Payden & Rygel Has $10.53 Million Holdings in Energy Transfer LP $ET

Payden & Rygel decreased its stake in shares of Energy Transfer LP (NYSE:ET) by 14.9% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 638,490 shares of the pipeline company’s stock after selling 112,200 shares during the quarter. Payden & Rygel’s holdings in Energy Transfer were worth $10,529,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently modified their holdings of ET. Alps Advisors Inc. boosted its stake in Energy Transfer by 4.5% during the third quarter. Alps Advisors Inc. now owns 77,651,021 shares of the pipeline company’s stock worth $1,332,492,000 after acquiring an additional 3,366,734 shares in the last quarter. Invesco Ltd. raised its holdings in shares of Energy Transfer by 3.2% during the third quarter. Invesco Ltd. now owns 57,862,666 shares of the pipeline company’s stock valued at $992,923,000 after purchasing an additional 1,773,042 shares during the period. Energy Income Partners LLC raised its holdings in shares of Energy Transfer by 1.4% during the third quarter. Energy Income Partners LLC now owns 23,351,183 shares of the pipeline company’s stock valued at $400,706,000 after purchasing an additional 326,653 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Energy Transfer by 2.6% during the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 21,898,420 shares of the pipeline company’s stock valued at $375,777,000 after purchasing an additional 544,944 shares during the period. Finally, CIBC Bancorp USA Inc. acquired a new position in shares of Energy Transfer during the third quarter valued at about $264,309,000. Institutional investors own 38.22% of the company’s stock.

Energy Transfer Trading Up 0.3%

ET opened at $20.22 on Tuesday. Energy Transfer LP has a fifty-two week low of $16.18 and a fifty-two week high of $20.67. The firm has a market capitalization of $69.58 billion, a PE ratio of 16.85, a P/E/G ratio of 1.21 and a beta of 0.57. 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 company’s 50-day moving average is $19.23 and its 200 day moving average is $17.98.

Energy Transfer (NYSE:ET) last released its quarterly earnings results on Tuesday, May 5th. The pipeline company reported $0.35 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.05). The company had revenue of $27.77 billion for the quarter, compared to analyst estimates of $25.78 billion. Energy Transfer had a net margin of 4.66% and a return on equity of 9.77%. Energy Transfer’s revenue for the quarter was up 32.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.36 EPS. As a group, research analysts predict that Energy Transfer LP will post 1.37 earnings per share for the current fiscal year.

Energy Transfer Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 20th. Investors of record on Friday, May 8th will be issued a dividend of $0.3375 per share. This represents a $1.35 annualized dividend and a yield of 6.7%. This is an increase from Energy Transfer’s previous quarterly dividend of $0.34. The ex-dividend date is Friday, May 8th. Energy Transfer’s dividend payout ratio is currently 112.50%.

Analyst Upgrades and Downgrades

Several analysts have recently commented on ET shares. Truist Financial started coverage on Energy Transfer in a research note on Tuesday, March 24th. They issued a “buy” rating and a $23.00 target price for the company. Barclays reiterated an “overweight” rating and issued a $23.00 price target (up from $22.00) on shares of Energy Transfer in a report on Thursday. Morgan Stanley raised their price objective on Energy Transfer from $19.00 to $21.00 and gave the company an “equal weight” rating in a research note on Tuesday, March 10th. Jefferies Financial Group reaffirmed a “hold” rating on shares of Energy Transfer in a research report on Wednesday, May 6th. Finally, Scotiabank reiterated an “outperform” rating on shares of Energy Transfer in a report on Tuesday, May 12th. Two research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $22.75.

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.