Griffin Asset Management Inc. Raises Stock Holdings in Energy Transfer LP $ET

Griffin Asset Management Inc. lifted its holdings in shares of Energy Transfer LP (NYSE:ET) by 2.3% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 87,289 shares of the pipeline company’s stock after acquiring an additional 1,980 shares during the quarter. Griffin Asset Management Inc.’s holdings in Energy Transfer were worth $1,583,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Chelsea Counsel Co. increased its position in shares of Energy Transfer by 370.3% during the second quarter. Chelsea Counsel Co. now owns 94,050 shares of the pipeline company’s stock valued at $1,705,000 after acquiring an additional 74,050 shares during the last quarter. Prevail Innovative Wealth Advisors LLC increased its position in shares of Energy Transfer by 316.9% during the first quarter. Prevail Innovative Wealth Advisors LLC now owns 117,312 shares of the pipeline company’s stock valued at $2,181,000 after acquiring an additional 89,173 shares during the last quarter. Highland Capital Management LLC purchased a new stake in shares of Energy Transfer during the second quarter valued at approximately $930,000. Northern Trust Corp increased its position in shares of Energy Transfer by 223.5% during the first quarter. Northern Trust Corp now owns 1,069,534 shares of the pipeline company’s stock valued at $19,883,000 after acquiring an additional 738,885 shares during the last quarter. Finally, Appaloosa LP grew its holdings in Energy Transfer by 0.9% during the first quarter. Appaloosa LP now owns 4,957,235 shares of the pipeline company’s stock valued at $92,155,000 after purchasing an additional 42,500 shares during the period. 38.22% of the stock is owned by hedge funds and other institutional investors.

Energy Transfer Price Performance

Energy Transfer stock opened at $16.30 on Monday. Energy Transfer LP has a one year low of $14.60 and a one year high of $21.45. The business has a fifty day moving average price of $17.34 and a 200-day moving average price of $17.45. The company has a debt-to-equity ratio of 1.44, a current ratio of 1.15 and a quick ratio of 0.92. The firm has a market capitalization of $55.95 billion, a P/E ratio of 12.64, a PEG ratio of 0.96 and a beta of 0.78.

Energy Transfer (NYSE:ET) last posted its quarterly earnings results on Wednesday, August 6th. The pipeline company reported $0.32 EPS for the quarter, hitting analysts’ consensus estimates of $0.32. Energy Transfer had a return on equity of 11.08% and a net margin of 5.80%.The firm had revenue of $19.24 billion during the quarter, compared to analyst estimates of $24.07 billion. During the same period last year, the company earned $0.35 earnings per share. The business’s revenue for the quarter was down 7.2% on a year-over-year basis. As a group, equities research analysts forecast that Energy Transfer LP will post 1.46 EPS for the current year.

Energy Transfer Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, August 19th. Investors of record on Friday, August 8th were given a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 8.1%. This is a boost from Energy Transfer’s previous quarterly dividend of $0.33. The ex-dividend date was Friday, August 8th. Energy Transfer’s dividend payout ratio (DPR) is 102.33%.

Insider Activity

In other Energy Transfer news, Director Kelcy L. Warren acquired 1,350,000 shares of the stock in a transaction that occurred on Wednesday, August 20th. The shares were bought at an average price of $17.36 per share, for a total transaction of $23,436,000.00. Following the completion of the transaction, the director owned 69,178,477 shares of the company’s stock, valued at approximately $1,200,938,360.72. This represents a 1.99% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 3.28% of the company’s stock.

Analyst Upgrades and Downgrades

ET has been the subject of several research reports. Wells Fargo & Company reissued an “overweight” rating and set a $23.00 price objective (up from $21.00) on shares of Energy Transfer in a report on Tuesday, August 12th. Morgan Stanley reduced their price objective on Energy Transfer from $24.00 to $23.00 and set an “overweight” rating for the company in a report on Tuesday, August 26th. TD Cowen initiated coverage on Energy Transfer in a report on Monday, July 7th. They set a “buy” rating and a $22.00 price objective for the company. Cowen initiated coverage on Energy Transfer in a report on Monday, July 7th. They set a “buy” rating for the company. Finally, Scotiabank initiated coverage on Energy Transfer in a report on Tuesday, September 2nd. They set a “sector outperform” rating and a $23.00 price objective for the company. Fourteen equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $22.50.

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.