Cornerstone Wealth Management LLC Increases Position in Energy Transfer LP (NYSE:ET)

Cornerstone Wealth Management LLC increased its position in Energy Transfer LP (NYSE:ET) by 2.6% in the fourth quarter, HoldingsChannel.com reports. The fund owned 44,322 shares of the pipeline company’s stock after buying an additional 1,142 shares during the period. Cornerstone Wealth Management LLC’s holdings in Energy Transfer were worth $868,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ET. GAMMA Investing LLC purchased a new position in shares of Energy Transfer during the fourth quarter worth $29,000. Princeton Global Asset Management LLC grew its position in Energy Transfer by 65.0% during the 3rd quarter. Princeton Global Asset Management LLC now owns 1,650 shares of the pipeline company’s stock worth $26,000 after purchasing an additional 650 shares during the period. Assetmark Inc. lifted its holdings in shares of Energy Transfer by 2,138.5% in the 3rd quarter. Assetmark Inc. now owns 1,746 shares of the pipeline company’s stock valued at $28,000 after buying an additional 1,668 shares during the period. HWG Holdings LP purchased a new stake in shares of Energy Transfer in the second quarter worth about $33,000. Finally, Continuum Advisory LLC grew its holdings in Energy Transfer by 44.8% during the third quarter. Continuum Advisory LLC now owns 2,357 shares of the pipeline company’s stock worth $40,000 after acquiring an additional 729 shares during the period. Institutional investors and hedge funds own 38.22% of the company’s stock.

Energy Transfer Trading Down 0.6 %

ET stock opened at $20.93 on Friday. The business’s 50-day moving average is $19.39 and its 200 day moving average is $17.34. Energy Transfer LP has a 12-month low of $13.79 and a 12-month high of $21.45. The stock has a market cap of $71.68 billion, a price-to-earnings ratio of 15.39, a PEG ratio of 0.55 and a beta of 1.70. The company has a current ratio of 1.08, a quick ratio of 0.88 and a debt-to-equity ratio of 1.40.

Energy Transfer (NYSE:ET) last issued its quarterly earnings results on Wednesday, November 6th. The pipeline company reported $0.32 EPS for the quarter, hitting the consensus estimate of $0.32. The firm had revenue of $20.77 billion during the quarter, compared to analysts’ expectations of $21.59 billion. Energy Transfer had a return on equity of 12.38% and a net margin of 5.90%. The firm’s revenue for the quarter was up .2% on a year-over-year basis. During the same period in the previous year, the business earned $0.31 earnings per share. On average, sell-side analysts anticipate that Energy Transfer LP will post 1.37 EPS for the current fiscal year.

Energy Transfer Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, November 19th. Investors of record on Friday, November 8th were given a dividend of $0.3225 per share. The ex-dividend date of this dividend was Friday, November 8th. This represents a $1.29 dividend on an annualized basis and a yield of 6.16%. Energy Transfer’s payout ratio is presently 94.85%.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the company. Bank of America assumed coverage on Energy Transfer in a research report on Thursday, October 17th. They issued a “buy” rating and a $20.00 price objective on the stock. Wells Fargo & Company increased their price target on shares of Energy Transfer from $20.00 to $21.00 and gave the stock an “overweight” rating in a report on Wednesday, December 18th. Royal Bank of Canada raised their price target on shares of Energy Transfer from $20.00 to $23.00 and gave the company an “outperform” rating in a research report on Monday, December 9th. Barclays upped their price objective on shares of Energy Transfer from $22.00 to $25.00 and gave the stock an “overweight” rating in a research report on Monday, January 13th. Finally, The Goldman Sachs Group raised their target price on Energy Transfer from $17.00 to $20.00 and gave the company a “neutral” rating in a research report on Thursday, December 19th. One analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $20.82.

Energy Transfer Profile

Energy Transfer LP provides energy-related services. The company owns and operates natural gas transportation pipeline, and natural gas storage facilities in Texas and Oklahoma; and approximately 20,090 miles of interstate natural gas pipeline. It also sells natural gas to electric utilities, independent power plants, local distribution and other marketing companies, and industrial end-users.