Allspring Global Investments Holdings LLC Takes Position in Energy Transfer LP (NYSE:ET)

Allspring Global Investments Holdings LLC acquired a new stake in shares of Energy Transfer LP (NYSE:ET) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 31,400 shares of the pipeline company’s stock, valued at approximately $615,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Princeton Global Asset Management LLC raised its stake in shares of Energy Transfer by 65.0% during the third quarter. Princeton Global Asset Management LLC now owns 1,650 shares of the pipeline company’s stock valued at $26,000 after acquiring an additional 650 shares during the last quarter. Assetmark Inc. raised its stake in Energy Transfer by 2,138.5% in the third quarter. Assetmark Inc. now owns 1,746 shares of the pipeline company’s stock worth $28,000 after buying an additional 1,668 shares in the last quarter. GAMMA Investing LLC bought a new position in Energy Transfer in the fourth quarter worth about $29,000. Financial Life Planners bought a new position in Energy Transfer in the fourth quarter worth about $37,000. Finally, Continuum Advisory LLC raised its stake in Energy Transfer by 44.8% in the third quarter. Continuum Advisory LLC now owns 2,357 shares of the pipeline company’s stock worth $40,000 after buying an additional 729 shares in the last quarter. 38.22% of the stock is owned by institutional investors.

Energy Transfer Trading Down 2.2 %

NYSE:ET opened at $18.96 on Tuesday. The company’s 50 day moving average price is $19.88 and its 200-day moving average price is $17.95. Energy Transfer LP has a 52 week low of $14.52 and a 52 week high of $21.45. The company has a quick ratio of 0.88, a current ratio of 1.12 and a debt-to-equity ratio of 1.42. The stock has a market cap of $65.04 billion, a price-to-earnings ratio of 14.81, a PEG ratio of 0.64 and a beta of 1.69.

Energy Transfer (NYSE:ET) last posted its quarterly earnings results on Tuesday, February 11th. The pipeline company reported $0.29 EPS for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.06). Energy Transfer had a net margin of 5.74% and a return on equity of 11.56%. On average, equities research analysts forecast that Energy Transfer LP will post 1.46 earnings per share for the current fiscal year.

Energy Transfer Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, February 19th. Stockholders of record on Friday, February 7th were issued a dividend of $0.325 per share. This is a boost from Energy Transfer’s previous quarterly dividend of $0.32. The ex-dividend date of this dividend was Friday, February 7th. This represents a $1.30 dividend on an annualized basis and a dividend yield of 6.86%. Energy Transfer’s dividend payout ratio is presently 101.56%.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the stock. Wells Fargo & Company increased their price target on shares of Energy Transfer from $20.00 to $21.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 18th. Barclays increased their price target on shares of Energy Transfer from $22.00 to $25.00 and gave the stock an “overweight” rating in a research note on Monday, January 13th. Stifel Nicolaus increased their price target on shares of Energy Transfer from $21.00 to $23.00 and gave the stock a “buy” rating in a research note on Wednesday, February 12th. The Goldman Sachs Group increased their price target on shares of Energy Transfer from $17.00 to $20.00 and gave the stock a “neutral” rating in a research note on Thursday, December 19th. Finally, Royal Bank of Canada upped their price objective on shares of Energy Transfer from $20.00 to $23.00 and gave the stock an “outperform” rating in a report on Monday, December 9th. One equities research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, Energy Transfer presently has an average rating of “Moderate Buy” and a consensus target price of $21.50.

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.