HB Wealth Management LLC Takes $3.62 Million Position in Energy Transfer LP $ET

HB Wealth Management LLC purchased a new stake in shares of Energy Transfer LP (NYSE:ET) during the 2nd quarter, Holdings Channel.com reports. The institutional investor purchased 215,505 shares of the pipeline company’s stock, valued at approximately $3,625,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Morgan Stanley boosted its position in Energy Transfer by 41.6% during the 4th quarter. Morgan Stanley now owns 86,310,272 shares of the pipeline company’s stock valued at $1,423,256,000 after acquiring an additional 25,366,594 shares in the last quarter. Alps Advisors Inc. lifted its stake in shares of Energy Transfer by 8.0% in the 4th quarter. Alps Advisors Inc. now owns 83,843,087 shares of the pipeline company’s stock valued at $1,382,573,000 after purchasing an additional 6,192,066 shares during the period. Mizuho Markets Americas LLC purchased a new stake in Energy Transfer in the first quarter worth $61,760,000. SCS Capital Management LLC grew its stake in Energy Transfer by 1,859.8% in the second quarter. SCS Capital Management LLC now owns 1,942,908 shares of the pipeline company’s stock worth $37,148,000 after purchasing an additional 1,843,771 shares during the period. Finally, Invesco Ltd. raised its holdings in Energy Transfer by 3.2% in the third quarter. Invesco Ltd. now owns 57,862,666 shares of the pipeline company’s stock worth $992,923,000 after purchasing an additional 1,773,042 shares in the last quarter. 38.22% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. Wall Street Zen raised shares of Energy Transfer from a “hold” rating to a “buy” rating in a research note on Saturday, August 8th. Truist Financial raised their target price on shares of Energy Transfer from $23.00 to $25.00 and gave the company a “buy” rating in a research note on Wednesday, August 12th. Royal Bank Of Canada reiterated an “outperform” rating and set a $23.00 target price (up from $21.00) on shares of Energy Transfer in a report on Tuesday, July 21st. Barclays reissued an “overweight” rating and issued a $24.00 price target (up from $23.00) on shares of Energy Transfer in a research report on Wednesday, August 5th. Finally, Zacks Research downgraded Energy Transfer from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 11th. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $24.17.

Energy Transfer Price Performance

ET stock opened at $21.52 on Tuesday. The company’s fifty day moving average price is $20.51 and its 200-day moving average price is $19.66. Energy Transfer LP has a one year low of $16.18 and a one year high of $21.77. The company has a market capitalization of $74.10 billion, a PE ratio of 14.64, a price-to-earnings-growth ratio of 0.73 and a beta of 0.57. The company has a debt-to-equity ratio of 1.45, a quick ratio of 0.94 and a current ratio of 1.16.

Energy Transfer (NYSE:ET) last posted its earnings results on Tuesday, August 4th. The pipeline company reported $0.59 EPS for the quarter, beating analysts’ consensus estimates of $0.38 by $0.21. Energy Transfer had a return on equity of 11.55% and a net margin of 4.87%.The firm had revenue of $34.33 billion during the quarter, compared to the consensus estimate of $27.71 billion. During the same period in the prior year, the company earned $0.32 EPS. The company’s quarterly revenue was up 78.4% compared to the same quarter last year. On average, equities analysts anticipate that Energy Transfer LP will post 1.7 EPS for the current fiscal year.

Energy Transfer Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 19th. Stockholders of record on Friday, August 7th were given a dividend of $0.34 per share. The ex-dividend date was Friday, August 7th. This represents a $1.36 annualized dividend and a dividend yield of 6.3%. This is a positive change from Energy Transfer’s previous quarterly dividend of $0.34. Energy Transfer’s dividend payout ratio is currently 92.52%.

Insider Transactions at Energy Transfer

In related news, Director Kelcy L. Warren acquired 647,968 shares of Energy Transfer stock in a transaction on Wednesday, August 19th. The shares were bought at an average cost of $21.26 per share, with a total value of $13,775,799.68. Following the completion of the purchase, the director directly owned 147,901,879 shares of the company’s stock, valued at $3,144,393,947.54. The trade was a 0.44% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director James Perry acquired 12,359 shares of the firm’s stock in a transaction on Friday, August 7th. The shares were bought at an average price of $20.23 per share, for a total transaction of $250,022.57. Following the completion of the transaction, the director owned 208,046 shares of the company’s stock, valued at approximately $4,208,770.58. This trade represents a 6.32% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last ninety days, insiders purchased 1,012,359 shares of company stock valued at $21,513,543. 3.28% of the stock is owned by insiders.

About Energy Transfer

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.