Oppenheimer Asset Management Inc. Has $2.99 Million Holdings in Energy Transfer LP (NYSE:ET)

Oppenheimer Asset Management Inc. boosted its position in Energy Transfer LP (NYSE:ET) by 7.1% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 186,286 shares of the pipeline company’s stock after buying an additional 12,284 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Energy Transfer were worth $2,990,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of ET. Princeton Global Asset Management LLC grew its stake in Energy Transfer by 65.0% in the 3rd quarter. Princeton Global Asset Management LLC now owns 1,650 shares of the pipeline company’s stock valued at $26,000 after buying an additional 650 shares during the last quarter. Assetmark Inc. grew its position in Energy Transfer by 2,138.5% in the 3rd quarter. Assetmark Inc. now owns 1,746 shares of the pipeline company’s stock worth $28,000 after purchasing an additional 1,668 shares during the last quarter. LRI Investments LLC acquired a new stake in Energy Transfer in the 1st quarter worth $29,000. HWG Holdings LP acquired a new stake in Energy Transfer in the 2nd quarter worth $33,000. Finally, Sugarloaf Wealth Management LLC grew its position in Energy Transfer by 43.6% in the 3rd quarter. Sugarloaf Wealth Management LLC now owns 2,472 shares of the pipeline company’s stock worth $40,000 after purchasing an additional 750 shares during the last quarter. 38.22% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Energy Transfer

In other news, EVP Gregory G. Mcilwain purchased 20,000 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The stock was purchased at an average cost of $15.68 per share, with a total value of $313,600.00. Following the acquisition, the executive vice president now directly owns 591,211 shares of the company’s stock, valued at approximately $9,270,188.48. This trade represents a 3.50 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 3.28% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several analysts have issued reports on ET shares. UBS Group raised their price target on shares of Energy Transfer from $22.00 to $23.00 and gave the stock a “buy” rating in a research report on Wednesday, September 18th. Bank of America started coverage on shares of Energy Transfer in a research report on Thursday, October 17th. They issued a “buy” rating and a $20.00 price target 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 stock an “outperform” rating in a research report on Wednesday, October 16th. Eight investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Energy Transfer presently has an average rating of “Buy” and a consensus price target of $20.00.

Energy Transfer Price Performance

Shares of Energy Transfer stock opened at $17.29 on Friday. The company has a debt-to-equity ratio of 1.40, a quick ratio of 0.92 and a current ratio of 1.08. The firm’s 50-day simple moving average is $16.39 and its 200-day simple moving average is $16.08. Energy Transfer LP has a twelve month low of $13.11 and a twelve month high of $17.71. The firm has a market cap of $59.18 billion, a P/E ratio of 12.71, a price-to-earnings-growth ratio of 0.52 and a beta of 1.66.

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, meeting the consensus estimate of $0.32. Energy Transfer had a net margin of 5.90% and a return on equity of 12.38%. The business 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 business earned $0.31 EPS. The firm’s revenue was up .2% on a year-over-year basis. As a group, research analysts expect that Energy Transfer LP will post 1.34 EPS for the current fiscal year.

Energy Transfer Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 19th. Investors of record on Friday, November 8th will be issued a dividend of $0.3225 per share. This represents a $1.29 annualized dividend and a yield of 7.46%. The ex-dividend date is Friday, November 8th. Energy Transfer’s dividend payout ratio 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.