Connective Portfolio Management LLC Makes New Investment in Energy Transfer LP (NYSE:ET)

Connective Portfolio Management LLC purchased a new position in Energy Transfer LP (NYSE:ET - Free Report) during the 4th quarter, according to its most recent 13F filing with the SEC. The firm purchased 60,000 shares of the pipeline company's stock, valued at approximately $1,175,000. Energy Transfer comprises 1.7% of Connective Portfolio Management LLC's investment portfolio, making the stock its 25th largest position.

Other institutional investors and hedge funds also recently made changes to their positions in the company. FMR LLC lifted its holdings in shares of Energy Transfer by 44.0% during the 3rd 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 during the period. Westwood Holdings Group Inc. raised its position 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 worth $261,263,000 after purchasing an additional 171,720 shares in the last quarter. Chickasaw Capital Management LLC lifted its stake in Energy Transfer by 2.5% during the fourth quarter. Chickasaw Capital Management LLC now owns 15,738,594 shares of the pipeline company's stock worth $308,319,000 after purchasing an additional 388,073 shares during the period. Brookfield Corp ON boosted its holdings in Energy Transfer by 2.8% during the third 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. Finally, BNP Paribas Financial Markets grew its stake in shares of Energy Transfer by 36.7% in the 3rd quarter. BNP Paribas Financial Markets now owns 11,563,478 shares of the pipeline company's stock valued at $185,594,000 after purchasing an additional 3,106,631 shares during the period. Institutional investors own 38.22% of the company's stock.

Energy Transfer Price Performance

Shares of ET stock traded up $0.23 during trading hours on Thursday, reaching $20.27. 11,175,540 shares of the company were exchanged, compared to its average volume of 14,368,752. The stock's fifty day moving average is $18.85 and its two-hundred day moving average is $17.12. The company has a market cap of $69.42 billion, a price-to-earnings ratio of 14.90, a P/E/G ratio of 0.57 and a beta of 1.70. Energy Transfer LP has a fifty-two week low of $13.60 and a fifty-two week high of $20.32. The company has a debt-to-equity ratio of 1.40, a current ratio of 1.08 and a quick ratio of 0.88.

Energy Transfer (NYSE:ET - Get Free Report) last released 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 the consensus estimate of $21.59 billion. Energy Transfer had a net margin of 5.90% and a return on equity of 12.38%. The company's revenue was up .2% compared to the same quarter last year. During the same period in the prior year, the company posted $0.31 EPS. Sell-side analysts forecast that Energy Transfer LP will post 1.34 earnings per share for the current fiscal year.

Energy Transfer Cuts Dividend

The firm also recently announced 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 dividend yield of 6.36%. The ex-dividend date was Friday, November 8th. Energy Transfer's payout ratio is 94.85%.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on ET shares. Bank of America assumed coverage on Energy Transfer in a research report on Thursday, October 17th. They set a "buy" rating and a $20.00 target price for the company. Barclays boosted their target price on shares of Energy Transfer from $22.00 to $25.00 and gave the company an "overweight" rating in a research note on Monday. Wells Fargo & Company increased their target price on shares of Energy Transfer from $20.00 to $21.00 and gave the stock an "overweight" rating in a research report on Wednesday, December 18th. Royal Bank of Canada lifted their price target on shares of Energy Transfer from $20.00 to $23.00 and gave the company an "outperform" rating in a report on Monday, December 9th. Finally, UBS Group upped their price objective on shares of Energy Transfer from $22.00 to $23.00 and gave the stock a "buy" rating in a research note on Wednesday, September 18th. One investment analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $20.82.

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.