Independent Advisor Alliance Has $4.62 Million Position in Energy Transfer LP (NYSE:ET)

Independent Advisor Alliance grew its holdings in Energy Transfer LP (NYSE:ET) by 8.2% during the 3rd quarter, HoldingsChannel reports. The firm owned 287,808 shares of the pipeline company’s stock after acquiring an additional 21,764 shares during the quarter. Independent Advisor Alliance’s holdings in Energy Transfer were worth $4,619,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Fortis Capital Management LLC grew its position in shares of Energy Transfer by 2.0% in the third quarter. Fortis Capital Management LLC now owns 31,956 shares of the pipeline company’s stock valued at $513,000 after purchasing an additional 634 shares during the last quarter. Princeton Global Asset Management LLC lifted its stake in shares of Energy Transfer by 65.0% in the third quarter. Princeton Global Asset Management LLC now owns 1,650 shares of the pipeline company’s stock valued at $26,000 after buying an additional 650 shares during the period. Veracity Capital LLC lifted its stake in shares of Energy Transfer by 2.0% in the second quarter. Veracity Capital LLC now owns 33,575 shares of the pipeline company’s stock valued at $545,000 after buying an additional 659 shares during the period. Haverford Trust Co lifted its stake in shares of Energy Transfer by 0.7% in the third quarter. Haverford Trust Co now owns 102,176 shares of the pipeline company’s stock valued at $1,640,000 after buying an additional 675 shares during the period. Finally, Morton Capital Management LLC CA lifted its stake in shares of Energy Transfer by 1.6% in the second quarter. Morton Capital Management LLC CA now owns 44,383 shares of the pipeline company’s stock valued at $720,000 after buying an additional 699 shares during the period. 38.22% of the stock is owned by institutional investors and hedge funds.

Energy Transfer Stock Performance

NYSE:ET opened at $19.07 on Monday. Energy Transfer LP has a 1 year low of $13.11 and a 1 year high of $19.20. The firm has a 50 day moving average of $16.66 and a 200-day moving average of $16.18. The company has a current ratio of 1.08, a quick ratio of 0.88 and a debt-to-equity ratio of 1.40. The stock has a market capitalization of $65.29 billion, a P/E ratio of 14.02, a price-to-earnings-growth ratio of 0.61 and a beta of 1.66.

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, meeting analysts’ consensus estimates of $0.32. Energy Transfer had a net margin of 5.90% and a return on equity of 12.38%. The company had revenue of $20.77 billion during the quarter, compared to analysts’ expectations of $21.59 billion. During the same quarter in the previous year, the company posted $0.31 earnings per share. Energy Transfer’s quarterly revenue was up .2% compared to the same quarter last year. As a group, sell-side analysts anticipate that Energy Transfer LP will post 1.34 EPS for the current fiscal year.

Energy Transfer Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, November 19th. Investors of record on Friday, November 8th were issued a $0.3225 dividend. This represents a $1.29 dividend on an annualized basis and a dividend yield of 6.76%. The ex-dividend date was Friday, November 8th. Energy Transfer’s dividend payout ratio is currently 94.85%.

Wall Street Analyst Weigh In

ET has been the subject of several research reports. Bank of America initiated coverage on shares of Energy Transfer in a research note on Thursday, October 17th. They issued a “buy” rating and a $20.00 target price for the company. UBS Group increased their target price on shares of Energy Transfer from $22.00 to $23.00 and gave the company a “buy” rating in a research note on Wednesday, September 18th. Finally, Royal Bank of Canada raised 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. Eight investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price 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.