49 Wealth Management LLC Makes New $334,000 Investment in Energy Transfer LP (NYSE:ET)

49 Wealth Management LLC acquired a new stake in Energy Transfer LP (NYSE:ET) during the 3rd quarter, Holdings Channel reports. The firm acquired 20,799 shares of the pipeline company’s stock, valued at approximately $334,000.

Other hedge funds have also recently made changes to their positions in the company. Princeton Global Asset Management LLC boosted its stake in Energy Transfer by 65.0% during the third quarter. Princeton Global Asset Management LLC now owns 1,650 shares of the pipeline company’s stock valued at $26,000 after buying an additional 650 shares during the last quarter. Assetmark Inc. raised its stake in Energy Transfer by 2,138.5% during the third quarter. Assetmark Inc. now owns 1,746 shares of the pipeline company’s stock valued at $28,000 after purchasing an additional 1,668 shares in the last quarter. LRI Investments LLC bought a new position in Energy Transfer during the first quarter valued at $29,000. HWG Holdings LP bought a new stake in shares of Energy Transfer in the 2nd quarter worth about $33,000. Finally, Sugarloaf Wealth Management LLC lifted its holdings in shares of Energy Transfer by 43.6% in the 3rd quarter. Sugarloaf Wealth Management LLC now owns 2,472 shares of the pipeline company’s stock valued at $40,000 after acquiring an additional 750 shares during the last quarter. Institutional investors own 38.22% of the company’s stock.

Energy Transfer Stock Up 4.0 %

Shares of NYSE:ET opened at $19.02 on Friday. The company has a quick ratio of 0.88, a current ratio of 1.08 and a debt-to-equity ratio of 1.40. The business’s 50 day moving average is $16.61 and its 200 day moving average is $16.16. The stock has a market cap of $65.12 billion, a P/E ratio of 13.99, a price-to-earnings-growth ratio of 0.55 and a beta of 1.66. Energy Transfer LP has a 52-week low of $13.11 and a 52-week high of $19.07.

Energy Transfer (NYSE:ET) last posted its earnings results on Wednesday, November 6th. The pipeline company reported $0.32 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.32. Energy Transfer had a return on equity of 12.38% and a net margin of 5.90%. The company had revenue of $20.77 billion during the quarter, compared to analyst estimates of $21.59 billion. During the same quarter in the prior year, the business earned $0.31 earnings per share. Energy Transfer’s revenue was up .2% on a year-over-year basis. Sell-side analysts predict that Energy Transfer LP will post 1.34 EPS for the current year.

Energy Transfer Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, November 19th. Stockholders of record on Friday, November 8th were given a $0.3225 dividend. The ex-dividend date of this dividend was Friday, November 8th. This represents a $1.29 dividend on an annualized basis and a dividend yield of 6.78%. Energy Transfer’s payout ratio is 94.85%.

Analysts Set New Price Targets

A number of brokerages have issued reports on ET. UBS Group upped their price objective on Energy Transfer from $22.00 to $23.00 and gave the company a “buy” rating in a research report on Wednesday, September 18th. Royal Bank of Canada raised their price target on Energy Transfer from $19.00 to $20.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Finally, Bank of America assumed coverage on shares of Energy Transfer in a research note on Thursday, October 17th. They issued a “buy” rating and a $20.00 target price on the stock. Eight equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Energy Transfer has a consensus rating of “Buy” and a consensus price target of $20.00.

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.