Energy Transfer LP (NYSE:ET) Position Lifted by Old North State Wealth Management LLC

Old North State Wealth Management LLC raised its holdings in shares of Energy Transfer LP (NYSE:ET) by 2.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 297,551 shares of the pipeline company’s stock after acquiring an additional 7,295 shares during the quarter. Energy Transfer makes up 2.7% of Old North State Wealth Management LLC’s portfolio, making the stock its 9th largest holding. Old North State Wealth Management LLC’s holdings in Energy Transfer were worth $4,776,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the business. Princeton Global Asset Management LLC lifted its stake in shares of Energy Transfer by 65.0% during the 3rd quarter. Princeton Global Asset Management LLC now owns 1,650 shares of the pipeline company’s stock valued at $26,000 after buying an additional 650 shares in the last quarter. LRI Investments LLC purchased a new position in shares of Energy Transfer during the 1st quarter valued at $29,000. HWG Holdings LP purchased a new position in shares of Energy Transfer during the 2nd quarter valued at $33,000. Sugarloaf Wealth Management LLC lifted its stake in shares of Energy Transfer by 43.6% during the 3rd quarter. Sugarloaf Wealth Management LLC now owns 2,472 shares of the pipeline company’s stock valued at $40,000 after buying an additional 750 shares in the last quarter. Finally, EdgeRock Capital LLC purchased a new position in shares of Energy Transfer during the 2nd quarter valued at $42,000. Hedge funds and other institutional investors own 38.22% of the company’s stock.

Insider Activity at Energy Transfer

In other news, CEO Thomas E. Long purchased 20,000 shares of the business’s stock in a transaction that occurred on Monday, August 12th. The shares were bought at an average cost of $15.68 per share, for a total transaction of $313,600.00. Following the acquisition, the chief executive officer now owns 4,308,859 shares of the company’s stock, valued at approximately $67,562,909.12. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CEO Thomas E. Long acquired 20,000 shares of the stock in a transaction on Monday, August 12th. The stock was bought at an average cost of $15.68 per share, with a total value of $313,600.00. Following the transaction, the chief executive officer now directly owns 4,308,859 shares in the company, valued at approximately $67,562,909.12. This represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Kelcy L. Warren acquired 3,000,000 shares of the stock in a transaction on Monday, August 12th. The stock was bought at an average cost of $15.68 per share, with a total value of $47,040,000.00. Following the completion of the transaction, the director now owns 123,385,650 shares in the company, valued at $1,934,686,992. This trade represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders have bought 3,040,000 shares of company stock worth $47,667,200. Insiders own 3.28% of the company’s stock.

Wall Street Analyst Weigh In

ET has been the topic of several research analyst reports. Royal Bank of Canada boosted their price target on shares of Energy Transfer from $19.00 to $20.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. UBS Group boosted their price target on shares of Energy Transfer from $22.00 to $23.00 and gave the stock a “buy” rating in a research note on Wednesday, September 18th. Finally, Bank of America initiated coverage on shares of Energy Transfer in a research note on Thursday, October 17th. They issued a “buy” rating and a $20.00 price target on the stock. Eight investment analysts have rated the stock with a buy rating, According to MarketBeat, Energy Transfer has an average rating of “Buy” and an average price target of $20.00.

Energy Transfer Stock Performance

Energy Transfer stock opened at $16.43 on Monday. The company’s 50-day moving average price is $16.19 and its 200-day moving average price is $16.01. Energy Transfer LP has a twelve month low of $13.01 and a twelve month high of $16.64. The company has a quick ratio of 0.92, a current ratio of 1.14 and a debt-to-equity ratio of 1.38. The company has a market cap of $56.23 billion, a PE ratio of 13.81, a price-to-earnings-growth ratio of 0.50 and a beta of 1.66.

Energy Transfer (NYSE:ET) last posted its earnings results on Wednesday, August 7th. The pipeline company reported $0.35 earnings per share for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.01). Energy Transfer had a return on equity of 12.74% and a net margin of 5.19%. The business had revenue of $20.73 billion during the quarter, compared to the consensus estimate of $22.01 billion. During the same quarter last year, the firm earned $0.25 earnings per share. The business’s quarterly revenue was up 13.1% on a year-over-year basis. On average, equities research analysts forecast that Energy Transfer LP will post 1.35 EPS for the current fiscal year.

Energy Transfer Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 19th. Investors of record on Friday, November 8th will be issued a dividend of $0.3225 per share. The ex-dividend date of this dividend is Friday, November 8th. This represents a $1.29 annualized dividend and a yield of 7.85%. Energy Transfer’s payout ratio is 108.40%.

About Energy Transfer

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.