Manning & Napier Advisors LLC Purchases 170,000 Shares of Energy Transfer LP $ET

Manning & Napier Advisors LLC raised its position in shares of Energy Transfer LP (NYSE:ET) by 18.3% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,100,000 shares of the pipeline company’s stock after acquiring an additional 170,000 shares during the period. Manning & Napier Advisors LLC’s holdings in Energy Transfer were worth $21,230,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Basepoint Wealth LLC acquired a new position in shares of Energy Transfer during the 4th quarter worth about $25,000. Gables Capital Management Inc. grew its holdings in 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 buying an additional 600 shares during the last quarter. Sarver Vrooman Wealth Advisors acquired a new stake in Energy Transfer in the 4th quarter valued at approximately $32,000. Financial Life Planners bought a new position in Energy Transfer in the 1st quarter worth approximately $40,000. Finally, Navalign LLC acquired a new position in shares of Energy Transfer during the fourth quarter worth approximately $37,000. 38.22% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Weiss Ratings reissued a “buy (b)” rating on shares of Energy Transfer in a research report on Friday, June 5th. Citigroup reaffirmed a “buy” rating and set a $23.00 target price (up from $22.00) on shares of Energy Transfer in a research report on Thursday, May 7th. Barclays reiterated an “overweight” rating and set a $23.00 target price (up from $22.00) on shares of Energy Transfer in a research note on Thursday, May 14th. Scotiabank reissued an “outperform” rating on shares of Energy Transfer in a report on Tuesday, May 12th. Finally, Truist Financial started coverage on shares of Energy Transfer in a research report on Tuesday, March 24th. They issued a “buy” rating and a $23.00 price target on the stock. Two investment 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 stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $23.45.

Energy Transfer Stock Performance

Shares of NYSE:ET traded down $0.14 during trading on Friday, hitting $19.65. 6,586,905 shares of the stock were exchanged, compared to its average volume of 7,553,990. Energy Transfer LP has a 1-year low of $16.18 and a 1-year high of $20.70. The company has a market capitalization of $67.63 billion, a price-to-earnings ratio of 16.38, a price-to-earnings-growth ratio of 1.15 and a beta of 0.55. The company’s fifty day simple moving average is $19.50 and its 200-day simple moving average is $18.71. 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 released its quarterly earnings data 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 firm had revenue of $27.77 billion for the quarter, compared to the consensus estimate of $25.78 billion. Energy Transfer had a net margin of 4.66% and a return on equity of 9.77%. The business’s revenue for the quarter was up 32.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.36 earnings per share. Sell-side analysts expect that Energy Transfer LP will post 1.43 EPS for the current fiscal year.

Energy Transfer Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, May 20th. Stockholders of record on Friday, May 8th were paid a $0.3375 dividend. The ex-dividend date was Friday, May 8th. This represents a $1.35 dividend on an annualized basis and a dividend yield of 6.9%. This is a positive change from Energy Transfer’s previous quarterly dividend of $0.34. Energy Transfer’s dividend payout ratio is currently 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.