Brookfield Corp ON Acquires 352,625 Shares of Energy Transfer LP (NYSE:ET)

Brookfield Corp ON grew its holdings in shares of Energy Transfer LP (NYSE:ET) by 2.8% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 13,139,924 shares of the pipeline company’s stock after acquiring an additional 352,625 shares during the period. Energy Transfer comprises 1.2% of Brookfield Corp ON’s holdings, making the stock its 13th largest holding. Brookfield Corp ON’s holdings in Energy Transfer were worth $210,896,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the business. Fortis Capital Management LLC increased its position in Energy Transfer by 2.0% during the 3rd 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 period. Princeton Global Asset Management LLC increased its position in shares of 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 worth $26,000 after buying an additional 650 shares during the period. Veracity Capital LLC raised its stake in Energy Transfer by 2.0% during the second quarter. Veracity Capital LLC now owns 33,575 shares of the pipeline company’s stock worth $545,000 after buying an additional 659 shares during the last quarter. Haverford Trust Co lifted its holdings in 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, Rockwood Wealth Management LLC boosted its position in Energy Transfer by 0.5% during the second quarter. Rockwood Wealth Management LLC now owns 128,122 shares of the pipeline company’s stock valued at $2,078,000 after acquiring an additional 700 shares during the last quarter. Institutional investors and hedge funds own 38.22% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on ET shares. UBS Group upped their target price on Energy Transfer from $22.00 to $23.00 and gave the company a “buy” rating in a research report on Wednesday, September 18th. Bank of America assumed coverage on Energy Transfer in a research report on Thursday, October 17th. They set a “buy” rating and a $20.00 target price on the stock. Finally, Royal Bank of Canada raised their price target on shares of Energy Transfer from $19.00 to $20.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Eight research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Energy Transfer presently has an average rating of “Buy” and an average target price of $20.00.

Energy Transfer Price Performance

Shares of NYSE ET opened at $19.27 on Friday. The company has a market capitalization of $65.98 billion, a PE ratio of 14.17, a PEG ratio of 0.62 and a beta of 1.70. The company has a quick ratio of 0.88, a current ratio of 1.08 and a debt-to-equity ratio of 1.40. The stock’s 50 day moving average price is $17.23 and its 200-day moving average price is $16.39. Energy Transfer LP has a twelve month low of $13.11 and a twelve month high of $20.02.

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, 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 firm had revenue of $20.77 billion for the quarter, compared to analysts’ expectations of $21.59 billion. During the same period in the previous year, the company earned $0.31 earnings per share. The company’s quarterly revenue was up .2% on a year-over-year basis. On average, equities analysts anticipate that Energy Transfer LP will post 1.32 EPS for the current year.

Energy Transfer Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, November 19th. Investors of record on Friday, November 8th were paid a $0.3225 dividend. This represents a $1.29 dividend on an annualized basis and a yield of 6.69%. The ex-dividend date was Friday, November 8th. Energy Transfer’s dividend payout ratio is currently 94.85%.

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.