MIdWestOne Financial Group Inc. Sells 30,092 Shares of Energy Transfer LP $ET

MIdWestOne Financial Group Inc. cut its position in shares of Energy Transfer LP (NYSE:ET) by 16.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 151,541 shares of the pipeline company’s stock after selling 30,092 shares during the period. MIdWestOne Financial Group Inc.’s holdings in Energy Transfer were worth $2,499,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ET. Basepoint Wealth LLC bought a new stake in shares of Energy Transfer in the 4th quarter valued at approximately $25,000. Gables Capital Management Inc. lifted its stake in shares of Energy Transfer by 60.0% in the 4th 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 during the last quarter. Sarver Vrooman Wealth Advisors bought a new stake in shares of Energy Transfer in the 4th quarter valued at approximately $32,000. Financial Life Planners bought a new stake in shares of Energy Transfer in the 3rd quarter valued at approximately $34,000. Finally, Navalign LLC bought a new stake in shares of Energy Transfer in the 4th quarter valued at approximately $37,000. 38.22% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. Truist Financial assumed coverage on Energy Transfer in a research note on Tuesday, March 24th. They issued a “buy” rating and a $23.00 price objective for the company. Wells Fargo & Company raised their price objective on Energy Transfer from $23.00 to $25.00 and gave the company an “overweight” rating in a research note on Friday, March 13th. Barclays reaffirmed an “overweight” rating and issued a $23.00 price objective (up from $22.00) on shares of Energy Transfer in a research note on Thursday, May 14th. Citigroup reaffirmed a “buy” rating and issued a $23.00 price objective (up from $22.00) on shares of Energy Transfer in a research note on Thursday, May 7th. Finally, TD Cowen reaffirmed a “buy” rating and issued a $23.00 price objective (up from $22.00) on shares of Energy Transfer in a research note on Wednesday, May 13th. Two analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $23.45.

Energy Transfer Price Performance

Shares of ET stock opened at $18.80 on Friday. 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. The firm has a market capitalization of $64.70 billion, a P/E ratio of 15.67, a P/E/G ratio of 1.10 and a beta of 0.55. The stock has a 50 day moving average price of $19.44 and a 200 day moving average price of $18.33.

Energy Transfer (NYSE:ET) last released 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). The firm had revenue of $27.77 billion for the quarter, compared to analysts’ expectations of $25.78 billion. Energy Transfer had a return on equity of 9.77% and a net margin of 4.66%.The company’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 business earned $0.36 earnings per share. As a group, sell-side analysts predict that Energy Transfer LP will post 1.43 earnings per share for the current year.

Energy Transfer Increases Dividend

The company 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. This represents a $1.35 annualized dividend and a yield of 7.2%. The ex-dividend date was Friday, May 8th. This is an increase from Energy Transfer’s previous quarterly dividend of $0.34. Energy Transfer’s dividend payout ratio (DPR) is 112.50%.

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.