Toronto Dominion Bank Purchases Shares of 2,472,000 Energy Transfer LP (NYSE:ET)

Toronto Dominion Bank purchased a new position in Energy Transfer LP (NYSE:ET) during the fourth quarter, HoldingsChannel reports. The institutional investor purchased 2,472,000 shares of the pipeline company’s stock, valued at approximately $48,426,000.

Several other hedge funds have also modified their holdings of the stock. Mountain Hill Investment Partners Corp. purchased a new stake in shares of Energy Transfer during the 4th quarter worth about $25,000. Fourth Dimension Wealth LLC acquired a new stake in Energy Transfer in the fourth quarter valued at $29,000. United Community Bank bought a new position in shares of Energy Transfer during the fourth quarter worth about $35,000. Financial Life Planners acquired a new position in shares of Energy Transfer in the 4th quarter worth approximately $37,000. Finally, Tortoise Investment Management LLC increased its stake in Energy Transfer by 111.1% during the fourth quarter. Tortoise Investment Management LLC now owns 1,900 shares of the pipeline company’s stock valued at $37,000 after purchasing an additional 1,000 shares during the last quarter. 38.22% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have recently weighed in on ET. Citigroup reiterated a “buy” rating on shares of Energy Transfer in a research report on Monday, March 24th. Morgan Stanley upped their price target on shares of Energy Transfer from $20.00 to $26.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 25th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $23.00 target price on shares of Energy Transfer in a research note on Tuesday, March 25th. Mizuho lifted their price target on shares of Energy Transfer from $22.00 to $23.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 20th. Finally, JPMorgan Chase & Co. decreased their target price on shares of Energy Transfer from $25.00 to $23.00 and set an “overweight” rating for the company in a report on Monday, May 19th. One analyst has rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $22.64.

Energy Transfer Stock Down 0.2%

ET opened at $17.84 on Tuesday. The business has a 50-day moving average of $17.39 and a 200-day moving average of $18.61. Energy Transfer LP has a fifty-two week low of $14.60 and a fifty-two week high of $21.45. The company has a market capitalization of $61.23 billion, a PE ratio of 13.94, a price-to-earnings-growth ratio of 0.64 and a beta of 0.77. The company has a debt-to-equity ratio of 1.42, a current ratio of 1.12 and a quick ratio of 0.88.

Energy Transfer (NYSE:ET) last announced its quarterly earnings results on Tuesday, May 6th. The pipeline company reported $0.36 earnings per share for the quarter, topping analysts’ consensus estimates of $0.33 by $0.03. Energy Transfer had a return on equity of 11.56% and a net margin of 5.74%. The company had revenue of $21.02 billion during the quarter, compared to analysts’ expectations of $22.28 billion. During the same quarter in the previous year, the firm earned $0.32 earnings per share. The business’s quarterly revenue was down 2.8% compared to the same quarter last year. Equities research analysts forecast that Energy Transfer LP will post 1.46 EPS for the current fiscal year.

Energy Transfer Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, May 20th. Investors of record on Friday, May 9th were paid a dividend of $0.3275 per share. This is an increase from Energy Transfer’s previous quarterly dividend of $0.33. The ex-dividend date was Friday, May 9th. This represents a $1.31 annualized dividend and a yield of 7.34%. Energy Transfer’s dividend payout ratio is presently 99.24%.

About Energy Transfer

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.