Citizens Financial Group Inc. RI Makes New $396,000 Investment in Energy Transfer LP (NYSE:ET)

Citizens Financial Group Inc. RI purchased a new stake in Energy Transfer LP (NYSE:ET) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 24,683 shares of the pipeline company’s stock, valued at approximately $396,000.

A number of other hedge funds have also modified their holdings of the company. CreativeOne Wealth LLC lifted its holdings in Energy Transfer by 14.5% during the first quarter. CreativeOne Wealth LLC now owns 24,810 shares of the pipeline company’s stock worth $390,000 after acquiring an additional 3,141 shares in the last quarter. Gamco Investors INC. ET AL lifted its holdings in shares of Energy Transfer by 373.2% during the 1st quarter. Gamco Investors INC. ET AL now owns 88,755 shares of the pipeline company’s stock valued at $1,396,000 after purchasing an additional 70,000 shares in the last quarter. SVB Wealth LLC grew its position in shares of Energy Transfer by 40.1% in the 1st quarter. SVB Wealth LLC now owns 31,669 shares of the pipeline company’s stock valued at $498,000 after purchasing an additional 9,072 shares during the period. Berkley W R Corp increased its stake in Energy Transfer by 11.6% during the 1st quarter. Berkley W R Corp now owns 5,334,494 shares of the pipeline company’s stock worth $83,912,000 after purchasing an additional 555,445 shares in the last quarter. Finally, Ashford Capital Management Inc. raised its holdings in Energy Transfer by 281.8% during the 1st quarter. Ashford Capital Management Inc. now owns 155,943 shares of the pipeline company’s stock worth $2,453,000 after buying an additional 115,100 shares during the period. 38.22% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have recently weighed in on ET shares. Bank of America assumed coverage on shares of Energy Transfer in a report on Thursday, October 17th. They issued a “buy” rating and a $20.00 price target for the company. Royal Bank of Canada upped their target price on shares of Energy Transfer from $19.00 to $20.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Finally, UBS Group boosted their price target on Energy Transfer from $22.00 to $23.00 and gave the company a “buy” rating in a report on Wednesday, September 18th. Eight equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $20.00.

Energy Transfer Price Performance

NYSE:ET opened at $19.07 on Friday. Energy Transfer LP has a 52-week low of $13.11 and a 52-week high of $19.20. The company has a market cap of $65.29 billion, a P/E ratio of 14.02, a P/E/G ratio of 0.61 and a beta of 1.66. The company has a debt-to-equity ratio of 1.40, a quick ratio of 0.88 and a current ratio of 1.08. The stock’s 50-day simple moving average is $16.66 and its 200 day simple moving average is $16.18.

Energy Transfer (NYSE:ET) last announced its quarterly earnings data on Wednesday, November 6th. The pipeline company reported $0.32 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.32. The company had revenue of $20.77 billion for 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 business’s revenue was up .2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.31 EPS. As a group, sell-side analysts forecast that Energy Transfer LP will post 1.34 EPS for the current fiscal year.

Energy Transfer Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, November 19th. Shareholders of record on Friday, November 8th were given a dividend of $0.3225 per share. This represents a $1.29 annualized dividend and a yield of 6.76%. The ex-dividend date was Friday, November 8th. Energy Transfer’s dividend payout ratio (DPR) is currently 94.85%.

About Energy Transfer

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.