Chase Investment Counsel Corp Raises Stake in Energy Transfer LP (NYSE:ET)

Chase Investment Counsel Corp raised its holdings in shares of Energy Transfer LP (NYSE:ET - Free Report) by 61.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 82,285 shares of the pipeline company's stock after purchasing an additional 31,246 shares during the quarter. Chase Investment Counsel Corp's holdings in Energy Transfer were worth $1,320,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Tortoise Capital Advisors L.L.C. lifted its position in shares of Energy Transfer by 12.7% during the second quarter. Tortoise Capital Advisors L.L.C. now owns 36,668,846 shares of the pipeline company's stock valued at $594,769,000 after buying an additional 4,141,715 shares during the last quarter. International Assets Investment Management LLC grew its stake in Energy Transfer by 1,491.0% during the 3rd quarter. International Assets Investment Management LLC now owns 4,175,731 shares of the pipeline company's stock worth $67,020,000 after buying an additional 3,913,266 shares during the last quarter. Natixis increased its position in Energy Transfer by 20.0% during the 1st quarter. Natixis now owns 18,020,559 shares of the pipeline company's stock valued at $283,463,000 after buying an additional 2,999,300 shares in the last quarter. Payden & Rygel Investment Group purchased a new stake in Energy Transfer in the first quarter valued at about $20,164,000. Finally, Pathway Financial Advisers LLC boosted its holdings in Energy Transfer by 1,837.4% in the third quarter. Pathway Financial Advisers LLC now owns 1,338,885 shares of the pipeline company's stock worth $21,489,000 after acquiring an additional 1,269,778 shares in the last quarter. 38.22% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, EVP Gregory G. Mcilwain bought 20,000 shares of the company's stock in a transaction dated Friday, August 23rd. The shares were acquired at an average price of $15.68 per share, with a total value of $313,600.00. Following the completion of the acquisition, the executive vice president now owns 591,211 shares in the company, valued at approximately $9,270,188.48. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 3.28% of the company's stock.

Analysts Set New Price Targets

ET has been the subject of several research analyst reports. UBS Group increased their price objective on shares of Energy Transfer from $22.00 to $23.00 and gave the company a "buy" rating in a research report on Wednesday, September 18th. Bank of America began coverage on Energy Transfer in a research report on Thursday, October 17th. They set a "buy" rating and a $20.00 price target for the company. Finally, Royal Bank of Canada raised their target price on Energy Transfer from $19.00 to $20.00 and gave the company an "outperform" rating in a research report on Wednesday, October 16th. Eight research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has an average rating of "Buy" and a consensus target price of $20.00.

Energy Transfer Trading Up 0.2 %

NYSE ET traded up $0.03 on Wednesday, reaching $17.08. 7,654,664 shares of the company were exchanged, compared to its average volume of 13,268,183. The company has a current ratio of 1.08, a quick ratio of 0.92 and a debt-to-equity ratio of 1.40. The business's fifty day moving average price is $16.35 and its 200 day moving average price is $16.07. The stock has a market capitalization of $58.48 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 LP has a fifty-two week low of $13.11 and a fifty-two week high of $17.71.

Energy Transfer (NYSE:ET - Get Free Report) last announced its quarterly earnings data on Wednesday, November 6th. The pipeline company reported $0.32 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.32. Energy Transfer had a net margin of 5.90% and a return on equity of 12.38%. The firm had revenue of $20.77 billion during the quarter, compared to analyst estimates of $21.59 billion. During the same quarter in the prior year, the firm posted $0.31 earnings per share. Energy Transfer's quarterly revenue was up .2% on a year-over-year basis. Analysts forecast that Energy Transfer LP will post 1.34 earnings per share for the current year.

Energy Transfer Cuts Dividend

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

Energy Transfer 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.