Chase Investment Counsel Corp Sells 131,062 Shares of Energy Transfer LP $ET

Chase Investment Counsel Corp cut its stake in Energy Transfer LP (NYSE:ET) by 60.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 86,872 shares of the pipeline company’s stock after selling 131,062 shares during the period. Chase Investment Counsel Corp’s holdings in Energy Transfer were worth $1,676,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Fortis Capital Management LLC raised its stake in shares of Energy Transfer by 13.2% in the 1st quarter. Fortis Capital Management LLC now owns 56,488 shares of the pipeline company’s stock valued at $1,090,000 after purchasing an additional 6,599 shares during the period. PNC Financial Services Group Inc. boosted its position in shares of Energy Transfer by 3.2% during the first quarter. PNC Financial Services Group Inc. now owns 268,563 shares of the pipeline company’s stock worth $5,183,000 after buying an additional 8,290 shares during the period. CMC Financial Group acquired a new position in shares of Energy Transfer during the first quarter worth about $579,000. Glenview Trust Co grew its holdings in shares of Energy Transfer by 2.4% during the first quarter. Glenview Trust Co now owns 78,315 shares of the pipeline company’s stock worth $1,511,000 after buying an additional 1,831 shares in the last quarter. Finally, Cassaday & Co Wealth Management LLC bought a new position in shares of Energy Transfer during the first quarter worth about $35,000. Institutional investors own 38.22% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on ET. UBS Group restated a “buy” rating on shares of Energy Transfer in a research note on Tuesday, May 12th. Scotiabank reaffirmed an “outperform” rating on shares of Energy Transfer in a research note on Tuesday, May 12th. Barclays reaffirmed an “overweight” rating and set a $23.00 price target (up from $22.00) on shares of Energy Transfer in a research note on Thursday, May 14th. TD Cowen reiterated a “buy” rating and issued a $24.00 price objective (up from $23.00) on shares of Energy Transfer in a report on Thursday, July 16th. Finally, Zacks Research raised shares of Energy Transfer from a “hold” rating to a “strong-buy” rating in a research report on Monday, July 13th. Three analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $23.50.

Energy Transfer Price Performance

Shares of NYSE ET opened at $20.25 on Wednesday. The company has a debt-to-equity ratio of 1.50, a current ratio of 1.17 and a quick ratio of 0.93. The business has a 50-day moving average of $19.53 and a 200-day moving average of $18.91. The stock has a market capitalization of $69.70 billion, a price-to-earnings ratio of 16.88, a PEG ratio of 1.17 and a beta of 0.55. Energy Transfer LP has a fifty-two week low of $16.18 and a fifty-two week high of $20.70.

Energy Transfer (NYSE:ET) last released its earnings results on Tuesday, May 5th. The pipeline company reported $0.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.40 by ($0.05). Energy Transfer had a return on equity of 9.77% and a net margin of 4.66%.The company had revenue of $27.77 billion for the quarter, compared to the consensus estimate of $25.78 billion. During the same quarter in the previous year, the company posted $0.36 EPS. The business’s revenue was up 32.1% on a year-over-year basis. As a group, sell-side analysts predict that Energy Transfer LP will post 1.43 earnings per share for the current fiscal year.

Energy Transfer Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, May 20th. Shareholders of record on Friday, May 8th were given a dividend of $0.3375 per share. This is a positive change from Energy Transfer’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend was Friday, May 8th. This represents a $1.35 annualized dividend and a dividend yield of 6.7%. Energy Transfer’s payout ratio is presently 112.50%.

Energy Transfer 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.