Energy Transfer LP (NYSE:ET) is Kayne Anderson Capital Advisors LP’s Largest Position

Kayne Anderson Capital Advisors LP reduced its stake in shares of Energy Transfer LP (NYSE:ET) by 9.5% during the fourth quarter, Holdings Channel reports. The firm owned 22,688,251 shares of the pipeline company’s stock after selling 2,374,912 shares during the quarter. Energy Transfer makes up approximately 9.7% of Kayne Anderson Capital Advisors LP’s portfolio, making the stock its biggest position. Kayne Anderson Capital Advisors LP’s holdings in Energy Transfer were worth $313,098,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the stock. Cullen Frost Bankers Inc. lifted its stake in shares of Energy Transfer by 8.5% in the 4th quarter. Cullen Frost Bankers Inc. now owns 127,994 shares of the pipeline company’s stock valued at $1,766,000 after purchasing an additional 9,994 shares during the period. EdgeRock Capital LLC purchased a new position in Energy Transfer during the fourth quarter valued at $37,000. Apollon Wealth Management LLC boosted its holdings in shares of Energy Transfer by 10.3% during the 4th quarter. Apollon Wealth Management LLC now owns 213,906 shares of the pipeline company’s stock valued at $2,952,000 after buying an additional 19,894 shares in the last quarter. Lincoln National Corp grew its position in shares of Energy Transfer by 5.7% in the 4th quarter. Lincoln National Corp now owns 208,247 shares of the pipeline company’s stock worth $2,874,000 after buying an additional 11,279 shares during the period. Finally, Maryland State Retirement & Pension System increased its stake in shares of Energy Transfer by 8.5% in the 4th quarter. Maryland State Retirement & Pension System now owns 2,461,055 shares of the pipeline company’s stock worth $33,963,000 after acquiring an additional 192,154 shares in the last quarter. 38.22% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. Stifel Nicolaus upped their price objective on shares of Energy Transfer from $18.00 to $19.00 and gave the stock a “buy” rating in a report on Thursday. UBS Group cut their price target on Energy Transfer from $23.00 to $22.00 and set a “buy” rating on the stock in a research note on Thursday, February 15th. Citigroup raised their price objective on Energy Transfer from $17.00 to $18.00 and gave the company a “buy” rating in a research report on Wednesday, February 21st. Finally, Mizuho reissued a “buy” rating and issued a $19.00 target price (up from $18.00) on shares of Energy Transfer in a research note on Thursday, April 18th. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $18.14.

Energy Transfer Stock Performance

Shares of ET traded up $0.03 on Thursday, reaching $16.28. The company’s stock had a trading volume of 6,043,713 shares, compared to its average volume of 12,145,077. The stock’s 50 day simple moving average is $15.52 and its two-hundred day simple moving average is $14.43. The company has a debt-to-equity ratio of 1.37, a current ratio of 1.10 and a quick ratio of 0.88. The stock has a market capitalization of $54.85 billion, a P/E ratio of 14.80 and a beta of 1.63. Energy Transfer LP has a 12-month low of $12.21 and a 12-month high of $16.40.

Energy Transfer (NYSE:ET) last issued its quarterly earnings results on Wednesday, May 8th. The pipeline company reported $0.32 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.04). The business had revenue of $21.63 billion for the quarter, compared to analysts’ expectations of $20.91 billion. Energy Transfer had a return on equity of 12.17% and a net margin of 4.85%. The company’s revenue was up 13.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.32 EPS. Research analysts forecast that Energy Transfer LP will post 1.56 earnings per share for the current fiscal year.

Energy Transfer Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, May 20th. Shareholders of record on Monday, May 13th will be issued a dividend of $0.317 per share. This represents a $1.27 annualized dividend and a yield of 7.79%. The ex-dividend date is Friday, May 10th. This is a positive change from Energy Transfer’s previous quarterly dividend of $0.32. Energy Transfer’s payout ratio is currently 116.51%.

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.