Energy Transfer LP $ET Shares Bought by Summit Securities Group LLC

Summit Securities Group LLC lifted its position in shares of Energy Transfer LP (NYSE:ET) by 179.0% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 162,100 shares of the pipeline company’s stock after buying an additional 104,000 shares during the quarter. Energy Transfer makes up about 0.4% of Summit Securities Group LLC’s holdings, making the stock its 12th largest position. Summit Securities Group LLC’s holdings in Energy Transfer were worth $3,129,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in ET. Basepoint Wealth LLC purchased a new position in Energy Transfer during the 4th quarter valued at about $25,000. Gables Capital Management Inc. lifted its holdings in shares of Energy Transfer by 60.0% in the fourth quarter. Gables Capital Management Inc. now owns 1,600 shares of the pipeline company’s stock valued at $26,000 after purchasing an additional 600 shares in the last quarter. Sarver Vrooman Wealth Advisors purchased a new stake in shares of Energy Transfer in the fourth quarter valued at about $32,000. Financial Life Planners acquired a new stake in shares of Energy Transfer in the third quarter valued at approximately $34,000. Finally, Navalign LLC acquired a new stake in shares of Energy Transfer in the fourth quarter valued at approximately $37,000. 38.22% of the stock is currently owned by hedge funds and other institutional investors.

Energy Transfer Trading Down 0.4%

Shares of ET stock opened at $19.78 on Friday. The firm’s 50-day simple moving average is $19.50 and its 200-day simple moving average is $18.70. The company has a debt-to-equity ratio of 1.50, a current ratio of 1.17 and a quick ratio of 0.93. Energy Transfer LP has a 1-year low of $16.18 and a 1-year high of $20.70. The firm has a market cap of $68.06 billion, a P/E ratio of 16.48, a PEG ratio of 1.15 and a beta of 0.55.

Energy Transfer (NYSE:ET) last released its earnings results on Tuesday, May 5th. The pipeline company reported $0.35 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.05). The company had revenue of $27.77 billion during the quarter, compared to analysts’ expectations of $25.78 billion. Energy Transfer had a net margin of 4.66% and a return on equity of 9.77%. Energy Transfer’s revenue for the quarter was up 32.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.36 earnings per share. As a group, equities analysts forecast that Energy Transfer LP will post 1.43 EPS for the current year.

Energy Transfer Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, May 20th. Stockholders of record on Friday, May 8th were paid a dividend of $0.3375 per share. The ex-dividend date of this dividend was Friday, May 8th. This represents a $1.35 annualized dividend and a dividend yield of 6.8%. This is a boost from Energy Transfer’s previous quarterly dividend of $0.34. Energy Transfer’s dividend payout ratio is presently 112.50%.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the company. Jefferies Financial Group upgraded Energy Transfer from a “hold” rating to a “buy” rating and set a $23.00 price objective for the company in a research report on Tuesday, May 26th. Raymond James Financial reiterated a “strong-buy” rating on shares of Energy Transfer in a report on Wednesday, May 6th. Citigroup reissued 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. Truist Financial started coverage on Energy Transfer in a report on Tuesday, March 24th. They issued a “buy” rating and a $23.00 price target for the company. Finally, Scotiabank restated an “outperform” rating on shares of Energy Transfer in a research report on Tuesday, May 12th. Two 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 company’s stock. According to MarketBeat.com, Energy Transfer has a consensus rating of “Buy” and a consensus target price 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.