Brown Brothers Harriman & Co. Acquires 35,595 Shares of Energy Transfer LP (NYSE:ET)

Brown Brothers Harriman & Co. grew its holdings in shares of Energy Transfer LP (NYSE:ET) by 111.9% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 67,401 shares of the pipeline company’s stock after acquiring an additional 35,595 shares during the quarter. Brown Brothers Harriman & Co.’s holdings in Energy Transfer were worth $1,082,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Princeton Global Asset Management LLC raised its position in 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 purchasing an additional 650 shares in the last quarter. Assetmark Inc. increased its position in shares of Energy Transfer by 2,138.5% during the 3rd quarter. Assetmark Inc. now owns 1,746 shares of the pipeline company’s stock valued at $28,000 after purchasing an additional 1,668 shares during the last quarter. LRI Investments LLC purchased a new position in shares of Energy Transfer during the 1st quarter valued at about $29,000. HWG Holdings LP bought a new stake in Energy Transfer in the 2nd quarter worth approximately $33,000. Finally, Sugarloaf Wealth Management LLC boosted its stake in Energy Transfer by 43.6% in the third quarter. Sugarloaf Wealth Management LLC now owns 2,472 shares of the pipeline company’s stock worth $40,000 after buying an additional 750 shares in the last quarter. Hedge funds and other institutional investors own 38.22% of the company’s stock.

Wall Street Analyst Weigh In

ET has been the topic of several research reports. UBS Group lifted their price target 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. Royal Bank of Canada boosted their price target on shares of Energy Transfer from $19.00 to $20.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Finally, Bank of America initiated coverage on Energy Transfer in a research note on Thursday, October 17th. They set a “buy” rating and a $20.00 price objective on the stock. Eight investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $20.00.

Energy Transfer Price Performance

Shares of Energy Transfer stock opened at $19.19 on Wednesday. The firm has a market cap of $65.71 billion, a PE ratio of 14.11, a price-to-earnings-growth ratio of 0.61 and a beta of 1.66. The company’s fifty day simple moving average is $16.78 and its two-hundred day simple moving average is $16.22. The company has a quick ratio of 0.88, a current ratio of 1.08 and a debt-to-equity ratio of 1.40. Energy Transfer LP has a 12-month low of $13.11 and a 12-month high of $19.35.

Energy Transfer (NYSE:ET) last posted its earnings results on Wednesday, November 6th. The pipeline company reported $0.32 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.32. The company had revenue of $20.77 billion for the quarter, compared to analysts’ expectations of $21.59 billion. Energy Transfer had a return on equity of 12.38% and a net margin of 5.90%. Energy Transfer’s quarterly revenue was up .2% on a year-over-year basis. During the same period last year, the firm earned $0.31 earnings per share. As a group, equities analysts expect that Energy Transfer LP will post 1.34 EPS for the current year.

Energy Transfer Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, November 19th. Investors of record on Friday, November 8th were issued a dividend of $0.3225 per share. The ex-dividend date of this dividend was Friday, November 8th. This represents a $1.29 dividend on an annualized basis and a dividend yield of 6.72%. Energy Transfer’s dividend payout ratio is presently 94.85%.

Energy Transfer Profile

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.