Energy Transfer LP (NYSE:ET) is Longfellow Investment Management Co. LLC’s 2nd Largest Position

Longfellow Investment Management Co. LLC lessened its stake in Energy Transfer LP (NYSE:ET) by 11.6% during the 3rd quarter, Holdings Channel.com reports. The firm owned 2,956,884 shares of the pipeline company’s stock after selling 387,046 shares during the quarter. Energy Transfer accounts for 11.9% of Longfellow Investment Management Co. LLC’s investment portfolio, making the stock its 2nd biggest holding. Longfellow Investment Management Co. LLC’s holdings in Energy Transfer were worth $47,458,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Princeton Global Asset Management LLC boosted its position in shares of Energy Transfer by 65.0% in 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 in the last quarter. Assetmark Inc. boosted its holdings in Energy Transfer by 2,138.5% in the third quarter. Assetmark Inc. now owns 1,746 shares of the pipeline company’s stock worth $28,000 after acquiring an additional 1,668 shares in the last quarter. LRI Investments LLC purchased a new stake in shares of Energy Transfer during the first quarter worth about $29,000. HWG Holdings LP acquired a new position in shares of Energy Transfer during the second quarter valued at about $33,000. Finally, Sugarloaf Wealth Management LLC raised its position in shares of Energy Transfer by 43.6% in the 3rd quarter. Sugarloaf Wealth Management LLC now owns 2,472 shares of the pipeline company’s stock valued at $40,000 after purchasing an additional 750 shares during the last quarter. 38.22% of the stock is currently owned by institutional investors.

Energy Transfer Price Performance

NYSE:ET opened at $19.12 on Monday. The stock has a 50 day moving average of $16.66 and a two-hundred day moving average of $16.18. Energy Transfer LP has a 12 month low of $13.11 and a 12 month high of $19.20. The firm has a market cap of $65.47 billion, a P/E ratio of 14.02, a price-to-earnings-growth ratio of 0.61 and a beta of 1.66. 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. Energy Transfer had a return on equity of 12.38% and a net margin of 5.90%. The firm had revenue of $20.77 billion during the quarter, compared to analysts’ expectations of $21.59 billion. During the same period in the previous year, the business earned $0.31 earnings per share. The firm’s revenue for the quarter was up .2% on a year-over-year basis. On average, analysts expect that Energy Transfer LP will post 1.34 earnings per share for the current fiscal year.

Energy Transfer Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, November 19th. Shareholders of record on Friday, November 8th were paid a $0.3225 dividend. This represents a $1.29 dividend on an annualized basis and a dividend yield of 6.75%. The ex-dividend date was Friday, November 8th. Energy Transfer’s dividend payout ratio (DPR) is presently 94.85%.

Analyst Ratings Changes

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

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.