Canton Hathaway LLC Boosts Holdings in Energy Transfer LP (NYSE:ET)

Canton Hathaway LLC lifted its position in shares of Energy Transfer LP (NYSE:ET) by 20.0% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 24,000 shares of the pipeline company’s stock after purchasing an additional 4,000 shares during the period. Canton Hathaway LLC’s holdings in Energy Transfer were worth $385,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in ET. Princeton Global Asset Management LLC grew its stake 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 valued at $26,000 after purchasing an additional 650 shares in the last quarter. Assetmark Inc. boosted its stake in shares of Energy Transfer by 2,138.5% during 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 last quarter. LRI Investments LLC acquired a new stake in shares of Energy Transfer during the first quarter worth approximately $29,000. HWG Holdings LP bought a new stake in shares of Energy Transfer in the second quarter worth $33,000. Finally, Sugarloaf Wealth Management LLC raised its holdings in Energy Transfer by 43.6% in the third quarter. Sugarloaf Wealth Management LLC now owns 2,472 shares of the pipeline company’s stock valued at $40,000 after acquiring an additional 750 shares in the last quarter. 38.22% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

Energy Transfer Price Performance

ET opened at $19.08 on Monday. The company has a quick ratio of 0.88, a current ratio of 1.08 and a debt-to-equity ratio of 1.40. The company’s 50-day moving average price is $16.66 and its 200 day moving average price is $16.18. Energy Transfer LP has a fifty-two week low of $13.11 and a fifty-two week high of $19.20. The firm has a market cap of $65.33 billion, a price-to-earnings ratio of 14.02, a price-to-earnings-growth ratio of 0.61 and a beta of 1.66.

Energy Transfer (NYSE:ET) last announced its quarterly earnings results on Wednesday, November 6th. The pipeline company reported $0.32 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.32. The business had revenue of $20.77 billion for the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same quarter last year, the business posted $0.31 EPS. As a group, sell-side analysts expect that Energy Transfer LP will post 1.34 earnings per share for the current year.

Energy Transfer Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, November 19th. Stockholders 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 annualized dividend and a dividend yield of 6.76%. Energy Transfer’s dividend payout ratio 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.