Keybank National Association OH cut its stake in Energy Transfer LP Unit (NYSE:ET) by 0.7% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 180,285 shares of the pipeline company’s stock after selling 1,351 shares during the quarter. Keybank National Association OH’s holdings in Energy Transfer LP Unit were worth $2,358,000 at the end of the most recent quarter.
Other large investors also recently added to or reduced their stakes in the company. Neville Rodie & Shaw Inc. purchased a new position in Energy Transfer LP Unit in the second quarter valued at about $616,000. Buckingham Asset Management LLC grew its stake in shares of Energy Transfer LP Unit by 118.2% during the second quarter. Buckingham Asset Management LLC now owns 63,991 shares of the pipeline company’s stock valued at $901,000 after acquiring an additional 34,659 shares in the last quarter. Carroll Financial Associates Inc. acquired a new stake in shares of Energy Transfer LP Unit during the second quarter valued at about $245,000. Farmers & Merchants Investments Inc. acquired a new stake in shares of Energy Transfer LP Unit during the second quarter valued at about $518,000. Finally, Asset Dedication LLC acquired a new stake in shares of Energy Transfer LP Unit during the second quarter valued at about $33,000. 55.42% of the stock is currently owned by institutional investors.
Several brokerages have recently weighed in on ET. Robert W. Baird lowered their target price on Energy Transfer LP Unit from $21.00 to $18.00 and set an “outperform” rating for the company in a research note on Tuesday, October 8th. ValuEngine upgraded Energy Transfer LP Unit from a “strong sell” rating to a “sell” rating in a research note on Wednesday, October 2nd. Bank of America raised their target price on Energy Transfer LP Unit from $23.00 to $24.00 and gave the company a “buy” rating in a research note on Wednesday, September 18th. Evercore ISI set a $18.00 target price on Energy Transfer LP Unit and gave the company a “buy” rating in a research note on Wednesday, August 7th. Finally, Raymond James restated an “average” rating and set a $19.00 target price on shares of Energy Transfer LP Unit in a research note on Friday, September 6th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have given a buy rating to the company’s stock. Energy Transfer LP Unit presently has a consensus rating of “Buy” and an average target price of $19.60.
Energy Transfer LP Unit (NYSE:ET) last posted its quarterly earnings results on Wednesday, November 6th. The pipeline company reported $0.32 EPS for the quarter, missing the Zacks’ consensus estimate of $0.37 by ($0.05). The firm had revenue of $13.50 billion during the quarter, compared to analyst estimates of $14.54 billion. Energy Transfer LP Unit had a return on equity of 9.10% and a net margin of 4.99%. The firm’s revenue for the quarter was down 7.0% on a year-over-year basis. During the same quarter last year, the business posted $0.32 earnings per share. As a group, equities research analysts predict that Energy Transfer LP Unit will post 1.41 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 19th. Investors of record on Tuesday, November 5th will be paid a $0.305 dividend. The ex-dividend date of this dividend is Monday, November 4th. This represents a $1.22 dividend on an annualized basis and a yield of 9.98%. Energy Transfer LP Unit’s dividend payout ratio (DPR) is 106.09%.
Energy Transfer LP Unit Profile
Energy Transfer LP provides energy-related services in the United States and China. The company owns and operates approximately 9,400 miles of natural gas transportation pipelines and three natural gas storage facilities in Texas; and approximately 12,200 miles of interstate natural gas pipelines. It sells natural gas to electric utilities, independent power plants, local distribution companies, industrial end-users, and other marketing companies.
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