Forum Financial Management LP Reduces Stock Holdings in Energy Transfer LP $ET

Forum Financial Management LP lessened its position in shares of Energy Transfer LP (NYSE:ET) by 6.7% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 401,906 shares of the pipeline company’s stock after selling 29,042 shares during the period. Forum Financial Management LP’s holdings in Energy Transfer were worth $7,757,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Morgan Stanley raised its position in Energy Transfer by 41.6% during the fourth quarter. Morgan Stanley now owns 86,310,272 shares of the pipeline company’s stock worth $1,423,256,000 after acquiring an additional 25,366,594 shares during the last quarter. Alps Advisors Inc. lifted its holdings in shares of Energy Transfer by 8.0% in the fourth quarter. Alps Advisors Inc. now owns 83,843,087 shares of the pipeline company’s stock valued at $1,382,573,000 after purchasing an additional 6,192,066 shares in the last quarter. Invesco Ltd. grew its position in shares of Energy Transfer by 3.2% in the third quarter. Invesco Ltd. now owns 57,862,666 shares of the pipeline company’s stock valued at $992,923,000 after purchasing an additional 1,773,042 shares during the last quarter. Tortoise Capital Advisors L.L.C. grew its position in shares of Energy Transfer by 0.3% in the fourth quarter. Tortoise Capital Advisors L.L.C. now owns 38,675,828 shares of the pipeline company’s stock valued at $637,764,000 after purchasing an additional 103,245 shares during the last quarter. Finally, Energy Income Partners LLC increased its stake in shares of Energy Transfer by 1.4% during the 3rd quarter. Energy Income Partners LLC now owns 23,351,183 shares of the pipeline company’s stock worth $400,706,000 after purchasing an additional 326,653 shares in the last quarter. 38.22% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

ET has been the subject of several research reports. UBS Group restated a “buy” rating on shares of Energy Transfer in a research report on Tuesday, May 12th. Truist Financial began coverage on Energy Transfer in a report on Tuesday, March 24th. They set a “buy” rating and a $23.00 target price on the stock. Wells Fargo & Company raised their price target on Energy Transfer from $23.00 to $25.00 and gave the stock an “overweight” rating in a research report on Friday, March 13th. Citigroup reissued 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. Finally, JPMorgan Chase & Co. upped their price objective on Energy Transfer from $22.00 to $24.00 and gave the company an “overweight” rating in a research report on Tuesday, May 12th. Two analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, Energy Transfer has an average rating of “Buy” and a consensus target price of $23.45.

Energy Transfer Stock Down 0.6%

ET opened at $19.06 on Tuesday. The company has a debt-to-equity ratio of 1.50, a current ratio of 1.17 and a quick ratio of 0.93. The stock has a market capitalization of $65.60 billion, a price-to-earnings ratio of 15.89, a price-to-earnings-growth ratio of 1.11 and a beta of 0.55. The business has a 50-day moving average of $19.44 and a two-hundred day moving average of $18.53. Energy Transfer LP has a 12 month low of $16.18 and a 12 month high of $20.70.

Energy Transfer (NYSE:ET) last announced its quarterly earnings data 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). 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 analysts’ expectations of $25.78 billion. During the same quarter in the previous year, the company earned $0.36 earnings per share. The company’s revenue was up 32.1% on a year-over-year basis. On average, research analysts expect that Energy Transfer LP will post 1.43 earnings per share for the current year.

Energy Transfer Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, May 20th. Shareholders of record on Friday, May 8th were paid a dividend of $0.3375 per share. This is an increase from Energy Transfer’s previous quarterly dividend of $0.34. This represents a $1.35 dividend on an annualized basis and a yield of 7.1%. The ex-dividend date of this dividend was Friday, May 8th. Energy Transfer’s payout ratio 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.