CIBC Bancorp USA Inc. Buys New Shares in Energy Transfer LP $ET

CIBC Bancorp USA Inc. bought a new position in Energy Transfer LP (NYSE:ET) during the third quarter, HoldingsChannel.com reports. The institutional investor bought 15,402,622 shares of the pipeline company’s stock, valued at approximately $264,309,000. Energy Transfer accounts for 0.9% of CIBC Bancorp USA Inc.’s portfolio, making the stock its 21st biggest position.

Several other hedge funds have also added to or reduced their stakes in ET. Lee Financial Co grew its position in Energy Transfer by 359.7% during the 3rd quarter. Lee Financial Co now owns 193,817 shares of the pipeline company’s stock worth $3,326,000 after acquiring an additional 151,657 shares during the last quarter. Eagle Global Advisors LLC lifted its position in Energy Transfer by 6.0% in the third 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 last quarter. Corient Private Wealth LLC lifted its position in Energy Transfer by 223.7% in the second 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 last quarter. Jump Financial LLC boosted its stake in shares of Energy Transfer by 2,687.9% during the second 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 period. Finally, Maryland State Retirement & Pension System boosted its stake in shares of 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 valued at $50,235,000 after purchasing an additional 144,037 shares during the period. 38.22% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Barclays reaffirmed an “overweight” rating and issued a $22.00 target price (down from $25.00) on shares of Energy Transfer in a research note on Monday, January 12th. Morgan Stanley increased their price target on shares of Energy Transfer from $19.00 to $21.00 and gave the company an “equal weight” rating in a research report on Tuesday, March 10th. Royal Bank Of Canada raised shares of Energy Transfer to a “moderate buy” rating in a report on Monday, December 15th. Jefferies Financial Group restated a “hold” rating on shares of Energy Transfer in a research report on Wednesday, February 18th. Finally, UBS Group reaffirmed a “buy” rating on shares of Energy Transfer in a research note on Wednesday, January 7th. Ten equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $21.60.

Energy Transfer Price Performance

ET opened at $18.79 on Wednesday. The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.90 and a current ratio of 1.22. Energy Transfer LP has a 52-week low of $14.60 and a 52-week high of $19.30. The stock has a market capitalization of $64.65 billion, a PE ratio of 15.53, a price-to-earnings-growth ratio of 1.03 and a beta of 0.63. The stock’s 50 day moving average price is $18.23 and its 200-day moving average price is $17.31.

Energy Transfer (NYSE:ET) last announced its quarterly earnings results 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 business had revenue of $25.32 billion during the quarter, compared to analysts’ expectations of $23.56 billion. Energy Transfer had a return on equity of 10.17% and a net margin of 5.11%.The business’s revenue was up 29.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.29 EPS. On average, equities research analysts predict that Energy Transfer LP will post 1.46 EPS for the current year.

Energy Transfer Increases Dividend

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

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.