Summit Financial LLC Buys 476,308 Shares of Energy Transfer LP (NYSE:ET)

Summit Financial LLC boosted its holdings in shares of Energy Transfer LP (NYSE:ET - Free Report) by 227.7% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 685,525 shares of the pipeline company's stock after buying an additional 476,308 shares during the period. Summit Financial LLC's holdings in Energy Transfer were worth $13,429,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Thrivent Financial for Lutherans raised its position in Energy Transfer by 57.0% during the third quarter. Thrivent Financial for Lutherans now owns 21,671 shares of the pipeline company's stock valued at $348,000 after purchasing an additional 7,870 shares in the last quarter. CreativeOne Wealth LLC boosted its stake in Energy Transfer by 27.7% in the third quarter. CreativeOne Wealth LLC now owns 43,087 shares of the pipeline company's stock worth $692,000 after buying an additional 9,335 shares in the last quarter. Captrust Financial Advisors grew its position in Energy Transfer by 6.1% during the third quarter. Captrust Financial Advisors now owns 502,486 shares of the pipeline company's stock valued at $8,065,000 after acquiring an additional 29,076 shares during the last quarter. Ironwood Investment Counsel LLC raised its stake in shares of Energy Transfer by 16.5% during the third quarter. Ironwood Investment Counsel LLC now owns 16,949 shares of the pipeline company's stock worth $272,000 after acquiring an additional 2,404 shares in the last quarter. Finally, Clear Street Derivatives LLC bought a new stake in shares of Energy Transfer in the 3rd quarter worth approximately $2,565,000. 38.22% of the stock is currently owned by hedge funds and other institutional investors.

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Energy Transfer Trading Down 5.3 %

NYSE ET traded down $1.01 during trading on Thursday, hitting $17.92. The company had a trading volume of 19,185,647 shares, compared to its average volume of 14,593,324. The company's fifty day moving average is $19.34 and its 200-day moving average is $18.43. Energy Transfer LP has a one year low of $14.90 and a one year high of $21.45. The company has a current ratio of 1.12, a quick ratio of 0.88 and a debt-to-equity ratio of 1.42. The company has a market cap of $61.49 billion, a price-to-earnings ratio of 14.00, a price-to-earnings-growth ratio of 0.64 and a beta of 1.72.

Energy Transfer (NYSE:ET - Get Free Report) last released its quarterly earnings results on Tuesday, February 11th. The pipeline company reported $0.29 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.35 by ($0.06). Energy Transfer had a return on equity of 11.56% and a net margin of 5.74%. On average, sell-side analysts predict that Energy Transfer LP will post 1.46 earnings per share for the current year.

Energy Transfer Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, February 19th. Stockholders of record on Friday, February 7th were issued a dividend of $0.325 per share. This represents a $1.30 dividend on an annualized basis and a dividend yield of 7.25%. The ex-dividend date of this dividend was Friday, February 7th. This is a boost from Energy Transfer's previous quarterly dividend of $0.32. Energy Transfer's payout ratio is 101.56%.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on ET shares. Royal Bank of Canada reiterated an "outperform" rating and issued a $23.00 target price on shares of Energy Transfer in a research report on Tuesday, March 25th. The Goldman Sachs Group boosted their target price on Energy Transfer from $17.00 to $20.00 and gave the company a "neutral" rating in a research note on Thursday, December 19th. Barclays raised their price target on Energy Transfer from $22.00 to $25.00 and gave the stock an "overweight" rating in a research report on Monday, January 13th. Citigroup reiterated a "buy" rating on shares of Energy Transfer in a research report on Monday, March 24th. Finally, Morgan Stanley raised their target price on shares of Energy Transfer from $20.00 to $26.00 and gave the stock an "overweight" rating in a report on Tuesday, March 25th. One investment analyst has rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, Energy Transfer currently has an average rating of "Moderate Buy" and a consensus target price of $22.09.

Energy Transfer Company 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.