Geode Capital Management LLC Has $2.03 Million Stock Position in Energy Transfer LP (NYSE:ET)

Geode Capital Management LLC raised its holdings in Energy Transfer LP (NYSE:ET) by 4.2% during the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 126,331 shares of the pipeline company’s stock after purchasing an additional 5,127 shares during the quarter. Geode Capital Management LLC’s holdings in Energy Transfer were worth $2,028,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Empowered Funds LLC increased its position in Energy Transfer by 15.0% in the 3rd quarter. Empowered Funds LLC now owns 346,825 shares of the pipeline company’s stock valued at $5,567,000 after acquiring an additional 45,172 shares during the period. Kingsview Wealth Management LLC grew its stake in shares of Energy Transfer by 30.9% in the third quarter. Kingsview Wealth Management LLC now owns 242,042 shares of the pipeline company’s stock worth $3,885,000 after purchasing an additional 57,184 shares during the last quarter. FMR LLC increased its holdings in Energy Transfer by 44.0% in the third quarter. FMR LLC now owns 33,379,297 shares of the pipeline company’s stock valued at $535,738,000 after purchasing an additional 10,195,768 shares during the period. Clear Street Derivatives LLC bought a new position in Energy Transfer during the 3rd quarter worth $2,565,000. Finally, GFS Advisors LLC lifted its holdings in Energy Transfer by 19,380.5% during the 3rd quarter. GFS Advisors LLC now owns 60,000 shares of the pipeline company’s stock worth $963,000 after buying an additional 59,692 shares during the period. Institutional investors own 38.22% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have issued reports on ET shares. Barclays raised their price target on shares of Energy Transfer from $18.00 to $22.00 and gave the stock an “overweight” rating in a report on Friday, December 20th. UBS Group lifted their target price on shares of Energy Transfer from $22.00 to $23.00 and gave the stock a “buy” rating in a research note on Wednesday, September 18th. Bank of America initiated coverage on shares of Energy Transfer in a research report on Thursday, October 17th. They set a “buy” rating and a $20.00 price target on the stock. Wells Fargo & Company lifted their price objective on Energy Transfer from $20.00 to $21.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 18th. Finally, The Goldman Sachs Group upped their target price on Energy Transfer from $17.00 to $20.00 and gave the company a “neutral” rating in a research report on Thursday, December 19th. One research analyst has rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $20.55.

Energy Transfer Stock Performance

Shares of Energy Transfer stock opened at $19.71 on Thursday. Energy Transfer LP has a 12 month low of $13.60 and a 12 month high of $20.02. The firm has a market capitalization of $67.49 billion, a P/E ratio of 14.49, a P/E/G ratio of 0.62 and a beta of 1.70. The company has a current ratio of 1.08, a quick ratio of 0.88 and a debt-to-equity ratio of 1.40. The business has a fifty day simple moving average of $18.61 and a two-hundred day simple moving average of $17.01.

Energy Transfer (NYSE:ET) last issued its quarterly earnings results on Wednesday, November 6th. The pipeline company reported $0.32 earnings per share for the quarter, meeting the consensus estimate of $0.32. The firm had revenue of $20.77 billion during the quarter, compared to the consensus estimate of $21.59 billion. Energy Transfer had a return on equity of 12.38% and a net margin of 5.90%. The company’s revenue was up .2% on a year-over-year basis. During the same period last year, the company earned $0.31 earnings per share. On average, equities analysts forecast that Energy Transfer LP will post 1.32 earnings per share for the current fiscal year.

Energy Transfer Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, November 19th. Stockholders of record on Friday, November 8th were paid a dividend of $0.3225 per share. This represents a $1.29 annualized dividend and a dividend yield of 6.54%. The ex-dividend date was Friday, November 8th. Energy Transfer’s dividend payout ratio is presently 94.85%.

About Energy Transfer

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.