Gateway Wealth Partners LLC Increases Stock Position in Energy Transfer LP $ET

Gateway Wealth Partners LLC grew its holdings in Energy Transfer LP (NYSE:ET) by 114.6% in the first quarter, Holdings Channel reports. The firm owned 119,838 shares of the pipeline company’s stock after buying an additional 64,000 shares during the quarter. Gateway Wealth Partners LLC’s holdings in Energy Transfer were worth $2,313,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Basepoint Wealth LLC bought a new position in Energy Transfer in the fourth quarter worth approximately $25,000. Gables Capital Management Inc. raised its position in shares of Energy Transfer by 60.0% in the 4th quarter. Gables Capital Management Inc. now owns 1,600 shares of the pipeline company’s stock worth $26,000 after acquiring an additional 600 shares in the last quarter. Cassaday & Co Wealth Management LLC purchased a new stake in shares of Energy Transfer during the 1st quarter worth $35,000. Sarver Vrooman Wealth Advisors purchased a new stake in shares of Energy Transfer during the 4th quarter worth $32,000. Finally, Financial Life Planners bought a new stake in Energy Transfer during the first quarter valued at about $40,000. Hedge funds and other institutional investors own 38.22% of the company’s stock.

Energy Transfer Stock Performance

ET opened at $19.91 on Tuesday. The firm has a fifty day moving average price of $19.54 and a 200 day moving average price of $19.02. Energy Transfer LP has a 1 year low of $16.18 and a 1 year high of $20.70. The stock has a market cap of $68.50 billion, a P/E ratio of 16.59, a P/E/G ratio of 1.18 and a beta of 0.55. The company has a debt-to-equity ratio of 1.50, a current ratio of 1.17 and a quick ratio of 0.93.

Energy Transfer (NYSE:ET) last issued its quarterly earnings data on Tuesday, May 5th. The pipeline company reported $0.35 earnings per share for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.05). Energy Transfer had a return on equity of 9.77% and a net margin of 4.66%.The firm had revenue of $27.77 billion during the quarter, compared to analyst estimates of $25.78 billion. During the same quarter last year, the company posted $0.36 EPS. The company’s revenue was up 32.1% on a year-over-year basis. Equities research analysts anticipate that Energy Transfer LP will post 1.43 earnings per share for the current year.

Energy Transfer Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, August 19th. Investors of record on Friday, August 7th will be paid a $0.34 dividend. The ex-dividend date is Friday, August 7th. This represents a $1.36 annualized dividend and a dividend yield of 6.8%. This is a boost from Energy Transfer’s previous quarterly dividend of $0.34. Energy Transfer’s dividend payout ratio (DPR) is presently 112.50%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on ET. Barclays reaffirmed an “overweight” rating and issued a $23.00 price objective (up from $22.00) on shares of Energy Transfer in a research report on Thursday, May 14th. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $23.00 target price (up from $21.00) on shares of Energy Transfer in a report on Tuesday, July 21st. UBS Group reiterated a “buy” rating on shares of Energy Transfer in a research note on Tuesday, May 12th. Jefferies Financial Group upgraded shares of Energy Transfer from a “hold” rating to a “buy” rating and set a $23.00 target price for the company in a research report on Tuesday, May 26th. Finally, Morgan Stanley boosted their price objective on Energy Transfer from $21.00 to $23.00 and gave the company an “equal weight” rating in a report on Wednesday, May 27th. Three research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $23.50.

Energy Transfer Company Profile

Energy Transfer (NYSE: ET) is a Dallas-based midstream energy company that develops and operates infrastructure for the transportation, storage and processing of hydrocarbons. The company’s operations focus on moving and storing natural gas, natural gas liquids (NGLs), crude oil and refined products through an integrated network of pipelines, terminals, storage facilities and processing plants. Energy Transfer provides core midstream services such as gathering, compression, fractionation, processing, and bulk transportation to support production and downstream supply chains.

Its asset base spans an extensive network across the United States, connecting producing regions, processing centers, petrochemical hubs and coastal and inland markets.