11,582 Shares in Energy Transfer LP $ET Purchased by Cornerstone Wealth Group LLC

Cornerstone Wealth Group LLC purchased a new stake in shares of Energy Transfer LP (NYSE:ET) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 11,582 shares of the pipeline company’s stock, valued at approximately $210,000.

Other hedge funds have also modified their holdings of the company. Ryan Investment Management Inc. purchased a new position in shares of Energy Transfer in the second quarter valued at $31,000. Vision Financial Markets LLC purchased a new stake in Energy Transfer during the first quarter valued at $33,000. HWG Holdings LP bought a new position in Energy Transfer during the first quarter valued at $38,000. Stone House Investment Management LLC purchased a new position in shares of Energy Transfer in the 1st quarter worth $38,000. Finally, N.E.W. Advisory Services LLC bought a new stake in shares of Energy Transfer in the 1st quarter worth about $40,000. 38.22% of the stock is owned by hedge funds and other institutional investors.

Energy Transfer Trading Up 2.1%

Shares of NYSE ET opened at $16.89 on Thursday. Energy Transfer LP has a fifty-two week low of $14.60 and a fifty-two week high of $21.45. The company has a debt-to-equity ratio of 1.44, a quick ratio of 0.92 and a current ratio of 1.15. The company has a market cap of $57.96 billion, a price-to-earnings ratio of 13.09, a PEG ratio of 0.97 and a beta of 0.78. The business’s 50 day moving average price is $17.27 and its 200-day moving average price is $17.42.

Energy Transfer (NYSE:ET) last announced its quarterly earnings data on Wednesday, August 6th. The pipeline company reported $0.32 EPS for the quarter, meeting the consensus estimate of $0.32. Energy Transfer had a return on equity of 11.08% and a net margin of 5.80%.The company had revenue of $19.24 billion for the quarter, compared to the consensus estimate of $24.07 billion. During the same quarter in the prior year, the company posted $0.35 EPS. Energy Transfer’s quarterly revenue was down 7.2% on a year-over-year basis. On average, sell-side analysts expect that Energy Transfer LP will post 1.46 earnings per share for the current year.

Energy Transfer Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 19th. Investors of record on Friday, August 8th were issued a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a yield of 7.8%. The ex-dividend date was Friday, August 8th. This is a positive change from Energy Transfer’s previous quarterly dividend of $0.33. Energy Transfer’s dividend payout ratio (DPR) is 102.33%.

Insider Transactions at Energy Transfer

In related news, Director Kelcy L. Warren acquired 1,350,000 shares of the stock in a transaction on Wednesday, August 20th. The stock was bought at an average cost of $17.36 per share, with a total value of $23,436,000.00. Following the transaction, the director directly owned 69,178,477 shares in the company, valued at approximately $1,200,938,360.72. This represents a 1.99% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. 3.28% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research analysts recently commented on the stock. Wells Fargo & Company reaffirmed an “overweight” rating and issued a $23.00 price target (up previously from $21.00) on shares of Energy Transfer in a report on Tuesday, August 12th. Scotiabank started coverage on Energy Transfer in a research note on Tuesday, September 2nd. They issued a “sector outperform” rating and a $23.00 price objective for the company. Cowen began coverage on Energy Transfer in a research report on Monday, July 7th. They set a “buy” rating on the stock. Morgan Stanley decreased their price target on Energy Transfer from $24.00 to $23.00 and set an “overweight” rating on the stock in a report on Tuesday, August 26th. Finally, Barclays reaffirmed an “overweight” rating and set a $25.00 price objective on shares of Energy Transfer in a research note on Wednesday. Fourteen equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $22.46.

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.