Second Line Capital LLC Grows Stock Position in Energy Transfer LP (NYSE:ET)

Second Line Capital LLC grew its position in shares of Energy Transfer LP (NYSE:ET) by 7.5% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 23,509 shares of the pipeline company’s stock after purchasing an additional 1,642 shares during the period. Second Line Capital LLC’s holdings in Energy Transfer were worth $377,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Tortoise Capital Advisors L.L.C. lifted its holdings in Energy Transfer by 12.7% in the 2nd quarter. Tortoise Capital Advisors L.L.C. now owns 36,668,846 shares of the pipeline company’s stock worth $594,769,000 after buying an additional 4,141,715 shares in the last quarter. FMR LLC lifted its stake in shares of Energy Transfer by 44.0% in the third quarter. FMR LLC now owns 33,379,297 shares of the pipeline company’s stock worth $535,738,000 after acquiring an additional 10,195,768 shares in the last quarter. Westwood Holdings Group Inc. boosted its holdings in Energy Transfer by 1.1% in the second quarter. Westwood Holdings Group Inc. now owns 16,107,470 shares of the pipeline company’s stock valued at $261,263,000 after purchasing an additional 171,720 shares during the last quarter. Chickasaw Capital Management LLC increased its holdings in Energy Transfer by 3.1% during the 3rd quarter. Chickasaw Capital Management LLC now owns 15,350,521 shares of the pipeline company’s stock worth $246,376,000 after purchasing an additional 466,565 shares during the last quarter. Finally, Brookfield Corp ON raised its position in shares of Energy Transfer by 2.8% in the 3rd quarter. Brookfield Corp ON now owns 13,139,924 shares of the pipeline company’s stock valued at $210,896,000 after purchasing an additional 352,625 shares in the last quarter. 38.22% of the stock is owned by institutional investors and hedge funds.

Energy Transfer Stock Down 0.5 %

Shares of Energy Transfer stock opened at $18.74 on Wednesday. Energy Transfer LP has a twelve month low of $13.11 and a twelve month high of $20.02. The stock has a market capitalization of $64.16 billion, a price-to-earnings ratio of 13.78, a PEG ratio of 0.63 and a beta of 1.70. The company has a current ratio of 1.08, a quick ratio of 0.88 and a debt-to-equity ratio of 1.40. The business’s 50 day simple moving average is $17.35 and its 200-day simple moving average is $16.44.

Energy Transfer (NYSE:ET) last posted its earnings results on Wednesday, November 6th. The pipeline company reported $0.32 earnings per share (EPS) for the quarter, meeting 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 firm’s quarterly revenue was up .2% compared to the same quarter last year. During the same period last year, the business posted $0.31 earnings per share. Equities research analysts forecast that Energy Transfer LP will post 1.32 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. Shareholders of record on Friday, November 8th were paid a $0.3225 dividend. The ex-dividend date of this dividend was Friday, November 8th. This represents a $1.29 annualized dividend and a dividend yield of 6.88%. Energy Transfer’s payout ratio is currently 94.85%.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the stock. Royal Bank of Canada lifted their price target on shares of Energy Transfer from $20.00 to $23.00 and gave the stock an “outperform” rating in a research note on Monday. UBS Group upped their target price on shares of Energy Transfer from $22.00 to $23.00 and gave the company a “buy” rating in a research note on Wednesday, September 18th. Finally, Bank of America assumed coverage on Energy Transfer in a research note on Thursday, October 17th. They issued a “buy” rating and a $20.00 price target for the company. Eight research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $20.38.

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.