Main Street Financial Solutions LLC Makes New $458,000 Investment in Energy Transfer LP $ET

Main Street Financial Solutions LLC acquired a new stake in shares of Energy Transfer LP (NYSE:ET) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 23,952 shares of the pipeline company’s stock, valued at approximately $458,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in ET. Arrow Investment Advisors LLC lifted its position in shares of Energy Transfer by 4.9% in the 2nd quarter. Arrow Investment Advisors LLC now owns 10,866 shares of the pipeline company’s stock valued at $208,000 after acquiring an additional 505 shares in the last quarter. Argent Trust Co grew its position in Energy Transfer by 2.1% during the 2nd quarter. Argent Trust Co now owns 26,035 shares of the pipeline company’s stock worth $498,000 after purchasing an additional 529 shares in the last quarter. State of Wyoming grew its position in Energy Transfer by 2.5% during the 2nd quarter. State of Wyoming now owns 22,822 shares of the pipeline company’s stock worth $436,000 after purchasing an additional 548 shares in the last quarter. Keybank National Association OH raised its stake in Energy Transfer by 0.3% during the 1st quarter. Keybank National Association OH now owns 219,232 shares of the pipeline company’s stock valued at $4,231,000 after purchasing an additional 556 shares during the period. Finally, Mountain Capital Investment Advisors Inc. raised its stake in Energy Transfer by 4.9% during the 4th quarter. Mountain Capital Investment Advisors Inc. now owns 12,007 shares of the pipeline company’s stock valued at $216,000 after purchasing an additional 560 shares during the period. 38.22% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have recently commented on ET shares. Truist Financial raised their target price on Energy Transfer from $23.00 to $25.00 and gave the stock a “buy” rating in a research report on Wednesday, August 12th. Raymond James Financial reissued a “strong-buy” rating on shares of Energy Transfer in a research report on Wednesday, May 6th. Weiss Ratings raised Energy Transfer from a “buy (b)” rating to a “buy (b+)” rating in a research note on Tuesday, August 11th. Wall Street Zen upgraded Energy Transfer from a “hold” rating to a “buy” rating in a research report on Saturday, August 8th. Finally, Citigroup reaffirmed a “buy” rating and set a $24.00 target price (up from $23.00) on shares of Energy Transfer in a research note on Friday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, Energy Transfer currently has an average rating of “Moderate Buy” and an average target price of $24.08.

Insiders Place Their Bets

In other news, Director James Richard Perry bought 12,359 shares of the company’s stock in a transaction on Friday, August 7th. The shares were bought at an average cost of $20.23 per share, with a total value of $250,022.57. Following the transaction, the director directly owned 208,046 shares in the company, valued at approximately $4,208,770.58. This trade represents a 6.32% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 3.28% of the stock is currently owned by insiders.

Energy Transfer Trading Up 2.3%

Shares of NYSE:ET opened at $21.41 on Wednesday. The firm has a fifty day moving average of $19.84 and a two-hundred day moving average of $19.37. The firm has a market capitalization of $73.74 billion, a P/E ratio of 14.57, a price-to-earnings-growth ratio of 0.75 and a beta of 0.55. Energy Transfer LP has a 12-month low of $16.18 and a 12-month high of $21.43. The company has a quick ratio of 0.94, a current ratio of 1.16 and a debt-to-equity ratio of 1.45.

Energy Transfer (NYSE:ET) last posted its quarterly earnings results on Tuesday, August 4th. The pipeline company reported $0.59 earnings per share for the quarter, topping analysts’ consensus estimates of $0.38 by $0.21. Energy Transfer had a net margin of 4.87% and a return on equity of 11.55%. The business had revenue of $34.33 billion for the quarter, compared to the consensus estimate of $27.71 billion. During the same period in the prior year, the business posted $0.32 earnings per share. Energy Transfer’s revenue for the quarter was up 78.4% compared to the same quarter last year. On average, equities analysts expect that Energy Transfer LP will post 1.63 EPS for the current fiscal year.

Energy Transfer Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, August 19th. Shareholders of record on Friday, August 7th will be paid a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 6.4%. This is an increase from Energy Transfer’s previous quarterly dividend of $0.34. The ex-dividend date is Friday, August 7th. Energy Transfer’s dividend payout ratio is presently 92.52%.

Energy Transfer Profile

Energy Transfer (NYSE: ET) is a Dallas-based midstream energy company that develops and operates infrastructure for the transportation, storage and processing of hydrocarbons. The company’s operations focus on moving and storing natural gas, natural gas liquids (NGLs), crude oil and refined products through an integrated network of pipelines, terminals, storage facilities and processing plants. Energy Transfer provides core midstream services such as gathering, compression, fractionation, processing, and bulk transportation to support production and downstream supply chains.

Its asset base spans an extensive network across the United States, connecting producing regions, processing centers, petrochemical hubs and coastal and inland markets.