Fortis Capital Management LLC Increases Stock Position in Energy Transfer LP (NYSE:ET)

Fortis Capital Management LLC increased its position in Energy Transfer LP (NYSE:ET) by 2.0% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 31,956 shares of the pipeline company’s stock after acquiring an additional 634 shares during the period. Fortis Capital Management LLC’s holdings in Energy Transfer were worth $513,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the company. Tortoise Capital Advisors L.L.C. raised its holdings in Energy Transfer by 12.7% in the 2nd quarter. Tortoise Capital Advisors L.L.C. now owns 36,668,846 shares of the pipeline company’s stock worth $594,769,000 after acquiring an additional 4,141,715 shares during the last quarter. Natixis raised its stake in Energy Transfer by 20.0% during the 1st quarter. Natixis now owns 18,020,559 shares of the pipeline company’s stock valued at $283,463,000 after buying an additional 2,999,300 shares during the last quarter. Westwood Holdings Group Inc. raised its stake in Energy Transfer by 1.1% during the 2nd quarter. Westwood Holdings Group Inc. now owns 16,107,470 shares of the pipeline company’s stock valued at $261,263,000 after buying an additional 171,720 shares during the last quarter. Chickasaw Capital Management LLC raised its stake in Energy Transfer by 3.1% during the 3rd quarter. Chickasaw Capital Management LLC now owns 15,350,521 shares of the pipeline company’s stock valued at $246,376,000 after buying an additional 466,565 shares during the last quarter. Finally, CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT raised its stake in Energy Transfer by 7.9% during the 3rd quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 7,293,510 shares of the pipeline company’s stock valued at $117,061,000 after buying an additional 536,047 shares during the last quarter. 38.22% of the stock is currently owned by hedge funds and other institutional investors.

Energy Transfer Stock Performance

NYSE ET opened at $17.09 on Thursday. The firm has a market cap of $58.51 billion, a price-to-earnings ratio of 12.57, a price-to-earnings-growth ratio of 0.52 and a beta of 1.66. The company has a quick ratio of 0.92, a current ratio of 1.08 and a debt-to-equity ratio of 1.40. The business has a 50-day moving average price of $16.35 and a 200-day moving average price of $16.07. Energy Transfer LP has a twelve month low of $13.11 and a twelve month high of $17.71.

Energy Transfer (NYSE:ET) last released its quarterly earnings data on Wednesday, November 6th. The pipeline company reported $0.32 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.32. The firm had revenue of $20.77 billion during the quarter, compared to analyst estimates of $21.59 billion. Energy Transfer had a return on equity of 12.38% and a net margin of 5.90%. The business’s quarterly revenue was up .2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.31 earnings per share. As a group, equities research analysts predict that Energy Transfer LP will post 1.34 EPS for the current fiscal year.

Energy Transfer Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 19th. Stockholders of record on Friday, November 8th will be issued a $0.3225 dividend. The ex-dividend date of this dividend is Friday, November 8th. This represents a $1.29 annualized dividend and a dividend yield of 7.55%. Energy Transfer’s payout ratio is 94.85%.

Insider Transactions at Energy Transfer

In related news, EVP Gregory G. Mcilwain bought 20,000 shares of the company’s stock in a transaction on Friday, August 23rd. The shares were acquired at an average price of $15.68 per share, with a total value of $313,600.00. Following the transaction, the executive vice president now owns 591,211 shares of the company’s stock, valued at $9,270,188.48. The trade was a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 3.28% of the company’s stock.

Analyst Ratings Changes

ET has been the subject of a number of research reports. Bank of America assumed coverage on shares of Energy Transfer in a research note on Thursday, October 17th. They set a “buy” rating and a $20.00 target price for the company. Royal Bank of Canada boosted their price objective on shares of Energy Transfer from $19.00 to $20.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Finally, UBS Group boosted their price objective on shares of Energy Transfer from $22.00 to $23.00 and gave the company a “buy” rating in a research report on Wednesday, September 18th. Eight investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $20.00.

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.