Millennium Capital Advisors LLC Invests $2.33 Million in Energy Transfer LP $ET

Millennium Capital Advisors LLC bought a new position in shares of Energy Transfer LP (NYSE:ET) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 141,129 shares of the pipeline company’s stock, valued at approximately $2,327,000. Energy Transfer comprises approximately 1.4% of Millennium Capital Advisors LLC’s investment portfolio, making the stock its 16th biggest holding.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Everstar Asset Management LLC bought a new position in Energy Transfer in the 4th quarter worth about $1,244,000. Novare Capital Management LLC bought a new position in Energy Transfer in the 4th quarter worth about $271,000. AlphaCore Capital LLC grew its stake in Energy Transfer by 19.2% in the 4th quarter. AlphaCore Capital LLC now owns 17,341 shares of the pipeline company’s stock worth $286,000 after acquiring an additional 2,791 shares in the last quarter. 1ST Source Bank grew its stake in Energy Transfer by 3.9% in the 4th quarter. 1ST Source Bank now owns 23,894 shares of the pipeline company’s stock worth $394,000 after acquiring an additional 900 shares in the last quarter. Finally, Fulcrum Asset Management LLP grew its stake in Energy Transfer by 16.4% in the 4th quarter. Fulcrum Asset Management LLP now owns 18,664 shares of the pipeline company’s stock worth $309,000 after acquiring an additional 2,624 shares in the last quarter. 38.22% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on ET shares. Truist Financial started coverage on shares of Energy Transfer in a research note on Tuesday, March 24th. They issued a “buy” rating and a $23.00 target price on the stock. Jefferies Financial Group reiterated a “hold” rating on shares of Energy Transfer in a research note on Wednesday, May 6th. JPMorgan Chase & Co. increased their price objective on shares of Energy Transfer from $22.00 to $24.00 and gave the company an “overweight” rating in a research note on Tuesday, May 12th. Wells Fargo & Company increased their price objective on shares of Energy Transfer from $23.00 to $25.00 and gave the company an “overweight” rating in a research note on Friday, March 13th. Finally, Scotiabank reiterated an “outperform” rating on shares of Energy Transfer in a research note on Tuesday. Two analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, Energy Transfer has an average rating of “Buy” and an average target price of $22.75.

Energy Transfer Price Performance

NYSE ET opened at $20.18 on Friday. The company has a market cap of $69.43 billion, a PE ratio of 16.81, a P/E/G ratio of 1.18 and a beta of 0.57. Energy Transfer LP has a 52-week low of $16.18 and a 52-week high of $20.67. The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.93 and a current ratio of 1.17. The firm’s 50 day moving average price is $19.19 and its 200-day moving average price is $17.95.

Energy Transfer (NYSE:ET) last announced 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 firm had revenue of $27.77 billion during 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 business earned $0.36 earnings per share. Sell-side analysts forecast that Energy Transfer LP will post 1.37 EPS for the current fiscal year.

Energy Transfer Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 20th. Shareholders of record on Friday, May 8th will be paid a $0.3375 dividend. This represents a $1.35 annualized dividend and a yield of 6.7%. This is a positive change from Energy Transfer’s previous quarterly dividend of $0.34. The ex-dividend date is Friday, May 8th. Energy Transfer’s payout ratio is 112.50%.

About Energy Transfer

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.