Carnegie Investment Counsel Makes New Investment in Energy Transfer LP $ET

Carnegie Investment Counsel bought a new position in Energy Transfer LP (NYSE:ET) in the second quarter, Holdings Channel reports. The institutional investor bought 25,720 shares of the pipeline company’s stock, valued at approximately $466,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. WFA Asset Management Corp increased its stake in shares of Energy Transfer by 325.8% in the 2nd quarter. WFA Asset Management Corp now owns 13,435 shares of the pipeline company’s stock worth $244,000 after acquiring an additional 10,280 shares during the last quarter. KPP Advisory Services LLC increased its stake in shares of Energy Transfer by 5.1% in the 2nd quarter. KPP Advisory Services LLC now owns 38,039 shares of the pipeline company’s stock worth $690,000 after acquiring an additional 1,831 shares during the last quarter. Cornerstone Advisory LLC increased its stake in shares of Energy Transfer by 3.8% in the 2nd quarter. Cornerstone Advisory LLC now owns 105,575 shares of the pipeline company’s stock worth $1,914,000 after acquiring an additional 3,819 shares during the last quarter. Bleakley Financial Group LLC increased its stake in shares of Energy Transfer by 28.7% in the 2nd quarter. Bleakley Financial Group LLC now owns 30,239 shares of the pipeline company’s stock worth $548,000 after acquiring an additional 6,752 shares during the last quarter. Finally, Warther Private Wealth LLC increased its stake in shares of Energy Transfer by 1,326.2% in the 2nd quarter. Warther Private Wealth LLC now owns 333,025 shares of the pipeline company’s stock worth $6,038,000 after acquiring an additional 309,675 shares during the last quarter. 38.22% of the stock is owned by institutional investors and hedge funds.

Energy Transfer Stock Performance

Shares of ET opened at $16.74 on Monday. The stock has a 50-day simple moving average of $17.18 and a 200-day simple moving average of $17.41. 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 stock has a market capitalization of $57.45 billion, a PE ratio of 12.97, a PEG ratio of 1.00 and a beta of 0.78. Energy Transfer LP has a 1 year low of $14.60 and a 1 year high of $21.45.

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

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on ET shares. TD Cowen started coverage on Energy Transfer in a research report on Monday, July 7th. They set a “buy” rating and a $22.00 price objective for the company. Morgan Stanley cut their price objective on Energy Transfer from $24.00 to $23.00 and set an “overweight” rating for the company in a research report on Tuesday, August 26th. Weiss Ratings reissued a “buy (b)” rating on shares of Energy Transfer in a research report on Friday. Barclays reissued an “overweight” rating and set a $25.00 price objective on shares of Energy Transfer in a research report on Wednesday, October 15th. Finally, UBS Group reissued a “buy” rating and set a $22.00 price objective on shares of Energy Transfer in a research report on Wednesday, October 15th. Thirteen research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $22.67.

Insider Activity

In related news, Director Kelcy L. Warren acquired 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 purchase, the director owned 69,178,477 shares of the company’s stock, valued at $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 can be accessed through this hyperlink. Insiders own 3.28% of the company’s stock.

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.