NewEdge Wealth LLC Buys 38,792 Shares of Energy Transfer LP $ET

NewEdge Wealth LLC boosted its stake in Energy Transfer LP (NYSE:ET) by 27.7% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 179,014 shares of the pipeline company’s stock after purchasing an additional 38,792 shares during the quarter. NewEdge Wealth LLC’s holdings in Energy Transfer were worth $3,027,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the stock. Lee Financial Co lifted its stake in Energy Transfer by 359.7% in the third quarter. Lee Financial Co now owns 193,817 shares of the pipeline company’s stock valued at $3,326,000 after acquiring an additional 151,657 shares during the last quarter. Eagle Global Advisors LLC raised its holdings in shares of Energy Transfer by 6.0% in the 3rd quarter. Eagle Global Advisors LLC now owns 6,466,059 shares of the pipeline company’s stock valued at $110,958,000 after purchasing an additional 363,623 shares during the period. Corient Private Wealth LLC raised its holdings in shares of Energy Transfer by 223.7% in the 2nd quarter. Corient Private Wealth LLC now owns 1,690,771 shares of the pipeline company’s stock valued at $30,654,000 after purchasing an additional 1,168,440 shares during the period. Jump Financial LLC lifted its stake in Energy Transfer by 2,687.9% in the 2nd quarter. Jump Financial LLC now owns 1,791,358 shares of the pipeline company’s stock valued at $32,477,000 after purchasing an additional 1,727,104 shares during the last quarter. Finally, Maryland State Retirement & Pension System grew its holdings in Energy Transfer by 5.2% during the third quarter. Maryland State Retirement & Pension System now owns 2,927,436 shares of the pipeline company’s stock worth $50,235,000 after purchasing an additional 144,037 shares during the period. Institutional investors and hedge funds own 38.22% of the company’s stock.

Energy Transfer Price Performance

Shares of NYSE ET opened at $18.96 on Friday. The firm has a market cap of $65.08 billion, a P/E ratio of 15.67, a price-to-earnings-growth ratio of 0.98 and a beta of 0.66. The business’s 50 day moving average is $17.43 and its 200-day moving average is $17.17. The company has a current ratio of 1.41, a quick ratio of 1.14 and a debt-to-equity ratio of 1.50. Energy Transfer LP has a 1-year low of $14.60 and a 1-year high of $19.88.

Energy Transfer (NYSE:ET) last issued its quarterly earnings data on Tuesday, February 17th. The pipeline company reported $0.25 EPS for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.09). The firm had revenue of $25.32 billion during the quarter, compared to analyst estimates of $23.56 billion. Energy Transfer had a net margin of 5.11% and a return on equity of 10.38%. The business’s quarterly revenue was up 29.6% compared to the same quarter last year. During the same period in the prior year, the company earned $0.29 earnings per share. Equities research analysts predict that Energy Transfer LP will post 1.46 earnings per share for the current year.

Energy Transfer Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, February 19th. Investors of record on Friday, February 6th were paid a $0.335 dividend. This represents a $1.34 annualized dividend and a dividend yield of 7.1%. This is a boost from Energy Transfer’s previous quarterly dividend of $0.33. The ex-dividend date was Friday, February 6th. Energy Transfer’s dividend payout ratio is currently 110.74%.

Analyst Ratings Changes

ET has been the topic of several research analyst reports. Morgan Stanley dropped their price objective on Energy Transfer from $21.00 to $19.00 and set an “overweight” rating on the stock in a research note on Tuesday, December 2nd. Royal Bank Of Canada raised Energy Transfer to a “moderate buy” rating in a report on Monday, December 15th. Weiss Ratings restated a “buy (b-)” rating on shares of Energy Transfer in a research note on Wednesday, December 24th. Scotiabank reaffirmed an “outperform” rating on shares of Energy Transfer in a report on Friday, January 16th. Finally, Barclays reiterated an “overweight” rating and issued a $22.00 price objective (down from $25.00) on shares of Energy Transfer in a report on Monday, January 12th. Eleven analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $21.27.

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.