Griffin Asset Management Inc. Has $1.56 Million Stake in Energy Transfer LP (NYSE:ET)

Griffin Asset Management Inc. increased its stake in shares of Energy Transfer LP (NYSE:ET) by 1.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 99,078 shares of the pipeline company’s stock after buying an additional 1,058 shares during the quarter. Griffin Asset Management Inc.’s holdings in Energy Transfer were worth $1,558,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in ET. Northwest Financial Advisors bought a new position in shares of Energy Transfer in the fourth quarter worth $25,000. Rise Advisors LLC increased its holdings in Energy Transfer by 88.2% in the 4th quarter. Rise Advisors LLC now owns 1,978 shares of the pipeline company’s stock valued at $27,000 after buying an additional 927 shares during the period. Atlantic Edge Private Wealth Management LLC acquired a new position in shares of Energy Transfer in the 4th quarter valued at approximately $33,000. Harbor Investment Advisory LLC lifted its holdings in shares of Energy Transfer by 42.9% during the 4th quarter. Harbor Investment Advisory LLC now owns 2,500 shares of the pipeline company’s stock worth $34,000 after acquiring an additional 750 shares during the period. Finally, Ables Iannone Moore & Associates Inc. acquired a new stake in shares of Energy Transfer during the 4th quarter worth approximately $34,000. Institutional investors own 38.22% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. UBS Group boosted their price objective on shares of Energy Transfer from $23.00 to $24.00 and gave the company a “buy” rating in a research report on Wednesday, May 15th. JPMorgan Chase & Co. boosted their target price on Energy Transfer from $19.00 to $20.00 and gave the stock an “overweight” rating in a research note on Thursday, June 20th. Mizuho lifted their price target on shares of Energy Transfer from $19.00 to $20.00 and gave the company a “buy” rating in a report on Tuesday, June 18th. Morgan Stanley increased their price objective on shares of Energy Transfer from $19.00 to $20.00 and gave the company an “overweight” rating in a research note on Monday, June 10th. Finally, Stifel Nicolaus boosted their target price on shares of Energy Transfer from $18.00 to $19.00 and gave the stock a “buy” rating in a research note on Thursday, May 9th. One analyst has rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $19.29.

Energy Transfer Trading Up 1.2 %

Shares of ET stock traded up $0.19 during trading hours on Friday, hitting $16.22. 12,587,038 shares of the company’s stock traded hands, compared to its average volume of 9,432,486. The stock has a market cap of $54.66 billion, a PE ratio of 14.88, a price-to-earnings-growth ratio of 0.44 and a beta of 1.63. The stock’s 50 day simple moving average is $15.73 and its 200 day simple moving average is $15.00. The company has a quick ratio of 1.00, a current ratio of 1.18 and a debt-to-equity ratio of 1.37. Energy Transfer LP has a 12 month low of $12.46 and a 12 month high of $16.40.

Energy Transfer (NYSE:ET) last announced its earnings results on Wednesday, May 8th. The pipeline company reported $0.32 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.04). Energy Transfer had a return on equity of 12.22% and a net margin of 4.85%. The company had revenue of $21.63 billion for the quarter, compared to the consensus estimate of $20.91 billion. During the same period in the prior year, the business earned $0.32 earnings per share. The firm’s revenue for the quarter was up 13.9% on a year-over-year basis. On average, sell-side analysts anticipate that Energy Transfer LP will post 1.45 EPS for the current year.

Energy Transfer Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, May 20th. Shareholders of record on Monday, May 13th were given a dividend of $0.317 per share. This represents a $1.27 dividend on an annualized basis and a yield of 7.82%. The ex-dividend date was Friday, May 10th. This is an increase from Energy Transfer’s previous quarterly dividend of $0.32. Energy Transfer’s dividend payout ratio is currently 116.51%.

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.