Flax Pond Capital LLC Invests $445,000 in Energy Transfer LP $ET

Flax Pond Capital LLC bought a new position in shares of Energy Transfer LP (NYSE:ET) during the fourth quarter, Holdings Channel.com reports. The fund bought 27,000 shares of the pipeline company’s stock, valued at approximately $445,000.

Other hedge funds have also recently bought and sold shares of the company. Basepoint Wealth LLC acquired a new stake in Energy Transfer in the 4th quarter worth $25,000. Gables Capital Management Inc. increased its holdings in shares of Energy Transfer by 60.0% during the 4th quarter. Gables Capital Management Inc. now owns 1,600 shares of the pipeline company’s stock worth $26,000 after purchasing an additional 600 shares during the period. Sarver Vrooman Wealth Advisors acquired a new position in shares of Energy Transfer during the fourth quarter valued at about $32,000. Financial Life Planners acquired a new position in shares of Energy Transfer during the third quarter valued at about $34,000. Finally, Navalign LLC bought a new stake in shares of Energy Transfer in the fourth quarter valued at about $37,000. 38.22% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on ET. UBS Group reissued a “buy” rating on shares of Energy Transfer in a research report on Tuesday, May 12th. Citigroup reaffirmed a “buy” rating and issued a $23.00 price target (up from $22.00) on shares of Energy Transfer in a report on Thursday, May 7th. TD Cowen reiterated a “buy” rating and issued a $23.00 price objective (up from $22.00) on shares of Energy Transfer in a research report on Wednesday, May 13th. Truist Financial assumed coverage on Energy Transfer in a report on Tuesday, March 24th. They set a “buy” rating and a $23.00 price objective on the stock. Finally, Barclays restated an “overweight” rating and set a $23.00 price objective (up from $22.00) on shares of Energy Transfer in a research report on Thursday, May 14th. Two analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $23.45.

Energy Transfer Trading Up 0.1%

ET opened at $18.77 on Friday. The company has a current ratio of 1.17, a quick ratio of 0.93 and a debt-to-equity ratio of 1.50. The stock has a market capitalization of $64.60 billion, a PE ratio of 15.64, a PEG ratio of 1.09 and a beta of 0.55. Energy Transfer LP has a 1-year low of $16.18 and a 1-year high of $20.70. The firm has a 50-day moving average price of $19.42 and a two-hundred day moving average price of $18.42.

Energy Transfer (NYSE:ET) last announced its earnings results 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). Energy Transfer had a return on equity of 9.77% and a net margin of 4.66%.The company had revenue of $27.77 billion for the quarter, compared to analyst estimates of $25.78 billion. During the same quarter in the previous year, the company posted $0.36 earnings per share. Energy Transfer’s revenue for the quarter was up 32.1% on a year-over-year basis. As a group, equities analysts anticipate that Energy Transfer LP will post 1.43 earnings per share for the current fiscal year.

Energy Transfer Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, May 20th. Investors of record on Friday, May 8th were given a $0.3375 dividend. This is a boost from Energy Transfer’s previous quarterly dividend of $0.34. The ex-dividend date was Friday, May 8th. This represents a $1.35 annualized dividend and a yield of 7.2%. Energy Transfer’s dividend payout ratio is presently 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.