Byrne Asset Management LLC Acquires Shares of 2,400 Energy Transfer LP (NYSE:ET)

Byrne Asset Management LLC bought a new position in shares of Energy Transfer LP (NYSE:ET) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 2,400 shares of the pipeline company’s stock, valued at approximately $47,000.

A number of other large investors have also made changes to their positions in the stock. GAMMA Investing LLC purchased a new stake in Energy Transfer in the 4th quarter valued at $29,000. Princeton Global Asset Management LLC grew its holdings in shares of Energy Transfer by 65.0% in the third quarter. Princeton Global Asset Management LLC now owns 1,650 shares of the pipeline company’s stock valued at $26,000 after purchasing an additional 650 shares during the period. Assetmark Inc. increased its position in Energy Transfer by 2,138.5% during the third quarter. Assetmark Inc. now owns 1,746 shares of the pipeline company’s stock worth $28,000 after purchasing an additional 1,668 shares during the last quarter. Financial Life Planners purchased a new position in Energy Transfer during the fourth quarter worth about $37,000. Finally, Golden State Wealth Management LLC acquired a new position in Energy Transfer in the 4th quarter valued at about $41,000. 38.22% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

ET has been the subject of a number of recent analyst reports. Barclays raised their price target on shares of Energy Transfer from $22.00 to $25.00 and gave the stock an “overweight” rating in a report on Monday, January 13th. Bank of America began coverage on Energy Transfer in a research note on Thursday, October 17th. They issued a “buy” rating and a $20.00 price target on the stock. Wells Fargo & Company boosted their price objective on shares of Energy Transfer from $20.00 to $21.00 and gave the company an “overweight” rating in a report on Wednesday, December 18th. The Goldman Sachs Group increased their target price on shares of Energy Transfer from $17.00 to $20.00 and gave the stock a “neutral” rating in a research note on Thursday, December 19th. Finally, Royal Bank of Canada upped their price objective on shares of Energy Transfer from $20.00 to $23.00 and gave the stock an “outperform” rating in a report on Monday, December 9th. One analyst has rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, Energy Transfer has an average rating of “Moderate Buy” and an average price target of $20.82.

Energy Transfer Stock Down 2.2 %

Shares of Energy Transfer stock opened at $19.92 on Friday. Energy Transfer LP has a 52-week low of $13.80 and a 52-week high of $21.45. The company has a 50 day moving average of $19.71 and a 200 day moving average of $17.61. 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 company has a market capitalization of $68.19 billion, a P/E ratio of 14.64, a P/E/G ratio of 0.54 and a beta of 1.69.

Energy Transfer (NYSE:ET) last posted its earnings results on Wednesday, November 6th. The pipeline company reported $0.32 EPS for the quarter, meeting the consensus estimate of $0.32. The firm had revenue of $20.77 billion for the quarter, compared to analyst estimates of $21.59 billion. Energy Transfer had a return on equity of 12.38% and a net margin of 5.90%. Energy Transfer’s revenue for the quarter was up .2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.31 earnings per share. As a group, research analysts forecast that Energy Transfer LP will post 1.36 EPS for the current fiscal year.

Energy Transfer Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, February 19th. Investors of record on Friday, February 7th will be paid a dividend of $0.325 per share. This is a boost from Energy Transfer’s previous quarterly dividend of $0.32. The ex-dividend date of this dividend is Friday, February 7th. This represents a $1.30 annualized dividend and a yield of 6.53%. Energy Transfer’s payout ratio is presently 94.85%.

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.