Bowen Hanes & Co. Inc. Purchases New Holdings in Energy Transfer LP (NYSE:ET)

Bowen Hanes & Co. Inc. purchased a new stake in Energy Transfer LP (NYSE:ET) during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 550,000 shares of the pipeline company’s stock, valued at approximately $10,774,000.

Other institutional investors have also recently added to or reduced their stakes in the company. GAMMA Investing LLC acquired a new position in Energy Transfer in the 4th quarter valued at about $29,000. Assetmark Inc. increased its position in Energy Transfer by 2,138.5% during the 3rd quarter. Assetmark Inc. now owns 1,746 shares of the pipeline company’s stock worth $28,000 after purchasing an additional 1,668 shares during the period. United Community Bank acquired a new position in Energy Transfer during the 4th quarter worth approximately $35,000. Financial Life Planners acquired a new position in Energy Transfer during the 4th quarter worth approximately $37,000. Finally, Tortoise Investment Management LLC increased its position in Energy Transfer by 111.1% during the 4th quarter. Tortoise Investment Management LLC now owns 1,900 shares of the pipeline company’s stock worth $37,000 after purchasing an additional 1,000 shares during the period. Institutional investors and hedge funds own 38.22% of the company’s stock.

Energy Transfer Price Performance

ET stock opened at $18.42 on Thursday. Energy Transfer LP has a 1 year low of $14.90 and a 1 year high of $21.45. The company has a debt-to-equity ratio of 1.42, a quick ratio of 0.88 and a current ratio of 1.12. The stock’s 50 day moving average price is $19.70 and its 200 day moving average price is $18.14. The firm has a market cap of $63.19 billion, a P/E ratio of 14.39, a PEG ratio of 0.64 and a beta of 1.72.

Energy Transfer (NYSE:ET) last posted its earnings results on Tuesday, February 11th. The pipeline company reported $0.29 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.06). Energy Transfer had a net margin of 5.74% and a return on equity of 11.56%. On average, sell-side analysts expect that Energy Transfer LP will post 1.46 earnings per share for the current fiscal year.

Energy Transfer Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, February 19th. Investors of record on Friday, February 7th were paid a $0.325 dividend. The ex-dividend date of this dividend was Friday, February 7th. This represents a $1.30 dividend on an annualized basis and a yield of 7.06%. This is a positive change from Energy Transfer’s previous quarterly dividend of $0.32. Energy Transfer’s dividend payout ratio is presently 101.56%.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on ET shares. UBS Group reiterated a “buy” rating on shares of Energy Transfer in a research report on Tuesday, March 4th. Barclays boosted their target price on Energy Transfer from $22.00 to $25.00 and gave the stock an “overweight” rating in a research report on Monday, January 13th. Citigroup boosted their target price on Energy Transfer from $20.00 to $22.00 and gave the stock a “buy” rating in a research report on Tuesday, February 25th. Wells Fargo & Company upped their price target on Energy Transfer from $20.00 to $21.00 and gave the stock an “overweight” rating in a report on Wednesday, December 18th. Finally, The Goldman Sachs Group upped their price target on Energy Transfer from $17.00 to $20.00 and gave the stock a “neutral” rating in a report on Thursday, December 19th. One equities research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $21.55.

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.