Cohen & Steers Inc. Purchases 459,138 Shares of Energy Transfer LP $ET

Cohen & Steers Inc. boosted its position in Energy Transfer LP (NYSE:ET) by 17.7% during the fourth quarter, HoldingsChannel reports. The fund owned 3,052,066 shares of the pipeline company’s stock after buying an additional 459,138 shares during the quarter. Cohen & Steers Inc.’s holdings in Energy Transfer were worth $50,329,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in ET. CIBC Bancorp USA Inc. bought a new stake in Energy Transfer in the 3rd quarter valued at about $264,309,000. Alps Advisors Inc. increased its position in shares of Energy Transfer by 8.0% during the fourth quarter. Alps Advisors Inc. now owns 83,843,087 shares of the pipeline company’s stock valued at $1,382,573,000 after buying an additional 6,192,066 shares during the period. Invesco Ltd. increased its position in shares of Energy Transfer by 3.2% during the third quarter. Invesco Ltd. now owns 57,862,666 shares of the pipeline company’s stock valued at $992,923,000 after buying an additional 1,773,042 shares during the period. SG Americas Securities LLC increased its position in shares of Energy Transfer by 187.1% during the fourth quarter. SG Americas Securities LLC now owns 1,940,500 shares of the pipeline company’s stock valued at $31,999,000 after buying an additional 1,264,627 shares during the period. Finally, Corient Private Wealth LLC increased its position in shares of Energy Transfer by 223.7% during the second quarter. Corient Private Wealth LLC now owns 1,690,769 shares of the pipeline company’s stock valued at $30,654,000 after buying an additional 1,168,438 shares during the period. 38.22% of the stock is currently owned by institutional investors.

Energy Transfer Stock Up 1.6%

Shares of NYSE ET opened at $19.06 on Friday. Energy Transfer LP has a 12 month low of $16.18 and a 12 month high of $20.70. The company has a current ratio of 1.17, a quick ratio of 0.93 and a debt-to-equity ratio of 1.50. The firm has a market capitalization of $65.59 billion, a price-to-earnings ratio of 15.88, a PEG ratio of 1.09 and a beta of 0.55. The business has a 50-day moving average of $19.44 and a 200-day moving average of $18.34.

Energy Transfer (NYSE:ET) last issued its quarterly earnings data on Tuesday, May 5th. The pipeline company reported $0.35 EPS for the quarter, missing the consensus estimate of $0.40 by ($0.05). Energy Transfer had a return on equity of 9.77% and a net margin of 4.66%.The business had revenue of $27.77 billion for the quarter, compared to analysts’ expectations of $25.78 billion. During the same period in the previous year, the firm posted $0.36 EPS. The firm’s revenue for the quarter was up 32.1% compared to the same quarter last year. Sell-side analysts expect that Energy Transfer LP will post 1.43 earnings per share for the current fiscal year.

Energy Transfer Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, May 20th. Stockholders of record on Friday, May 8th were issued a dividend of $0.3375 per share. The ex-dividend date of this dividend was Friday, May 8th. This is a positive change from Energy Transfer’s previous quarterly dividend of $0.34. This represents a $1.35 annualized dividend and a dividend yield of 7.1%. Energy Transfer’s payout ratio is presently 112.50%.

Wall Street Analysts Forecast Growth

ET has been the topic of several analyst reports. Stifel Nicolaus upped their price target on Energy Transfer from $23.00 to $25.00 and gave the company a “buy” rating in a research report on Wednesday, May 6th. Scotiabank reiterated an “outperform” rating on shares of Energy Transfer in a research report on Tuesday, May 12th. Raymond James Financial reiterated a “strong-buy” rating on shares of Energy Transfer in a research report on Wednesday, May 6th. Citigroup reiterated a “buy” rating and set a $23.00 price target (up from $22.00) on shares of Energy Transfer in a research report on Thursday, May 7th. Finally, Truist Financial initiated coverage on Energy Transfer in a research report on Tuesday, March 24th. They set a “buy” rating and a $23.00 price target on the stock. Two investment analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $23.45.

Energy Transfer Profile

Energy Transfer (NYSE: ET) is a Dallas-based midstream energy company that develops and operates infrastructure for the transportation, storage and processing of hydrocarbons. The company’s operations focus on moving and storing natural gas, natural gas liquids (NGLs), crude oil and refined products through an integrated network of pipelines, terminals, storage facilities and processing plants. Energy Transfer provides core midstream services such as gathering, compression, fractionation, processing, and bulk transportation to support production and downstream supply chains.

Its asset base spans an extensive network across the United States, connecting producing regions, processing centers, petrochemical hubs and coastal and inland markets.