Summit Financial Strategies Inc. Raises Stake in Energy Transfer LP (NYSE:ET)

Summit Financial Strategies Inc. lifted its stake in shares of Energy Transfer LP (NYSE:ET) by 1.7% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 85,475 shares of the pipeline company’s stock after acquiring an additional 1,468 shares during the period. Summit Financial Strategies Inc.’s holdings in Energy Transfer were worth $1,674,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. FMR LLC increased its stake in Energy Transfer by 44.0% during the third quarter. FMR LLC now owns 33,379,297 shares of the pipeline company’s stock worth $535,738,000 after acquiring an additional 10,195,768 shares during the last quarter. International Assets Investment Management LLC grew its holdings in shares of Energy Transfer by 1,491.0% during the 3rd quarter. International Assets Investment Management LLC now owns 4,175,731 shares of the pipeline company’s stock worth $67,020,000 after purchasing an additional 3,913,266 shares during the period. BNP Paribas Financial Markets raised its holdings in Energy Transfer by 36.7% in the 3rd quarter. BNP Paribas Financial Markets now owns 11,563,478 shares of the pipeline company’s stock valued at $185,594,000 after buying an additional 3,106,631 shares during the period. Citigroup Inc. raised its holdings in Energy Transfer by 45.9% in the 3rd quarter. Citigroup Inc. now owns 9,581,762 shares of the pipeline company’s stock valued at $153,787,000 after buying an additional 3,013,973 shares during the period. Finally, Pathway Financial Advisers LLC lifted its position in Energy Transfer by 1,837.4% in the third quarter. Pathway Financial Advisers LLC now owns 1,338,885 shares of the pipeline company’s stock valued at $21,489,000 after buying an additional 1,269,778 shares during the last quarter. Institutional investors and hedge funds own 38.22% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have weighed in on ET. Barclays lifted their price target on shares of Energy Transfer from $22.00 to $25.00 and gave the company an “overweight” rating in a research report on Monday, January 13th. Wells Fargo & Company lifted their target price on shares of Energy Transfer from $20.00 to $21.00 and gave the company an “overweight” rating in a report on Wednesday, December 18th. The Goldman Sachs Group upped their price target on Energy Transfer from $17.00 to $20.00 and gave the stock a “neutral” rating in a research note on Thursday, December 19th. Bank of America began coverage on Energy Transfer in a research note on Thursday, October 17th. They issued a “buy” rating and a $20.00 price objective for the company. Finally, Royal Bank of Canada increased their target price on Energy Transfer from $20.00 to $23.00 and gave the stock an “outperform” rating in a research note on Monday, December 9th. One research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, Energy Transfer currently has a consensus rating of “Moderate Buy” and an average price target of $20.82.

Energy Transfer Price Performance

Shares of NYSE ET opened at $20.93 on Monday. The company has a debt-to-equity ratio of 1.40, a current ratio of 1.08 and a quick ratio of 0.88. The company has a market cap of $71.68 billion, a price-to-earnings ratio of 15.39, a price-to-earnings-growth ratio of 0.55 and a beta of 1.70. The stock’s 50-day moving average is $19.39 and its two-hundred day moving average is $17.36. Energy Transfer LP has a 1-year low of $13.79 and a 1-year high of $21.45.

Energy Transfer (NYSE:ET) last released its earnings results 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 for the quarter, compared to analyst estimates of $21.59 billion. Energy Transfer had a net margin of 5.90% and a return on equity of 12.38%. The business’s quarterly revenue was up .2% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.31 earnings per share. Analysts forecast that Energy Transfer LP will post 1.37 EPS for the current fiscal year.

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.