Energy Transfer LP $ET Shares Purchased by Smithbridge Asset Management Inc. DE

Smithbridge Asset Management Inc. DE boosted its position in Energy Transfer LP (NYSE:ET) by 4.4% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 19,572 shares of the pipeline company’s stock after purchasing an additional 819 shares during the quarter. Smithbridge Asset Management Inc. DE’s holdings in Energy Transfer were worth $355,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Chelsea Counsel Co. raised its stake in Energy Transfer by 370.3% in the 2nd quarter. Chelsea Counsel Co. now owns 94,050 shares of the pipeline company’s stock valued at $1,705,000 after purchasing an additional 74,050 shares during the last quarter. Prevail Innovative Wealth Advisors LLC raised its stake in Energy Transfer by 316.9% in the 1st quarter. Prevail Innovative Wealth Advisors LLC now owns 117,312 shares of the pipeline company’s stock valued at $2,181,000 after purchasing an additional 89,173 shares during the last quarter. Highland Capital Management LLC acquired a new position in Energy Transfer in the 2nd quarter valued at about $930,000. Northern Trust Corp raised its stake in Energy Transfer by 223.5% in the 1st quarter. Northern Trust Corp now owns 1,069,534 shares of the pipeline company’s stock valued at $19,883,000 after purchasing an additional 738,885 shares during the last quarter. Finally, Appaloosa LP raised its stake in Energy Transfer by 0.9% in the 1st 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 last quarter. Institutional investors and hedge funds own 38.22% of the company’s stock.

Energy Transfer Trading Down 1.4%

NYSE ET opened at $16.67 on Friday. The company has a debt-to-equity ratio of 1.44, a current ratio of 1.15 and a quick ratio of 0.92. Energy Transfer LP has a 12 month low of $14.60 and a 12 month high of $21.45. The company has a market cap of $57.22 billion, a P/E ratio of 12.92, a P/E/G ratio of 1.00 and a beta of 0.78. The company has a 50-day moving average of $17.25 and a 200-day moving average of $17.41.

Energy Transfer (NYSE:ET) last issued its earnings results on Wednesday, August 6th. The pipeline company reported $0.32 earnings per share (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 business had revenue of $19.24 billion during the quarter, compared to analysts’ expectations of $24.07 billion. During the same quarter in the previous year, the business earned $0.35 EPS. The company’s revenue for the quarter was down 7.2% on a year-over-year basis. As a group, equities analysts predict that Energy Transfer LP will post 1.46 earnings per share for the current year.

Energy Transfer Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, August 19th. Stockholders 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 dividend yield of 7.9%. The ex-dividend date was Friday, August 8th. This is an increase from Energy Transfer’s previous quarterly dividend of $0.33. Energy Transfer’s dividend payout ratio (DPR) is presently 102.33%.

Insider Activity

In other news, Director Kelcy L. Warren bought 1,350,000 shares of the firm’s stock in a transaction dated Wednesday, August 20th. The stock was acquired at an average price of $17.36 per share, for a total transaction of $23,436,000.00. Following the acquisition, the director owned 69,178,477 shares of the company’s stock, valued at $1,200,938,360.72. This trade represents a 1.99% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Insiders own 3.28% of the company’s stock.

Analyst Ratings Changes

ET has been the subject of several analyst reports. Wells Fargo & Company reissued an “overweight” rating and issued a $23.00 target price (up previously from $21.00) on shares of Energy Transfer in a research note on Tuesday, August 12th. Morgan Stanley dropped their price objective on shares of Energy Transfer from $24.00 to $23.00 and set an “overweight” rating for the company in a research note on Tuesday, August 26th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Energy Transfer in a research note on Wednesday, October 8th. TD Cowen started coverage on shares of Energy Transfer in a research note on Monday, July 7th. They set a “buy” rating and a $22.00 price objective for the company. Finally, Scotiabank started coverage on shares of Energy Transfer in a research note on Tuesday, September 2nd. They set a “sector outperform” rating and a $23.00 price objective for the company. Thirteen investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $22.67.

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.