Fortis Capital Management LLC Increases Position in Energy Transfer LP (NYSE:ET)

Fortis Capital Management LLC lifted its stake in shares of Energy Transfer LP (NYSE:ET) by 2.0% during the third quarter, Holdings Channel reports. The fund owned 31,956 shares of the pipeline company’s stock after acquiring an additional 634 shares during the period. Fortis Capital Management LLC’s holdings in Energy Transfer were worth $513,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of ET. Berkley W R Corp boosted its stake in Energy Transfer by 11.6% in the first quarter. Berkley W R Corp now owns 5,334,494 shares of the pipeline company’s stock valued at $83,912,000 after acquiring an additional 555,445 shares in the last quarter. GFS Advisors LLC increased its holdings in Energy Transfer by 19,380.5% in the third quarter. GFS Advisors LLC now owns 60,000 shares of the pipeline company’s stock valued at $963,000 after buying an additional 59,692 shares in the last quarter. Cetera Investment Advisers increased its holdings in Energy Transfer by 491.3% in the first quarter. Cetera Investment Advisers now owns 1,290,364 shares of the pipeline company’s stock valued at $20,297,000 after buying an additional 1,072,144 shares in the last quarter. International Assets Investment Management LLC grew its position in shares of Energy Transfer by 1,491.0% in the third quarter. International Assets Investment Management LLC now owns 4,175,731 shares of the pipeline company’s stock valued at $67,020,000 after purchasing an additional 3,913,266 shares during the last quarter. Finally, Chickasaw Capital Management LLC boosted its position in Energy Transfer by 3.1% during the third quarter. Chickasaw Capital Management LLC now owns 15,350,521 shares of the pipeline company’s stock worth $246,376,000 after acquiring an additional 466,565 shares during the last quarter. Institutional investors and hedge funds own 38.22% of the company’s stock.

Insider Buying and Selling at Energy Transfer

In other Energy Transfer news, EVP Gregory G. Mcilwain acquired 20,000 shares of the business’s stock in a transaction dated Friday, August 23rd. The shares were acquired at an average price of $15.68 per share, for a total transaction of $313,600.00. Following the acquisition, the executive vice president now directly owns 591,211 shares of the company’s stock, valued at approximately $9,270,188.48. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 3.28% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on ET. Royal Bank of Canada increased their target price on shares of Energy Transfer from $19.00 to $20.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Bank of America began coverage on shares of Energy Transfer in a report on Thursday, October 17th. They issued a “buy” rating and a $20.00 price target on the stock. Finally, UBS Group raised their price target on Energy Transfer from $22.00 to $23.00 and gave the stock a “buy” rating in a report on Wednesday, September 18th. Eight equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $20.00.

Energy Transfer Stock Performance

Energy Transfer stock opened at $17.09 on Thursday. The firm’s 50 day simple moving average is $16.35 and its 200-day simple moving average is $16.07. Energy Transfer LP has a fifty-two week low of $13.11 and a fifty-two week high of $17.71. The company has a debt-to-equity ratio of 1.40, a current ratio of 1.08 and a quick ratio of 0.92. The company has a market cap of $58.51 billion, a P/E ratio of 12.57, a price-to-earnings-growth ratio of 0.52 and a beta of 1.66.

Energy Transfer (NYSE:ET) last released its quarterly earnings data on Wednesday, November 6th. The pipeline company reported $0.32 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.32. The business had revenue of $20.77 billion during the quarter, compared to analyst estimates of $21.59 billion. Energy Transfer had a net margin of 5.90% and a return on equity of 12.38%. Energy Transfer’s quarterly revenue was up .2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.31 EPS. As a group, equities research analysts predict that Energy Transfer LP will post 1.34 EPS for the current year.

Energy Transfer Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 19th. Stockholders of record on Friday, November 8th will be paid a $0.3225 dividend. This represents a $1.29 dividend on an annualized basis and a dividend yield of 7.55%. The ex-dividend date is Friday, November 8th. Energy Transfer’s dividend payout ratio (DPR) is currently 94.85%.

Energy Transfer Company 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.