Callodine Capital Management LP Acquires 290,000 Shares of Energy Transfer LP $ET

Callodine Capital Management LP lifted its stake in Energy Transfer LP (NYSE:ET) by 18.3% during the 1st quarter, HoldingsChannel reports. The fund owned 1,875,000 shares of the pipeline company’s stock after buying an additional 290,000 shares during the period. Energy Transfer comprises approximately 2.5% of Callodine Capital Management LP’s portfolio, making the stock its 15th biggest holding. Callodine Capital Management LP’s holdings in Energy Transfer were worth $36,188,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Matrix Private Capital Group LLC acquired a new position in Energy Transfer during the 1st quarter valued at $873,000. Waverly Advisors LLC boosted its holdings in Energy Transfer by 22.3% in the 1st quarter. Waverly Advisors LLC now owns 1,725,843 shares of the pipeline company’s stock valued at $33,309,000 after purchasing an additional 314,965 shares during the period. Empirical Finance LLC increased its holdings in shares of Energy Transfer by 86.8% during the 1st quarter. Empirical Finance LLC now owns 1,404,756 shares of the pipeline company’s stock worth $27,112,000 after purchasing an additional 652,711 shares during the period. Bollard Group LLC increased its holdings in shares of Energy Transfer by 17.9% during the 1st quarter. Bollard Group LLC now owns 956,441 shares of the pipeline company’s stock worth $18,459,000 after purchasing an additional 145,529 shares during the period. Finally, Compound Planning Inc. bought a new position in shares of Energy Transfer during the 1st quarter worth about $392,000. Institutional investors own 38.22% of the company’s stock.

Energy Transfer Price Performance

NYSE:ET opened at $20.38 on Friday. The company has a 50-day moving average of $19.55 and a 200-day moving average of $18.97. The company has a market capitalization of $70.11 billion, a price-to-earnings ratio of 16.98, a PEG ratio of 1.18 and a beta of 0.55. Energy Transfer LP has a 52 week low of $16.18 and a 52 week high of $20.70. The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.93 and a current ratio of 1.17.

Energy Transfer (NYSE:ET) last issued its earnings results on Tuesday, May 5th. The pipeline company reported $0.35 earnings per share for the quarter, missing the consensus estimate of $0.40 by ($0.05). The business had revenue of $27.77 billion for the quarter, compared to analyst estimates 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 was up 32.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.36 earnings per share. As a group, equities research analysts anticipate that Energy Transfer LP will post 1.43 earnings per share for the current fiscal year.

Energy Transfer Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, May 20th. Shareholders 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 dividend on an annualized basis and a yield of 6.6%. Energy Transfer’s dividend payout ratio (DPR) is presently 112.50%.

Energy Transfer News Summary

Here are the key news stories impacting Energy Transfer this week:

• Positive Sentiment: ET was featured as a low-beta stock that can help reduce portfolio risk, with stable fee-based revenues and growth projects supporting its defensive appeal. 3 Low-Beta Stocks to Minimize Portfolio Risk: LQDA, ET & PBF
• Positive Sentiment: Analysts and market commentary say Energy Transfer may be undervalued after raising EBITDA guidance, which could support the stock’s upside potential. Energy Transfer (ET) Could Be 13% Undervalued Following Raised EBITDA Guidance
• Positive Sentiment: The company affirmed its income appeal by announcing a quarterly cash distribution on Series I preferred units, signaling continued cash returns to investors. Energy Transfer LP Announces Cash Distribution on Series I Preferred Units
• Positive Sentiment: ET is being highlighted as a high-yield stock with strong analyst support and room to run, reinforcing investor interest in the name. 5 High-Yield Stocks With Analyst Support and Room to Run
• Neutral Sentiment: Several articles note that Zacks users have been searching for ET more frequently, suggesting rising attention but not a clear fundamental catalyst. Energy Transfer LP (ET) is Attracting Investor Attention: Here is What You Should Know
• Neutral Sentiment: ET was also mentioned in broader industry pieces on pipeline MLPs and dividend stocks, which support the bullish case but do not add a company-specific catalyst. 3 Oil Pipeline MLP Stocks Riding on Favorable Industry Trends

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on ET shares. Raymond James Financial reiterated a “strong-buy” rating on shares of Energy Transfer in a research note on Wednesday, May 6th. TD Cowen restated a “buy” rating and set a $24.00 price target (up from $23.00) on shares of Energy Transfer in a research note on Thursday, July 16th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Energy Transfer in a report on Friday, June 5th. JPMorgan Chase & Co. raised their price objective on Energy Transfer from $22.00 to $24.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 12th. Finally, Barclays reissued an “overweight” rating and set a $23.00 price objective (up from $22.00) on shares of Energy Transfer in a report on Thursday, May 14th. Three equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $23.50.

Energy Transfer Company 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.