Peapack Gladstone Financial Corp Purchases 1,000 Shares of Energy Transfer LP (NYSE:ET)

Peapack Gladstone Financial Corp increased its position in Energy Transfer LP (NYSE:ET) by 6.8% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 15,675 shares of the pipeline company’s stock after buying an additional 1,000 shares during the period. Peapack Gladstone Financial Corp’s holdings in Energy Transfer were worth $251,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in ET. FMR LLC increased its stake in shares of Energy Transfer by 44.0% during the 3rd quarter. FMR LLC now owns 33,379,297 shares of the pipeline company’s stock worth $535,738,000 after purchasing an additional 10,195,768 shares during the last quarter. Tortoise Capital Advisors L.L.C. increased its position in Energy Transfer by 12.7% during the second quarter. Tortoise Capital Advisors L.L.C. now owns 36,668,846 shares of the pipeline company’s stock worth $594,769,000 after buying an additional 4,141,715 shares during the last quarter. International Assets Investment Management LLC raised its holdings in Energy Transfer by 1,491.0% during the third quarter. International Assets Investment Management LLC now owns 4,175,731 shares of the pipeline company’s stock valued at $67,020,000 after buying an additional 3,913,266 shares in the last quarter. BNP Paribas Financial Markets lifted its position in shares of Energy Transfer by 36.7% in the third quarter. BNP Paribas Financial Markets now owns 11,563,478 shares of the pipeline company’s stock worth $185,594,000 after buying an additional 3,106,631 shares during the last quarter. Finally, Citigroup Inc. boosted its stake in shares of Energy Transfer by 45.9% during the 3rd quarter. Citigroup Inc. now owns 9,581,762 shares of the pipeline company’s stock worth $153,787,000 after acquiring an additional 3,013,973 shares in the last quarter. Institutional investors own 38.22% of the company’s stock.

Wall Street Analyst Weigh In

ET has been the subject of several analyst reports. UBS Group boosted their target price on Energy Transfer from $22.00 to $23.00 and gave the stock a “buy” rating in a report on Wednesday, September 18th. Bank of America started coverage on shares of Energy Transfer in a report on Thursday, October 17th. They set a “buy” rating and a $20.00 price objective for the company. Finally, Royal Bank of Canada lifted their target price on shares of Energy Transfer from $20.00 to $23.00 and gave the stock an “outperform” rating in a report on Monday, December 9th. Eight equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $20.38.

Energy Transfer Stock Performance

NYSE ET opened at $18.71 on Tuesday. The company’s fifty day moving average is $17.63 and its two-hundred day moving average is $16.57. Energy Transfer LP has a 52-week low of $13.60 and a 52-week high of $20.02. The company has a debt-to-equity ratio of 1.40, a current ratio of 1.08 and a quick ratio of 0.88. The firm has a market capitalization of $64.06 billion, a price-to-earnings ratio of 13.76, a P/E/G ratio of 0.63 and a beta of 1.70.

Energy Transfer (NYSE:ET) last issued its quarterly earnings results on Wednesday, November 6th. The pipeline company reported $0.32 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.32. Energy Transfer had a return on equity of 12.38% and a net margin of 5.90%. The firm had revenue of $20.77 billion for the quarter, compared to analyst estimates of $21.59 billion. During the same period in the previous year, the company posted $0.31 earnings per share. The company’s quarterly revenue was up .2% compared to the same quarter last year. Equities research analysts forecast that Energy Transfer LP will post 1.32 EPS for the current year.

Energy Transfer Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, November 19th. Investors of record on Friday, November 8th were given a $0.3225 dividend. The ex-dividend date of this dividend was Friday, November 8th. This represents a $1.29 annualized dividend and a yield of 6.89%. Energy Transfer’s dividend payout ratio (DPR) is currently 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.