Synovus Financial Corp Acquires 34,749 Shares of Energy Transfer LP (NYSE:ET)

Synovus Financial Corp lifted its holdings in shares of Energy Transfer LP (NYSE:ET - Free Report) by 69.8% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 84,530 shares of the pipeline company's stock after acquiring an additional 34,749 shares during the period. Synovus Financial Corp's holdings in Energy Transfer were worth $1,357,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the business. Fortis Capital Management LLC boosted its stake in shares of Energy Transfer by 2.0% in the 3rd quarter. Fortis Capital Management LLC now owns 31,956 shares of the pipeline company's stock worth $513,000 after buying an additional 634 shares during the last quarter. Princeton Global Asset Management LLC grew its stake in Energy Transfer by 65.0% in the 3rd quarter. Princeton Global Asset Management LLC now owns 1,650 shares of the pipeline company's stock valued at $26,000 after purchasing an additional 650 shares during the period. Veracity Capital LLC increased its position in shares of Energy Transfer by 2.0% during the 2nd quarter. Veracity Capital LLC now owns 33,575 shares of the pipeline company's stock valued at $545,000 after purchasing an additional 659 shares during the last quarter. Haverford Trust Co raised its stake in shares of Energy Transfer by 0.7% during the 3rd quarter. Haverford Trust Co now owns 102,176 shares of the pipeline company's stock worth $1,640,000 after purchasing an additional 675 shares during the period. Finally, Rockwood Wealth Management LLC boosted its holdings in shares of Energy Transfer by 0.5% in the 2nd quarter. Rockwood Wealth Management LLC now owns 128,122 shares of the pipeline company's stock worth $2,078,000 after buying an additional 700 shares during the last quarter. Institutional investors own 38.22% of the company's stock.

Energy Transfer Price Performance

NYSE:ET traded down $0.33 during mid-day trading on Monday, hitting $18.71. 12,467,900 shares of the stock traded hands, compared to its average volume of 13,661,238. Energy Transfer LP has a 12-month low of $13.60 and a 12-month high of $20.02. The company has a quick ratio of 0.88, a current ratio of 1.08 and a debt-to-equity ratio of 1.40. The company has a market cap of $64.06 billion, a PE ratio of 13.89, a price-to-earnings-growth ratio of 0.63 and a beta of 1.70. The business's 50-day moving average price is $17.58 and its 200 day moving average price is $16.54.

Energy Transfer (NYSE:ET - Get Free Report) last announced its earnings results on Wednesday, November 6th. The pipeline company reported $0.32 earnings per share 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 business had revenue of $20.77 billion for the quarter, compared to the consensus estimate of $21.59 billion. During the same period last year, the firm posted $0.31 earnings per share. Energy Transfer's quarterly revenue was up .2% on a year-over-year basis. On average, analysts expect that Energy Transfer LP will post 1.32 EPS for the current fiscal year.

Energy Transfer Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, November 19th. Shareholders of record on Friday, November 8th were given a $0.3225 dividend. The ex-dividend date was Friday, November 8th. This represents a $1.29 annualized dividend and a yield of 6.89%. Energy Transfer's payout ratio is currently 94.85%.

Wall Street Analysts Forecast Growth

Several brokerages have commented on ET. Royal Bank of Canada lifted their price objective on shares of Energy Transfer from $20.00 to $23.00 and gave the stock an "outperform" rating in a research report on Monday, December 9th. UBS Group upped their price objective on 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 initiated coverage on Energy Transfer in a research report on Thursday, October 17th. They issued a "buy" rating and a $20.00 target price for the company. Eight equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Energy Transfer has an average rating of "Buy" and an average target price of $20.38.

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.