern Bank grew its holdings in shares of Energy Transfer by 14.7% during the fourth quarter. Eastern Bank now owns 7,790 shares of the pipeline company's stock worth $153,000 after purchasing an additional 1,000 shares during the last quarter. 38.22% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on ET shares. Citigroup reaffirmed a "buy" rating on shares of Energy Transfer in a research note on Monday, March 24th. Stifel Nicolaus upped their price target on Energy Transfer from $21.00 to $23.00 and gave the company a "buy" rating in a research note on Wednesday, February 12th. Wells Fargo & Company cut their price target on Energy Transfer from $22.00 to $21.00 and set an "overweight" rating on the stock in a research note on Wednesday, May 7th. Royal Bank of Canada reaffirmed an "outperform" rating and set a $23.00 price target on shares of Energy Transfer in a research note on Tuesday, March 25th. Finally, UBS Group reaffirmed a "buy" rating on shares of Energy Transfer in a research note on Tuesday, March 4th. One investment analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, Energy Transfer presently has an average rating of "Moderate Buy" and an average price target of $22.09.

Energy Transfer Trading Down 0.1%

NYSE:ET traded down $0.01 during mid-day trading on Friday, hitting $17.96. The company had a trading volume of 7,626,893 shares, compared to its average volume of 15,531,672. The firm has a market cap of $61.63 billion, a P/E ratio of 14.03, a P/E/G ratio of 0.64 and a beta of 0.77. The company has a debt-to-equity ratio of 1.42, a quick ratio of 0.88 and a current ratio of 1.12. The business's fifty day moving average is $17.48 and its two-hundred day moving average is $18.55. Energy Transfer LP has a fifty-two week low of $14.60 and a fifty-two week high of $21.45.

Energy Transfer (NYSE:ET - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The pipeline company reported $0.36 EPS for the quarter, topping analysts' consensus estimates of $0.33 by $0.03. The company had revenue of $21.02 billion for the quarter, compared to analyst estimates of $22.28 billion. Energy Transfer had a return on equity of 11.56% and a net margin of 5.74%. Energy Transfer's revenue was down 2.8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.32 earnings per share. As a group, research analysts expect that Energy Transfer LP will post 1.46 earnings per share for the current year.

Energy Transfer Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, May 20th. Stockholders of record on Friday, May 9th will be given a dividend of $0.3275 per share. The ex-dividend date is Friday, May 9th. This represents a $1.31 dividend on an annualized basis and a dividend yield of 7.29%. This is a positive change from Energy Transfer's previous quarterly dividend of $0.33. Energy Transfer's dividend payout ratio (DPR) is currently 99.24%.

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.