Sunbeam Capital Management LLC has recently acquired a new stake in Energy Transfer LP (NYSE:ET), according to their latest filing with the Securities and Exchange Commission (SEC). The investment firm purchased 18,845 shares valued at approximately $369,000 in the fourth quarter.
This investment reflects a broader trend as several institutional investors have adjusted their positions in Energy Transfer. For instance, Forvis Mazars Wealth Advisors LLC increased its stake by an impressive 164.1%, now holding 60,566 shares worth around $1.19 million after acquiring an additional 37,633 shares. Similarly, Cushing Asset Management LP raised its holdings by 4.0%, now owning 7,586,598 shares valued at approximately $148.62 million, while Wedbush Securities Inc. expanded their position by 44.2%, increasing their shares to 135,281, worth about $2.65 million. Overall, institutional investors now control 38.22% of Energy Transfer’s stock.
In terms of stock performance, Energy Transfer’s shares experienced a slight decline, trading down $0.04 to $17.84. During Monday’s trading, approximately 7,722,994 shares exchanged hands, contrasting with the average volume of 15,488,193 shares. The company’s market cap is reported at $61.23 billion, with a P/E ratio at 13.94.
Energy Transfer released its latest earnings on May 6, reporting earnings per share of $0.36, which surpassed analysts’ estimates of $0.33. Despite a slight year-over-year revenue decline of 2.8%, the company generated $21.02 billion in revenue for the quarter. Projections suggest that Energy Transfer is expected to deliver an EPS of 1.46 for the current year.
Additionally, the company has increased its quarterly dividend, announcing a payment of $0.3275 per share—up from the previous $0.33—affording investors an annualized dividend of $1.31, yielding about 7.34%. The payout ratio remains high at 99.24%.
Analysts have mostly shown positive sentiments towards Energy Transfer. UBS Group reaffirmed a “buy” rating, and other firms like Stifel Nicolaus and Citigroup have also raised their target prices, indicating confidence in the stock’s potential. The consensus rating for Energy Transfer currently stands at “Moderate Buy,” with an average target price of $22.64.
In conclusion, the strong institutional backing combined with the favorable analysis from Wall Street reflects a promising outlook for Energy Transfer. The company’s continuous dividend increase could further attract investors looking for income while capitalizing on its substantial market presence in energy services.