Energy Transfer LP (NYSE:ET) is Spirit of America Management Corp NY's 4th Largest Position

Spirit of America Management Corp NY cut its stake in Energy Transfer LP (NYSE:ET - Free Report) by 9.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 574,700 shares of the pipeline company's stock after selling 61,000 shares during the period. Energy Transfer makes up approximately 2.3% of Spirit of America Management Corp NY's holdings, making the stock its 4th largest holding. Spirit of America Management Corp NY's holdings in Energy Transfer were worth $11,258,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. FMR LLC increased its stake 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 purchasing an additional 10,195,768 shares in the last quarter. International Assets Investment Management LLC boosted its position in Energy Transfer by 1,491.0% during the third quarter. International Assets Investment Management LLC now owns 4,175,731 shares of the pipeline company's stock worth $67,020,000 after acquiring an additional 3,913,266 shares during the last quarter. BNP Paribas Financial Markets grew its stake in 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 worth $185,594,000 after acquiring an additional 3,106,631 shares during the period. Citigroup Inc. lifted its stake in shares of Energy Transfer by 45.9% during the 3rd quarter. Citigroup Inc. now owns 9,581,762 shares of the pipeline company's stock worth $153,787,000 after purchasing an additional 3,013,973 shares during the period. Finally, Pathway Financial Advisers LLC lifted its stake in shares of Energy Transfer by 1,837.4% during the 3rd quarter. Pathway Financial Advisers LLC now owns 1,338,885 shares of the pipeline company's stock worth $21,489,000 after purchasing an additional 1,269,778 shares during the period. 38.22% of the stock is owned by hedge funds and other institutional investors.

Energy Transfer Stock Up 0.0 %

Shares of NYSE ET opened at $20.77 on Wednesday. Energy Transfer LP has a 12-month low of $13.79 and a 12-month high of $21.45. The company has a market cap of $71.10 billion, a P/E ratio of 15.27, a P/E/G ratio of 0.54 and a beta of 1.69. 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 stock has a fifty day moving average price of $19.63 and a 200 day moving average price of $17.54.

Energy Transfer (NYSE:ET - Get Free Report) last announced its quarterly earnings results on Wednesday, November 6th. The pipeline company reported $0.32 earnings per share (EPS) for the quarter, meeting 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 the consensus estimate of $21.59 billion. During the same period in the prior year, the firm earned $0.31 EPS. The firm's quarterly revenue was up .2% compared to the same quarter last year. Research analysts anticipate that Energy Transfer LP will post 1.36 EPS for the current fiscal year.

Energy Transfer Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, February 19th. Stockholders of record on Friday, February 7th will be paid a dividend of $0.325 per share. The ex-dividend date of this dividend is Friday, February 7th. This is an increase from Energy Transfer's previous quarterly dividend of $0.32. This represents a $1.30 annualized dividend and a dividend yield of 6.26%. Energy Transfer's dividend payout ratio (DPR) is currently 94.85%.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. Wells Fargo & Company increased their price target on Energy Transfer from $20.00 to $21.00 and gave the stock an "overweight" rating in a research note on Wednesday, December 18th. Barclays increased their price target on Energy Transfer from $22.00 to $25.00 and gave the stock an "overweight" rating in a research note on Monday, January 13th. Bank of America assumed coverage on Energy Transfer in a research note on Thursday, October 17th. They set a "buy" rating and a $20.00 price target on the stock. Royal Bank of Canada increased their price target on Energy Transfer from $20.00 to $23.00 and gave the stock an "outperform" rating in a research note on Monday, December 9th. Finally, The Goldman Sachs Group increased their target price on Energy Transfer from $17.00 to $20.00 and gave the stock a "neutral" rating in a research report on Thursday, December 19th. One equities research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $20.82.

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.

Want to see what other hedge funds are holding ET? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Energy Transfer LP (NYSE:ET - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.