Energy Transfer LP (NYSE:ET) is Longfellow Investment Management Co. LLC’s 2nd Largest Position

Longfellow Investment Management Co. LLC trimmed its position in shares of Energy Transfer LP (NYSE:ET) by 11.6% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 2,956,884 shares of the pipeline company’s stock after selling 387,046 shares during the quarter. Energy Transfer makes up approximately 11.9% of Longfellow Investment Management Co. LLC’s holdings, making the stock its 2nd largest position. Longfellow Investment Management Co. LLC owned 0.09% of Energy Transfer worth $47,458,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Fortis Capital Management LLC increased its stake in Energy Transfer by 2.0% in the 3rd quarter. Fortis Capital Management LLC now owns 31,956 shares of the pipeline company’s stock worth $513,000 after buying an additional 634 shares in the last quarter. Princeton Global Asset Management LLC lifted its holdings in Energy Transfer by 65.0% in the 3rd quarter. Princeton Global Asset Management LLC now owns 1,650 shares of the pipeline company’s stock worth $26,000 after purchasing an additional 650 shares in the last quarter. Veracity Capital LLC grew its holdings in Energy Transfer by 2.0% during the 2nd quarter. Veracity Capital LLC now owns 33,575 shares of the pipeline company’s stock valued at $545,000 after buying an additional 659 shares in the last quarter. Haverford Trust Co raised its position in shares of Energy Transfer by 0.7% during the third quarter. Haverford Trust Co now owns 102,176 shares of the pipeline company’s stock valued at $1,640,000 after buying an additional 675 shares during the last quarter. Finally, Morton Capital Management LLC CA boosted its position in shares of Energy Transfer by 1.6% during the second quarter. Morton Capital Management LLC CA now owns 44,383 shares of the pipeline company’s stock worth $720,000 after acquiring an additional 699 shares during the last quarter. Hedge funds and other institutional investors own 38.22% of the company’s stock.

Analyst Ratings Changes

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

Energy Transfer Trading Up 0.3 %

ET opened at $19.12 on Monday. 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 stock’s fifty day moving average is $16.66 and its two-hundred day moving average is $16.18. The company has a market capitalization of $65.47 billion, a P/E ratio of 14.02, a PEG ratio of 0.61 and a beta of 1.66. Energy Transfer LP has a 52 week low of $13.11 and a 52 week high of $19.20.

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

Energy Transfer Cuts Dividend

The firm also recently declared 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 annualized dividend and a dividend yield of 6.75%. 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.