Longfellow Investment Management Co. LLC Has $49.94 Million Position in Energy Transfer LP $ET

Longfellow Investment Management Co. LLC raised its stake in Energy Transfer LP (NYSE:ET) by 56.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,028,233 shares of the pipeline company’s stock after purchasing an additional 1,090,165 shares during the quarter. Energy Transfer makes up about 11.3% of Longfellow Investment Management Co. LLC’s portfolio, making the stock its 2nd biggest holding. Longfellow Investment Management Co. LLC owned 0.09% of Energy Transfer worth $49,936,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the business. Cookson Peirce & Co. Inc. acquired a new stake in shares of Energy Transfer in the fourth quarter valued at approximately $423,000. XML Financial LLC lifted its position in shares of Energy Transfer by 12.3% in the fourth quarter. XML Financial LLC now owns 46,637 shares of the pipeline company’s stock valued at $769,000 after buying an additional 5,094 shares during the last quarter. TT Capital Management LLC acquired a new stake in shares of Energy Transfer in the fourth quarter valued at approximately $289,000. Argent Advisors Inc. lifted its position in shares of Energy Transfer by 10.9% in the fourth quarter. Argent Advisors Inc. now owns 18,263 shares of the pipeline company’s stock valued at $301,000 after buying an additional 1,795 shares during the last quarter. Finally, Vise Technologies Inc. acquired a new stake in shares of Energy Transfer in the fourth quarter valued at approximately $255,000. 38.22% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on ET shares. Raymond James Financial reaffirmed a “strong-buy” rating on shares of Energy Transfer in a research report on Wednesday, May 6th. Morgan Stanley raised their price objective on Energy Transfer from $21.00 to $23.00 and gave the company an “equal weight” rating in a research report on Wednesday, May 27th. Stifel Nicolaus raised their price objective on Energy Transfer from $23.00 to $25.00 and gave the company a “buy” rating in a research report on Wednesday, May 6th. Barclays reaffirmed an “overweight” rating and issued a $23.00 price objective (up from $22.00) on shares of Energy Transfer in a research report on Thursday, May 14th. Finally, 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 report on Friday, March 13th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $23.45.

Energy Transfer Stock Performance

NYSE:ET opened at $19.44 on Friday. The stock has a market cap of $66.89 billion, a P/E ratio of 16.20, a PEG ratio of 1.12 and a beta of 0.55. The stock has a 50 day simple moving average of $19.47 and a 200 day simple moving average of $18.26. The company has a current ratio of 1.17, a quick ratio of 0.93 and a debt-to-equity ratio of 1.50. Energy Transfer LP has a 1-year low of $16.18 and a 1-year high of $20.70.

Energy Transfer (NYSE:ET) last released its quarterly 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 for the quarter, compared to analyst estimates of $25.78 billion. Energy Transfer had a return on equity of 9.77% and a net margin of 4.66%.The business’s revenue for the quarter was up 32.1% on a year-over-year basis. During the same period in the previous year, the business posted $0.36 earnings per share. Research analysts anticipate that Energy Transfer LP will post 1.43 earnings per share for the current year.

Energy Transfer Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, May 20th. Shareholders of record on Friday, May 8th were issued a $0.3375 dividend. The ex-dividend date of this dividend was Friday, May 8th. This represents a $1.35 annualized dividend and a yield of 6.9%. This is a boost from Energy Transfer’s previous quarterly dividend of $0.34. Energy Transfer’s payout ratio is presently 112.50%.

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.