Progeny 3 Inc. Increases Stock Position in Energy Transfer LP (NYSE:ET)

Progeny 3 Inc. increased its position in Energy Transfer LP (NYSE:ET) by 1.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 2,264,085 shares of the pipeline company’s stock after buying an additional 42,700 shares during the quarter. Energy Transfer comprises about 3.1% of Progeny 3 Inc.’s investment portfolio, making the stock its 15th biggest position. Progeny 3 Inc. owned 0.07% of Energy Transfer worth $36,339,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Empowered Funds LLC increased its position in shares of Energy Transfer by 15.0% in the third quarter. Empowered Funds LLC now owns 346,825 shares of the pipeline company’s stock worth $5,567,000 after acquiring an additional 45,172 shares in the last quarter. Kingsview Wealth Management LLC increased its holdings in Energy Transfer by 30.9% in the 3rd quarter. Kingsview Wealth Management LLC now owns 242,042 shares of the pipeline company’s stock valued at $3,885,000 after purchasing an additional 57,184 shares in the last quarter. GFS Advisors LLC raised its position in Energy Transfer by 19,380.5% in the third quarter. GFS Advisors LLC now owns 60,000 shares of the pipeline company’s stock valued at $963,000 after purchasing an additional 59,692 shares during the period. Icon Wealth Advisors LLC raised its position in Energy Transfer by 239.0% in the third quarter. Icon Wealth Advisors LLC now owns 563,458 shares of the pipeline company’s stock valued at $9,044,000 after purchasing an additional 397,260 shares during the period. Finally, MAI Capital Management lifted its stake in shares of Energy Transfer by 5.9% during the third quarter. MAI Capital Management now owns 698,113 shares of the pipeline company’s stock worth $11,205,000 after purchasing an additional 39,029 shares in the last quarter. Hedge funds and other institutional investors own 38.22% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Energy Transfer Stock Performance

ET stock opened at $19.86 on Friday. The firm has a market cap of $68.00 billion, a P/E ratio of 14.60, a P/E/G ratio of 0.62 and a beta of 1.66. The stock’s 50 day simple moving average is $16.99 and its 200 day simple moving average is $16.30. The company has a current ratio of 1.08, a quick ratio of 0.88 and a debt-to-equity ratio of 1.40. Energy Transfer LP has a 12-month low of $13.11 and a 12-month high of $20.02.

Energy Transfer (NYSE:ET) last issued its earnings results on Wednesday, November 6th. The pipeline company reported $0.32 earnings per share for the quarter, hitting 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 for the quarter, compared to analysts’ expectations of $21.59 billion. During the same period in the prior year, the company earned $0.31 earnings per share. The firm’s revenue was up .2% compared to the same quarter last year. As a group, equities research analysts predict that Energy Transfer LP will post 1.34 EPS for the current year.

Energy Transfer Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, November 19th. Stockholders of record on Friday, November 8th were issued a dividend of $0.3225 per share. This represents a $1.29 annualized dividend and a dividend yield of 6.50%. The ex-dividend date was Friday, November 8th. Energy Transfer’s dividend payout ratio (DPR) is presently 94.85%.

Energy Transfer Company 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.