Cannell & Spears LLC Reduces Holdings in Energy Transfer LP $ET

Cannell & Spears LLC decreased its position in shares of Energy Transfer LP (NYSE:ET) by 20.5% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 192,551 shares of the pipeline company’s stock after selling 49,546 shares during the period. Cannell & Spears LLC’s holdings in Energy Transfer were worth $3,716,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in the business. Morgan Stanley boosted its stake in Energy Transfer by 41.6% during the 4th quarter. Morgan Stanley now owns 86,310,272 shares of the pipeline company’s stock valued at $1,423,256,000 after acquiring an additional 25,366,594 shares during the last quarter. Alps Advisors Inc. lifted its holdings in Energy Transfer by 8.0% during the 4th quarter. Alps Advisors Inc. now owns 83,843,087 shares of the pipeline company’s stock worth $1,382,573,000 after buying an additional 6,192,066 shares during the last quarter. Mizuho Markets Americas LLC acquired a new position in shares of Energy Transfer in the 1st quarter worth approximately $61,760,000. Invesco Ltd. grew its position in shares of Energy Transfer by 3.2% in the 3rd quarter. Invesco Ltd. now owns 57,862,666 shares of the pipeline company’s stock worth $992,923,000 after acquiring an additional 1,773,042 shares in the last quarter. Finally, Jump Financial LLC increased its holdings in shares of Energy Transfer by 128.0% in the 4th quarter. Jump Financial LLC now owns 2,585,439 shares of the pipeline company’s stock valued at $42,634,000 after acquiring an additional 1,451,613 shares during the last quarter. 38.22% of the stock is owned by institutional investors and hedge funds.

Energy Transfer Stock Performance

Shares of NYSE ET opened at $20.38 on Friday. Energy Transfer LP has a 12-month low of $16.18 and a 12-month high of $20.70. The company has a market cap of $70.11 billion, a PE ratio of 16.98, a P/E/G ratio of 1.18 and a beta of 0.55. The stock has a 50 day simple moving average of $19.55 and a 200-day simple moving average of $18.97. 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 (NYSE:ET) last posted its earnings results on Tuesday, May 5th. The pipeline company reported $0.35 EPS for the quarter, missing the consensus estimate of $0.40 by ($0.05). Energy Transfer had a net margin of 4.66% and a return on equity of 9.77%. The business had revenue of $27.77 billion during the quarter, compared to analyst estimates of $25.78 billion. During the same quarter in the prior year, the business earned $0.36 earnings per share. The firm’s revenue was up 32.1% compared to the same quarter last year. On average, equities research analysts forecast that Energy Transfer LP will post 1.43 EPS for the current year.

Energy Transfer Increases Dividend

The company 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 represents a $1.35 dividend on an annualized basis and a yield of 6.6%. The ex-dividend date of this dividend was Friday, May 8th. This is an increase from Energy Transfer’s previous quarterly dividend of $0.34. Energy Transfer’s dividend payout ratio is 112.50%.

Energy Transfer News Roundup

Here are the key news stories impacting Energy Transfer this week:

• Positive Sentiment: ET was featured as a low-beta stock that can help reduce portfolio risk, with stable fee-based revenues and growth projects supporting its defensive appeal. 3 Low-Beta Stocks to Minimize Portfolio Risk: LQDA, ET & PBF
• Positive Sentiment: Analysts and market commentary say Energy Transfer may be undervalued after raising EBITDA guidance, which could support the stock’s upside potential. Energy Transfer (ET) Could Be 13% Undervalued Following Raised EBITDA Guidance
• Positive Sentiment: The company affirmed its income appeal by announcing a quarterly cash distribution on Series I preferred units, signaling continued cash returns to investors. Energy Transfer LP Announces Cash Distribution on Series I Preferred Units
• Positive Sentiment: ET is being highlighted as a high-yield stock with strong analyst support and room to run, reinforcing investor interest in the name. 5 High-Yield Stocks With Analyst Support and Room to Run
• Neutral Sentiment: Several articles note that Zacks users have been searching for ET more frequently, suggesting rising attention but not a clear fundamental catalyst. Energy Transfer LP (ET) is Attracting Investor Attention: Here is What You Should Know
• Neutral Sentiment: ET was also mentioned in broader industry pieces on pipeline MLPs and dividend stocks, which support the bullish case but do not add a company-specific catalyst. 3 Oil Pipeline MLP Stocks Riding on Favorable Industry Trends

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on ET. TD Cowen restated a “buy” rating and set a $24.00 price objective (up from $23.00) on shares of Energy Transfer in a research note on Thursday, July 16th. Weiss Ratings restated a “buy (b)” rating on shares of Energy Transfer in a research report on Friday, June 5th. Zacks Research upgraded Energy Transfer from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 13th. JPMorgan Chase & Co. increased their target price on Energy Transfer from $22.00 to $24.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 12th. Finally, UBS Group reiterated a “buy” rating on shares of Energy Transfer in a research note on Tuesday, May 12th. Three research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, Energy Transfer has a consensus rating of “Buy” and an average price target of $23.50.

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.